Lawyers: the introduction of a trust will bring Russia to develop a legal system – RIA Novosti

MOSCOW, March 25 – RIA Novosti. The introduction of trust in the Russian legal system, proanonsirovat Russian President Vladimir Putin, will contribute to its harmonization with the best foreign legal systems, said experts interviewed by RIA Novosti. However, according to them, yet it is unclear how this idea will be implemented in Russia.

Putin at a meeting with members of the government said Wednesday that Russia will create trusts where citizens will be able to transfer their property. According to him, will be established “so-called irrevocable trusts, when a citizen transfers its property, in fact, the management company and from that moment ceases to be the owner of the property.”

As explained by the RIA Novosti news partner of law firm “Korelskiy, Ishchuk, Astafev and partners” Anton Samohvalov, in English law the establishment of a trust involves three parties: the founder, manager and beneficiary of the trust. In this case, the settlor, transferring their assets to the trust, may not withdraw their property and can not be a beneficiary of a trust: income from the trust gets her face, the founder. Information on beneficiaries are usually not disclosed.

“Apparently, there is some kind of harmonization with the best practices of foreign legal systems: in the Russian civil law consistently emerged institutions such as the shareholders’ agreement, options, warranties and representations – and now it’s time to trust “- suggested Samohvalov.

According to the expert, although the institution of the trust is often used by businessmen to” tax planning “, its introduction is not in contradiction with the declared rate on deofshorizatsiyu. “We have the same process deofshorizatsii two components: one, so to speak, fiscal – the need to pay taxes on the income of foreign companies, the second – improving the investment climate in the country” – said Samohvalov. According to him, the emergence of institutions such as trust, fits well into the second part.

“Good idea, but how it will be implemented, it is not clear” – summed up expert.

According to the principal private practice Gololobov and Co, a visiting professor of the University of Westminster Dmitry Gololobova, transfer of assets into a trust – a normal phenomenon in the West. “We can assume that in Russia it is done or for protection from arrest and penalties (such as in the case of the banker Pugachev), or for the purpose of tax optimization, or how it is used in the West to hold someone and avoid tax inheritance, “- said Gololobov.

He was of the opinion that it is necessary to create entirely new legislation, and it may take, if approached intelligently years. “Putin says infusing tool from another legal system in Russia. How this is done, just do not tell nobody,” – said Gololobov.

According to him, “obviously meant that the trust will pay some income, but what and how – is not clear. ” “Although, by the way this has said, all reminiscent of Bulgakov: Renting currency” – joked lawyer.