Bank account in Europe for a natural person. How to open an account in a foreign bank - registration procedure, list of required documents, recommendations
After the change in Russian laws, it became possible for citizens to open deposits in banks of other states. An entrepreneur will need a business account in a foreign bank if he is going to do business with foreign partners. In addition, foreign banks often offer interest on the deposit, which is significantly different from that provided by Russian financial institutions... Therefore, Russians are more willing to trust them with their savings. Anyone can open a deposit, but this procedure is not so simple. Let's figure out what nuances distinguish the opening of accounts in foreign banks, what is needed for this and how reliable this method of placing funds is.
Legislative regulations
Today, Russian citizens do not need permission from the Central Bank in order to have accounts abroad. Regulation law currency transactions allows residents of the Russian Federation to open foreign currency deposits. The only condition for this is the notification of the tax authority. The period during which the citizen is obliged to submit information is also determined. It is one month. Violation of this provision will result in a fine of 5 thousand rubles.
As part of the fight against corruption, a circle of persons was determined who are prohibited from having foreign accounts. These include high-ranking officials, the Prosecutor General and his deputy, as well as members of the Board of Directors of the Central Bank of the Russian Federation. Violation of the norms is considered by a specially convened commission, which makes a decision on punishment in relation to a civil servant who has violated the law.
How to open an account in a foreign bank in Russia
Most of the citizens of the Russian Federation mistakenly believe that we have representative offices of banks in other countries. Confusion over the question of whether it is possible to open an account in a foreign bank in Russia is created by a large number of foreign subsidiaries. However, in reality, international financial organizations do not work on the territory of our country. The subsidiaries of foreign banks, although based on foreign capital, are, like domestic ones, subordinate to the Central Bank, that is, they work in accordance with Russian law. Therefore, deposits in them are not insured against risks.
Foreign banks are quite strict in their choice of clients, so opening an account on their own is often difficult. You need to have sufficient knowledge of English to negotiate with foreign managers. In addition, it is required to collect a package of documents that is individual for each bank. Therefore, it is most reasonable to turn to the services of intermediary firms that provide assistance in resolving such issues. Experts will tell you how to open an account with foreign bank a citizen of Russia, will help to choose more profitable terms... However, you need to be careful, there are many scammers in this area who only need a deposit number and a sample signature of its owner.
Account for doing business abroad
An entrepreneur wishing to conduct his business abroad or organizing international Internet commerce must have at his disposal an account opened with a bank located in an offshore jurisdiction. These financial organizations provide a streamlined service that allows you to perform various operations with finances.
A businessman should be prepared for the bank to become interested in the purpose of opening an account, in the type of activity that the company conducts, as well as in its financial turnover. Attention will be paid to business partners, if any. The minimum set of documentation consists of:
- statements;
- copies of personal documents;
- recommendations from other banks;
- package of constituent documents.
It should be noted that many financial organizations refuse to work with little-known companies or players in the Forex market.
Account opening methods
A citizen has the right to use a foreign currency account in a bank of a foreign state only for personal purposes, that is, to preserve and accumulate finances or make investments. It is unacceptable to use it for business. Duration of registration from 7 days to six months. To open an account, you need to personally visit the country in which the selected bank is located. After providing the necessary papers and filling out the forms, it remains to wait for a negative or positive decision.
For those who are interested in how to open a foreign bank account natural person without leaving Russia, the second option is suitable - contacting intermediaries. Services of such firms will cost from 200 to 12 thousand dollars. The depositor will only need to certify a sample of personal signature with the consul or at a subsidiary of the selected bank. Before opening an account, the depositor may have to communicate with the manager via the telephone network or personally meet with him in the Russian capital.
To the list required documents banks have different requirements. The minimum set, as a rule, includes certificates:
- about the income of an individual;
- no criminal record;
- about the composition of the family.
This is accompanied by copies of the passports of the depositor himself and his wife signed by a notary, as well as receipts confirming the absence of debt for housing and communal services.
Managers of subsidiary Western banks will be able to facilitate the opening of a foreign account. The existing connections between them will significantly speed up the process. Free assistance can be obtained using the Private banking segment. A similar financial service is provided, for example, by Promsvyazbank, Sberbank or Russian Standard.
Foreign account management
You can replenish the deposit both in cash and by bank transfer through Russian banks... When depositing currency into foreign accounts with your own hand, you will need to confirm the legality of its acquisition. In order to make a transfer, Russian financial institutions require a notice of opening an account in a foreign bank by an individual with a mark of tax registration.
Control foreign contributions carried out in several ways. Here is a list of them:
- by bank cards;
- using checkbooks;
- via courier mail;
- connection of online banking;
- fax communication.
