Last week by the relevant Committee in the Council of the State Duma of the Russian Federation were transferred to the revised edition of the law «On currency regulation and currency control». The new version of the bill has clarified the concept of «resident» and simplified the procedure of currency regulation and currency control in the implementation of some currency transactions.
The bill was considered by the Committee on financial markets and the proposed plan for November, while it did not pass even the first reading. However, because the bill submitted by the government of the Russian Federation, with its approval in Parliament of the problems should not arise.
In the new edition of the law «On currency regulation and currency control» currency status of the resident to secure for all citizens of the Russian Federation, regardless of their place of residence. But if a person spends abroad for six months or more, he will not need to notify the Russian tax authorities about their accounts and other assets, and no matter how many times a year he will come to Russia. That the law will likely take in this office, in November of 2016, wrote the newspaper «Izvestia».
Literally, the new law States: «the requirements to the procedure for opening accounts (deposits) in banks outside of territory of the Russian Federation, carrying out of these accounts (deposits) foreign exchange transactions and reporting the movement of funds in these accounts (deposits), established by this article shall not apply to authorized banks that open accounts (deposits) in banks outside of territory of the Russian Federation is carried out according to him, foreign exchange operations and submit reports in the manner prescribed by the Central Bank of the Russian Federation and also natural persons – residents the period of stay which is outside the territory of the Russian Federation during the calendar year together account for more than 183 days.»
In fact, the new version of the document though and gives residing abroad citizens with status currency of residence on a permanent basis, but frees them from having to notify the tax authorities.
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