Abroad the Russians may be required to report foreign accounts – View

the Citizens of Russia will always be considered to be the currency by residents, regardless of how much time they have lived outside the country, says the draft law of the Ministry of Finance.

the Document published on the portal disclosure of draft normative acts.

under current rules, foreign residents are obliged within one month to notify the tax authorities about opening of accounts in foreign banks and to report annually on the movement of funds in such accounts. During this time the Russians legally living abroad for a year or more, you lose this status.

the Proposed changes, as analysts predict, will affect at least two million people.

According to the Ministry’s initiative, in case if the Russians, who a year or more living abroad decide to return home, they will be required to report on foreign accounts and currency transactions for the entire period of absence in the country.

Recall also that a law providing criminal liability for concealment of the second citizenship in Russia, came into force from 4 August 2014.

It provides for a penalty of a fine in the amount up to 200 thousand rubles or the salary or other income of the convicted person for a period up to one year, or obligatory works for the term up to 400 hours.

In this case, criminal liability will only be incurred for failure to notify the acquisition of foreign citizenship. If the notification is not filed on time, it will not filled in all the blanks or will be submitted knowingly false information, the infringer will bear administrative responsibility in the form of a penalty from 500 to 1 thousand rubles.

In December 2014, Vladimir Putin signed a law clarifying the procedure for the notification by Russian citizens of other nationality or document proving the right of permanent residence in a foreign country.

In particular, the document stipulates that “outside of the Russian Federation, except for citizens permanently residing abroad, and not filed such a notice within a period required to do so within 30 days from the date of return to Russia”. Provides for the filing of such notice by the authorized representative.