The security system protects the depositor's funds by means of specially designed codes and ciphers, dedicated communication channels.
Instructions for opening an account abroad
The first step is to choose a country. Many Russians who open a deposit want to deal with banks in Western Europe. Unfortunately, financial institutions in these countries are not interested in serving non-residents. A more suitable option would be the Baltic banks. Swiss lending institutions are suitable for saving and increasing capital. But the number of transactions with such accounts is limited, and the balance of the deposit must be quite large. In Southeast Asia, it is more profitable to open an account for business; ordinary deposits are reluctant to be accepted here.
After you decide on the country, you need to choose the appropriate bank. Factors such as:
- reliability rating;
- the size of the minimum deposit;
- ease of account management.
The next step is filing an application and the necessary documents. Some banks insist on the personal presence of a potential depositor. When making a decision, it will not be superfluous to inquire about the deposit insurance system. In all countries, the schemes of work of such companies are similar, but the amount of payments sometimes varies significantly.
The next step is to decide on the type of account. If this is a current deposit, involving a constant replenishment or withdrawal, the percentage on it will be low. Those wishing to increase their savings should count on the fact that it will not be possible to withdraw funds until the end of the contract. For those who want to participate in exchange trading, sale and purchase of shares of Western companies, an investment account is suitable.
Pros and cons
Foreign banks pay great attention to security and the secrecy of the deposit is not an empty phrase for them. That is why many respectable businessmen prefer to keep their savings outside of Russia. In addition, such preservation of funds gives their owner a certain status. The big advantage of opening an account with a European bank is not only reliability and safety, but also the possibility of obtaining citizenship of the country where the savings are kept.
The disadvantages include the need to pay for intermediary services when opening a deposit from Russia. The need to collect additional certificates also becomes an additional obstacle. In addition, trusting money to a foreign bank, a Russian is obliged to notify state authorities about it.
Confidentiality issues when working with an account abroad
Bank secrecy legislation provides for ways to protect information provided to the bank by the client. For example, it establishes liability for bank employees for disclosing data known to them, as well as restricting access to this information by third parties.
Despite the fact that banks pay a lot of attention to security issues when working with a client's account, one cannot exclude the possibility of disclosing information as a result of incompetence or negligence of employees. Such cases are quite rare, but no one is immune from them.
In addition, the client must promptly inform the bank employees about the change of the phone number, e-mail address, etc. Since a situation may arise when the account holder is not available (does not answer calls and letters), and the bank is required to obtain certain documents from him (for example, documents to justify the payment). In this case, the bank employees can (from old memory) turn to the producer who once helped the client open an account abroad.
At present, the categorical statements of banks about confidentiality cannot be trusted, since the legislation of most countries for financial institutions spelled out liability "for failure to report". And along with this, the responsibility for notifying the client about the "denunciation" is established. And if the bank has a suspicion of the illegality of the client's actions, a certain form is filled out, which is sent to the competent authorities with the bank's information about its suspicions.
Is it possible to monitor the status of the company's account in real time?
Today, due to the widespread use of Internet Banking services, it is possible to receive timely and complete information on the status of an account abroad, as well as on the movement of funds through it, in real time. At any time convenient for the client, you can not only find out information about the account balance, but also make any payment without calling the bank or using a fax.
Recently, even the most conservative in this matter Swiss banks meet their customers halfway: they also provide access to the Internet banking system, however, as a rule, this happens with some restrictions. Such a system works in a view only mode: a client can track the status of his account abroad, but at the same time he cannot make any transactions.
How can you manage your bank account abroad?
There are several methods of remote management of a foreign bank account. For example, the method is "personally known", which is traditional for banks in Switzerland, Luxembourg, Liechtenstein: a banker meets a client during his first meeting, and then receives instructions from him by phone. In this case, the client is initially identified by a code word, and later - by voice or other personal characteristics known to the banker.
In addition, many banks offer other methods of identification: faxes using special code tables, instruction ciphers, other coding devices. For example, some Swiss banks ask the client to additionally call the bank to confirm the fact of sending a fax message.
At the same time, the majority of customers have recently preferred to manage their bank account abroad using electronic controls, making international payments on-line using Internet banking. Clients are offered various options for the Bank-Client system: some banks offer clients to enter their personal page to make payments through the bank's website, other banks offer software that the client purchases from the bank and independently installs on his computer, after which he gets the opportunity to manage account in a foreign bank using such a program.
Sometimes banks offer customers to additionally use e-mail services: for example, to send copies of contracts confirming the transaction.
What are the tariffs for investment accounts abroad?
