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06 / 12 / 2022
The list of countries with which Russia conducts automatic exchange of financial information has been updated
On 5 December 2022, the FNS Order was published, under which Switzerland and the Cayman Islands were removed from the list of countries with which automatic exchange of financial information is carried out.
As a reminder, credits permitted to accounts opened in jurisdictions not included in this list are extremely limited. In particular, it is not allowed to carry out virtually any foreign exchange transactions involving investment portfolios, for example, to credit proceeds from the sale of shares or bonds, coupon payments, dividends, or to receive loans (credits), etc.
If such types of income are credited, the account holder may be fined from 20% to 40% of the amount of the foreign exchange transaction. This restriction does not apply to foreign non-residents (i.e. persons who do not hold a Russian passport or residence permit), as well as foreign residents who have spent more than 183 days outside the Russian Federation and who will be able to continue to credit funds to foreign accounts without restrictions (except for foreign exchange transactions between residents).
Kazakhstan, Oman and the Maldives were also added to the list. Russian tax authorities will now begin receiving information on the accounts of Russian residents in these jurisdictions under the automatic exchange regime.
The Order enters into force on 16 December 2022.
As a reminder, credits permitted to accounts opened in jurisdictions not included in this list are extremely limited. In particular, it is not allowed to carry out virtually any foreign exchange transactions involving investment portfolios, for example, to credit proceeds from the sale of shares or bonds, coupon payments, dividends, or to receive loans (credits), etc.
If such types of income are credited, the account holder may be fined from 20% to 40% of the amount of the foreign exchange transaction. This restriction does not apply to foreign non-residents (i.e. persons who do not hold a Russian passport or residence permit), as well as foreign residents who have spent more than 183 days outside the Russian Federation and who will be able to continue to credit funds to foreign accounts without restrictions (except for foreign exchange transactions between residents).
Kazakhstan, Oman and the Maldives were also added to the list. Russian tax authorities will now begin receiving information on the accounts of Russian residents in these jurisdictions under the automatic exchange regime.
The Order enters into force on 16 December 2022.
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