Investment operations are investments in various financial instruments (stocks, bonds, derivatives, precious metals etc.). At a meeting with a client about opening an investment account abroad, a representative of a financial institution will certainly offer to fill out a questionnaire, as well as ask a number of questions that will further help him give recommendations to the client regarding the profitability of certain investment programs and thus determine the choice.
There are two main types of foreign bank account management, which are divided depending on the investment preferences of the client. In the first case, the client gives his funds to the bank in trust. In this case, an Asset management mandate is signed, and in the future, the bank makes decisions on investing money itself. With this management, the client almost does not perform any operations on his own, and the management fee is charged in the amount of 1 to 5 percent of the investment amount.
In the second case, the client reserves the right to carry out investment transactions. As for the tariffs for such operations, in all foreign banks they are approximately the same and depend on the amount Money, investment term, currency, type of instrument in which funds will be invested, as well as the credit rating of the issuer valuable papers.
The cost of servicing an investment account abroad is from 0.125 to 0.25 percent per year, and depends on the amount of funds deposited: the larger the amount, the lower the commission. So, in a Swiss bank, when placing five million francs, the commission will be 0.25 percent of the amount, and if the amount of funds deposited in the account exceeds twenty million Swiss francs, the commission may already be 0.15 percent. If funds are invested in precious metals or coins, the commission will be 0.20-0.25 percent, regardless of the amount of funds raised.
There are also exceptions: for example, if the funds raised are invested in securities issued by the bank itself or by the banking group it belongs to, servicing an account in a foreign bank may be free.
The total commission on transactions can range from 10 euros or 0.10 percent of the transaction amount and largely depends on the type financial instrument and the "territorial" moment. If the operation is carried out with traditional investment products (for example, shares) in one country, the commission for one transaction can be 0.2 - 1.1 percent of the amount of the transaction (again, the larger the amount, the lower the commission). Otherwise, the commission can go up to 2.2 percent, depending on the amount, type of financial instrument and country.
The amount of the transaction fee can also be affected by the currency in which the account is opened and its profitability. If the currency of the account abroad differs from the main currency of the bank, then the conversion will increase the commission. In addition, the more "profitable" the currency, the higher the commission.
Banks that open current accounts often offer to open investment accounts with them. Accordingly, when choosing a bank to open an investment account abroad, one should not always focus only on tariff attractiveness, one must first of all pay attention to the performance indicators of the strategy chosen by the bank and the tactics of managing the investment portfolio.
What plastic cards do foreign banks offer?
Today, the majority of banks offer their clients the issue credit cards... In some banks, they can be obtained immediately after opening an account with a foreign bank. To do this, you need to fill out an appropriate application during an interview with a representative of a financial institution. Other banks have special requirements for cards, so you can get them only some time after opening an account abroad. So, for example, in some Swiss banks, the issue of a card is possible only if the client has a certain amount on the deposit at all times.
There are different requirements for plastic cards in terms of insurance coverage, cash out amount, issuance or cancellation rates. In addition, there are payment limits: for example, a client can pay with a card only if the purchase price does not exceed the amount agreed by the bank.
For a Russian bank user, the requirements (as for a non-resident) when issuing a card in a foreign bank may differ greatly from similar requirements adopted in Russia. This is due to the fact that the bank, when issuing a card, must provide for the execution cost judgment in the event of an overdraft on the account due to the client's dishonest behavior. It turns out that the client is forced to have significant insurance coverage blocked on the account.
As a rule, the amount of insurance coverage is tied to the spending limit, which can be significant (usually 10-20 thousand euros). For example, in Austrian banks this ratio can be 1: 5.
But the situation is not so bad as there are different types kart. So, you can issue not Visa or Mastercard, but cards of associated companies: Visa Electron or Cirrus Maestro, on which you can spend all the funds on them. As a rule, such a card is linked to a current account, and the funds are not blocked. But such a card also has restrictions on its use: for example, a daily payment limit, and besides, not all online stores accept payments with such a card.
Currently, in the face of serious financial competition in Western banks, there is a steady tendency to move towards the wishes of Russian clients. Banks are demonstrating a decrease in tariffs for servicing cards, facilitating the conditions for their issuance, and also offering non-standard banking products, for example, a card design based on an individual sketch.
What is a “non-standard banking product”?
In some cases, in order to carry out certain operations or conduct the company with its normal activities, the client together with the current bank account additional banking products are required: merchant account, brokerage account, irrevocable deposit, escrow account, etc. Similar instruments can be used both in the bank where the company's account is opened, and in another foreign bank. The client needs to first determine what kind of product he needs, and then find out whether it exists in a similar form in principle, and whether a particular bank is capable of providing it.
Certain credit organizations enable the client to use some non-standard products immediately upon opening a bank account in a foreign bank.
Each bank, which has non-standard products in its arsenal, offers its own set of these instruments, and also sets separate tariffs for them. It should be borne in mind that the cost of providing such services is likely to exceed the cost of a similar product in a bank specializing in providing such an instrument.
Can a minimum balance be used?
There are various conditions under which it is possible to spend funds on an account abroad as a minimum balance. At the same time, the amount of the minimum balance is often included in the initial deposit immediately.
As a rule, it is permissible to use part of the initial deposit, but there is a certain amount that is “frozen” in an account with a foreign bank. This practice is traditional for many savings and settlement banks. For example, in one of the Liechtenstein banks the initial deposit is equal to the amount of the minimum balance and is 300,000 Swiss francs, while in another bank of the same country the amount of the minimum balance is 100,000 Swiss francs, while an initial fee must be at least 10,000 Swiss francs.
Some banks do not allow the spending of funds from the minimum balance under the threat of blocking the account. However, there are also banks that allow the client to spend the minimum balance. But at the same time, they introduce additional tariffs. For example, one of the Baltic banks does not charge an account service fee if the average monthly account balance is more than LVL 100,000, but if this amount decreases, the bank takes a monthly service fee from the client.
In savings banks, as a rule, the minimum account balance is equal to the amount of the initial deposit. Depending on the policy of the bank, it is permissible to achieve a set amount within a certain period of time, for example, from one to six months; upon reaching such an amount, its further reduction becomes impossible.
It is possible to agree with some banks, for example, on a one-time decrease in the balance for a certain period of time (in case a large amount is urgently needed). Such a condition can be stipulated in advance in the bank, while indicating that the profit received after a while will again settle on the account.
What are the requirements of foreign banks for the minimum balance when opening an account abroad?
Banks opening accounts for commercial transactions, as a rule, allow the zeroing of accounts. But there are those that require a certain amount to be on the accounts of companies (the amount depends on the requirements of a particular bank). If the account balance abroad is less than a certain amount, the bank reserves the right to establish an additional commission for servicing the account. And in some cases, notify the client about the possibility of closing the account.
In terms of specific amounts, Swiss banks currently set the minimum balance between CHF 1,000,000 and CHF 2,000,000; Austrian banks - in the range of 500,000 - 1,000,000 euros.
Banks specializing in checking and settlement and savings accounts, as a rule, do not set requirements for the presence of an account balance. Thus, the requirement for a minimum balance is absent in the Baltic banks. On the contrary, Austrian or Liechtenstein banks that open current accounts require a minimum balance.
What are the initial deposit requirements of foreign banks?
The initial deposit is the amount that is deposited into the opened account with a foreign bank in order to activate it. Most savings banks set an initial deposit amount equal to the amount the minimum balance on the account. At the same time, some Swiss banks offer customers their own procedure for depositing these amounts.
Settlement banks set significantly lower amounts of the initial deposit than savings banks - as a rule, they do not exceed an amount of 5,000 dollars or euros. At the same time, some banks allow you to use this amount in the future (for example, a well-known Danish bank), while other banks do not provide such an opportunity.
Do foreign banks set requirements for the turnover of funds on the account?
Establishing a number of requirements for a potential client is a common practice for foreign banks. When opening an account abroad, their employees voice individual oral requirements to clients, which may not be spelled out anywhere in bank documents. This applies, for example, to an agreement on the amount of the initial deposit, the amount of average monthly balances or the allowed annual turnover.
As an example settlement bank, which sets a requirement for clients for a certain minimum annual turnover, let's take a well-known Austrian bank. The desired amount of annual turnover for his clients will be EUR 30,000,000. Moreover, if the annual turnover is less, then the bank will charge an additional commission for servicing the account.
Which bank is better to choose for opening an account with an offshore company?
From the very beginning, it should be borne in mind that there is no ideal bank account abroad, just as there is no ideal bank, as well as an ideal client. That is why we should rather talk about looking for a bank in which to open an account that is optimal for the client's activities.
When it comes to opening an account in a foreign bank for the company to conduct commercial operations, it is assumed that the client will make frequent transactions on the account abroad. Therefore, first of all, in this case, you need to choose the bank where there are no requirements to limit the number of payments (incoming and outgoing).
Also, when choosing a bank, you should pay attention to where the account opening procedure takes place geographically? Are there requirements related to the initial deposit and the presence of a minimum balance on the account? Does this bank work with different currencies, including, for example, rubles? How much do the proposed rates and account management methods suit you? Are there any Russian speaking employees? Are any recommendations needed? And also how complicated the procedure for opening an account looks like.
What are numbered accounts in foreign banks?
Some banks allow the opening of numbered accounts: the details of such an account do not indicate the name of the company (for corporate accounts) or the name of the owner (for personal accounts). On the bank card only a set of numbers is indicated. However, this does not mean that the bank does not know the client, because in any (!) Case, when opening an account in a foreign bank, the client must provide the name of the beneficiary and provide a copy of his passport.
Numbered accounts first appeared in Switzerland. And although such an account abroad is associated with the name of a specific person (beneficiary), his identity remains an absolute secret for everyone, accessible only to individual employees of the bank that opened the account. Numbered accounts in foreign banks have another advantage: they provide complete confidentiality. bank transfers... When debiting money from a numbered account, the receiving bank sees only the account number, but it should be borne in mind that some European banks refuse to work with numbered accounts. And in this case, the amount sent from the numbered account can be returned to the sending bank.
The same rules apply to a numbered account abroad as to other bank accounts. And in certain cases, information constituting bank secrecy may be disclosed (for example, in the framework of the fight against money laundering). We believe that at present the use of numbered accounts is not advisable, in addition, there are very few banks offering such services.
A numbered account abroad should not be confused with an anonymous account. For some reason, the misconception about the existence of anonymous accounts still exists. Apparently, the fact is that at one time some banks opened accounts for clients on the Internet only on the basis of a submitted copy of the passport. And it often happened that a copy of the passport of one person was sent to the bank, and a completely different person (in fact an anonymous person) was in charge of the account on his behalf.
Of course, now the situation has changed radically, and all banks have stopped the practice of such absentee account opening abroad. Today, bank employees, as well as professional intermediaries involved in the procedure for opening an account abroad, certify the authenticity of copies of the passports provided in the presence of their owners.
What is the difference between a savings (investment account) and a current account in banks abroad?
A current account in a foreign bank is intended for carrying out transit operations. The owner of such an account disposes of his funds without restrictions, makes any payments not prohibited by law and complies with the requirements for submitting copies of supporting documents (contracts) to the bank if a single payment exceeds a certain amount previously agreed with the bank or is not typical for this client.
In turn, a savings account in a foreign bank is intended for the accumulation of funds, it is, in fact, a "piggy bank account". Transactions on such an account are minimal: from three to twenty per month, depending on the conditions set by a particular bank.
Therefore, it is quite obvious that opening a current account will be advisable for a company acting as a settlement instrument, and a savings account will be convenient for a company that is an instrument of investment accumulation.
What do banks specialize in?
Each bank has its own specialization. Some are focused on preserving and increasing capital, while others are focused on performing a large number of transactional operations. According to these criteria, all banks can be conditionally divided into two categories: savings and settlement.
About 70% of the market banking services are borrowed by savings banks. These include banks in Austria, Liechtenstein, Luxembourg and Switzerland. As a rule, they set a high minimum account balance and limit the number of settlement transactions. Banks that provide settlement services, as a rule, do not impose requirements on account balances and are mainly located in the Scandinavian countries, Hong Kong, Singapore and the United States.
There are also banks that do not limit their activities to any one area: they are engaged in both settlements and investment management. These include, for example, the Baltic banks.
How reliable are foreign banks opening an account abroad?
The bank's reliability is understood as its ability to fulfill its obligations to customers on a certain date. Several criteria can be distinguished for such a characteristic. First of all, you should pay attention to the year the bank was founded. For a bank with three hundred years of history, insolvency is unlikely.
In practice, cases of bankruptcy of reputable banks lead to the fact that such a collapse serves as a new impetus for their development. And as an example, we can cite the sensational case of the British bank Barings in 1996, which went bankrupt as a result of the speculative operations of one of its Singaporean manager, who was playing on the Japanese yen rate. As a result, Barings suffered losses in the amount of $ 1,400,000,000, this amount more than doubled equity bank. And such losses, of course, led the bank to bankruptcy. But soon Barings was bought by the large Dutch banking group ING.
At one time, Barings' clients included Queen Elizabeth II and Prince Charles. And this may indicate another important criterion - the customer base. A serious financial institution, even with numerous debts, will not be allowed to "die": most likely, it will be acquired by another a large bank... As a rule, the change of shareholders does not affect the interests of clients, unless the policy of the bank as a whole changes. For example, when opening accounts for a certain circle of clients (Russian audience) may be terminated. Similar precedents were encountered in the practice of some foreign banks.
The location of the bank can also indicate a certain reliability. By this criterion, one can designate, for example, the reliability of European banks as one hundred percent. Another important point is the amount of compensation paid by the bank under the state deposit insurance system in the event of bankruptcy. In some countries, this amount is fixed in the legislation, in others there is no clear limit, and the amount of compensation is determined depending on the amount of funds in the account abroad.
What determines the reputation of a foreign bank?
For any foreign bank, reputation is an actual characteristic: people, as a rule, are interested in opening accounts in reliable banks with a high credit rating. Even foreign partners of the company often state that in order to carry out specific operations, the company's account must be opened in a foreign bank with a high rating category.
A bank's reputation consists of several components. First of all, it's a story: how long has this bank been around? Thus, the Baltic banks were founded only at the end of the last century, and most Swiss banks have a rather long history (often more than 200 years). A bank's reputation is also partly determined by the number of its employees. For example, in the largest bank in Switzerland and in its branches scattered around the world, about 70 thousand employees work, and one of the American banks, located in Seattle, employs only twenty-four people, however, they speak eighteen (!) languages.
Affects the reputation of the bank and the number of its branches. However, it should be remembered that a large number of branches of a bank is not always a guarantee of the convenience of working with it. For example, one of the largest British banks has several thousand branches around the world and operates under the slogan "Your local bank". In fact, practice shows that he opens accounts with great difficulty for clients from Russia, and not in every foreign branch.
Which foreign banks open accounts for offshore companies and individuals?
Recently Russian market banking services (opening accounts in foreign banks) are abundant enough. More or less actively with clients from our country, about one hundred and twenty banks in Europe, Asia and America work.
The most important characteristic of a foreign bank, which is one of the criteria for its reputation, is its geographical location. As a rule, it is the location of the bank that is primarily of interest to clients seeking to open an account abroad. However, one should not limit the choice of a particular bank only by the reputation of the country or the fact that business partners are located in this state. This can lead to the wrong decision, since as a result you will have to work with a bank that is not responsible necessary requirements... For example, one may face a rather high cost of banking services, a “bias” in the jurisdiction in which the company is registered, as well as a mentality of bank employees that differs from our Russian approach to working with banks.
Of course, the geographical location of the bank should be taken into account, however, the primary criterion should still be the correct functioning of the account and the specialization of the bank that suits you.
The procedure for opening an account abroad
When can a foreign bank account be closed?
If the bank has suspicions that the essence of payments does not correspond to the originally declared nature of the company's activities, the account may be blocked for the subsequent clarification of all the circumstances.
In addition, the bank is unlikely to agree that the same phrase will always appear in the “Purpose of payment” column: “Replenishment of funds in the account”. In this case, you need to be prepared for the fact that the bank will ask you to provide him with documentary justification for any payment.
It should be borne in mind that some banks are quite unpredictable in their actions when it comes to the termination of customer account service for one reason or another. First of all, this applies to American banks, which have a practice of notifying a client with a requirement to close an account within a week without any explanation of the reasons for such a decision.
Under what circumstances can an account opening abroad be refused?
The client may be refused to open an account abroad due to the fact that he declares such activities of the company, which does not suit the bank. It is also not recommended to indicate that the company has more than one type of activity. If, nevertheless, it is necessary to indicate several types, then they should all be "interdependent" (for example, trade in grain and import of agricultural machinery).
There are times when a company has to declare several types of activities that are independent of each other (for example, investment operations and coal trading), in this case it must be clearly stated when opening an account in a foreign bank, or ... acquire several companies and open a separate account for each ...
In addition, one should not indicate such a type of activity as "financial intermediation": in this case, it is unlikely that there will be any bank at all that will open an account.
In which countries and how many accounts can you open for an offshore company?
There are practically no restrictions on the number of accounts, just as there are no restrictions on jurisdictions in which it is possible to open accounts for offshore companies. Unless we are talking, for example, about registering an insurance company and making insurance coverage in a certain authorized bank. But it will be rather an exceptional case.
Many jurisdictions do not establish a mandatory requirement for opening bank accounts at the place of domicile, that is, the "registration" of a particular company: there is no obligation to have an account in a foreign bank of the same jurisdiction in which the company is registered. This applies to all offshore jurisdictions, as well as Great Britain, New Zealand, Cyprus, etc. But, at the same time, in Switzerland, the Netherlands or Austria, this procedure is mandatory.
If a company has several accounts in different banks, and at the same time it is obliged to pay tax at the place of registration, there is an obligation for the company to provide bank statements from all of its accounts when filing reports.
What documents are required to open an account with a foreign bank?
First of all, to open an account abroad, an apostilled set of corporate documents of the company itself is required, and with a fresh date on the Apostille. If the company is not new, then you will need additional documents: Certificate of good standing, which is analogous to the Russian extract from the Unified State Register of Legal Entities, and a certificate containing information about the directors and shareholders of the company (Certificate of incumbency). It is also necessary to provide resolutions on the appointment of directors, on the issue of shares, the share certificates themselves and the trust declaration.
The client must present a general civil passport of the Russian Federation and a foreign one. As the passport expires, the bank may ask for a copy of the new passport. In addition, the bank is provided with copies of the passports of the director, attorney, shareholder and beneficiary of the company, as well as proof of address. For citizens of the Russian Federation, in this case, as a rule, it is sufficient to provide a copy of a page from a passport with a mark of registration at a specific address. For a foreign client, the place of residence is not indicated in the passport, and the bank in this case asks to provide, for example, copies of telephone bills or bank statements that came to his name at his address.
In some cases, foreign banks are asked to provide them with letters of recommendation from any other bank or recommendations from a business partner. Moreover, recommendations should be given by a reputable “recognizable” foreign partner on behalf of a company that really exists (in no case from the same offshore company!), With its own business, with the ability to find a company in appropriate directories, on the Internet, etc. The recommendation must be on the form and contain the details of the issuing organization. The signature of the person who made the recommendation must be deciphered.
Each bank sets its own requirements related to the certification of copies of the submitted documents. In most banks, simple copies of documents are certified by a bank employee, but in some cases banks require copies certified by a notary or, for example, they ask to provide original documents for consideration and examination for a certain period.
How is the interview with the banker going?
Is it necessary to visit a foreign bank when opening an account abroad?
In most cases, you do not need to travel to Switzerland, Liechtenstein or, for example, Latvia to open a foreign bank account. A personal meeting with a bank representative in Moscow is quite enough. However, in the case of Singapore, Hungary and some other countries, you will have to visit the bank.
There is another practice: in some banks, employees of head offices themselves express a desire to meet with a client to open an account in Russia or in any other European country.
Is it possible to open an account in a foreign bank without a personal presence?
The procedure for opening an account and requirements for clients in different foreign banks may differ significantly, but there are some general rules... For example, the client is obliged to personally come to a meeting with a bank representative or to the office of a law firm (in the event that the bank has an agreement with this company to provide such services), having in hand a full package of the required documents of his company. As a rule, the personal presence of at least the future account manager, and as a maximum also the true owner of the company is required. The meeting is usually attended by a lawyer representing the client's interests (the so-called "introducer").
In the event that the name of the account manager and the name of the beneficiary do not match, the bankers will definitely require a personal meeting with the beneficiary. Moreover, each of them (both the account manager and the beneficiary) must provide detailed information about themselves and their business. Banks understand perfectly well that an account is opened on new company, but, in addition, they also perfectly imagine that behind each new company there is always some real long-term business.
What is the procedure for opening a corporate account?
Today, the procedure for opening an account in foreign banks, traditionally serving offshore companies, has become much more complicated. First of all, this is due to the fight against terrorism, laundering of "dirty money", corruption, illegal business, which has developed throughout the world in recent years.
In addition, the tightening of requirements for clients is caused by the reform of the banking systems of the European states that have recently joined the European Union and are called upon to follow its directives in the banking sector. Clients now need to provide the bank with more detailed information about all persons involved in the corporate structure, the activities of the company and the purposes of opening an account.
Who is entitled to manage the company's accounts?
Only an authorized person can open, manage and close company accounts with foreign banks. Firstly, this is the director of the company, and, secondly, the attorney of the company is a person who has a power of attorney with the right to open and close accounts that is necessarily prescribed in it.
The bank stores all information about such a person: copies of his passports signed by him bank forms... In the event of a change of the account manager, the client is obliged to inform the bank about this and carry out the procedure for changing the manager in accordance with the procedure provided for in this bank.
What currencies can I open in a foreign bank?
Banks allow opening accounts in various currencies, mainly in dollars and euros. But it is possible to open accounts in pounds sterling, and in Swiss francs, and somewhere in rubles.
Technically, it looks like this: one multicurrency account or several accounts are opened, with their own separate number for each currency. Of course, you can always send to the bank payment order to transfer funds in a currency that differs from the currency of the account itself. In this case, the payment will be made at the bank's internal conversion rate on the day of payment.
Which is better: open an account in your own name or for a company?
Banks do not open personal accounts for the client to conduct commercial activities: business interests and personal financial interests should be clearly distinguished. At the same time, it is always possible to transfer the profits distributed by the company to a personal account, provided that it is the owner of such an account that is the true owner of this business.
Technically, there are no difficulties in transferring funds in the current account of a legal entity to the personal account of an individual. They can arise, for example, from the sending bank or the receiving bank in case there are any suspicions. In this case, questions related to the source of the funds may be asked. For credit and financial institutions, by virtue of their responsibilities to counter the legalization of proceeds from crime, the law establishes the obligation in such cases to ask such questions. The movements on the account of an individual should not have signs of regular entrepreneurial activity; banks monitor such transactions quite closely.
As a rule, personal accounts are opened in banks in Switzerland, Austria, Luxembourg. And these are usually accounts of the accumulative (investment) plan. A "pass" to the bank in such situations may be the presence of a minimum balance on the account, for example, from five hundred thousand to half a million dollars (depending on the requirements of a particular bank). It is assumed that this amount will increase over time.
In some cases, a corporate account abroad can function as a personal account. For example, you need to purchase real estate and register it not for yourself, but for a controlled foreign company.
Citizens-residents of the Russian Federation are obliged to notify the tax authorities at the place of their registration about opening a personal account or deposit in a foreign bank within a month after such opening. For violation of this requirement, liability is established in the form of an administrative fine. For foreigners, including offshore companies, the need to notify the tax authorities about opening an account in a foreign bank is not provided.
Confidentiality issues when working with foreign banks
When can a foreign bank disclose customer information?
The ability of third parties to access customer information provided to the bank when opening an account with a foreign bank is regulated by both international legal acts and national laws on banks and the banking system. The algorithm for providing information about the client and the composition of his assets in relation to banks of foreign states is as follows: access to the relevant information is possible only on the basis of a decision of the local court (sanction of the prosecutor).
The local court makes a decision on the provision of information in the event that the General Prosecutor's Office of the Russian Federation has sent an international investigative order within the framework of a criminal case initiated in Russia. At the same time, the local court can make a decision on the provision of information only if a criminal case has been opened under an article that is considered criminal in the country where the bank is located. So, for example, in Switzerland tax evasion is not considered a criminal offense, respectively, if a criminal case is instituted in Russia under this article, then information on this request will not be provided.
What are the criteria for identifying suspicious transactions?
Each bank individually determines the criteria for suspicion, but at the same time they mainly depend on the numbers (the volume of transactions, their size, frequency, frequency, etc.). Therefore, when opening an account abroad, it is necessary to discuss the relevant criteria with a bank representative in as much detail as possible, and in case of any changes in the nature of the movement financial flows be sure to notify the bank about this. This will be the most favorable way to build relationships, which, of course, will be appreciated by bankers.
If banks suspect, or have reasonable grounds to suspect, that funds in an account are proceeds of crime or are linked to terrorist financing, they must immediately report their suspicions to the appropriate financial intelligence units.
At present, international legislation seeks to unify the legislation regarding the disclosure of banking secrets.
Development Group Financial Measures Combating Money Laundering (FATF, FATF) - an intergovernmental organization dedicated to combating money laundering and the financing of terrorism - back in 1990, a document was developed known as the FATF Forty Recommendations, to which nine more recommendations were subsequently added. The provisions of this document were implanted into the banking legislation of most economically developed countries and now serve as a benchmark for the development of the world banking sector.
What does "bank secrecy" mean?
Banking secrecy is information that becomes known to a credit institution as a result of its professional activities. It includes information about bank deposit, account transactions, as well as information about the manager and the true owner of the account.
In Russian legislation legal regime bank secrecy established by Article 857 Civil Code and federal laws "On banks and banking activities" and "On The central bank Russian Federation(Bank of Russia) ". The Law "On Banks and Banking Activities" prescribes banking secrecy as information on transactions, accounts and deposits of customers and correspondents, as well as on other information established by a credit institution that does not contradict the law.
The circle of persons associated with banking secrecy can be conditionally divided into two groups: these are, firstly, the owners of banking secrets (clients whose commercial interests are protected by the institution of banking secrecy, as well as credit institutions themselves, which receive this kind of information to fulfill their obligations ). Secondly, these are users of banking secrets (persons who have access to banking secrets due to the specifics of their professional activities: tax, customs, prosecutors, etc.).
The concept " bank secrecy»At present, under the influence of the fight against terrorism, legalization (laundering) of money, it has lost the meaning in which it existed before. All developed countries have already prescribed in their legislation the possibility and a detailed procedure for access to banking information for fiscal, tax and law enforcement agencies. In addition, an exhaustive list of persons has been established who have the right to request information constituting bank secrecy from a credit institution, as well as methods of obtaining such information.
Today we live in a global information space, and, often, information is a key commodity of great interest. And in this sense, banking secrecy, as well as guarantees of its observance, are fanned by all sorts of rumors. When it comes to the fact that the bank "leaks" information, it should be understood that this is, of course, an echo of precisely illegal actions.
Since a bank is, first of all, a commercial organization, the main purpose of which is to make profit, it cannot undermine its reputation by distributing information to the right and left, thereby frightening off customers. And every bank by everyone possible ways will prevent the issuance of information. That is why the law establishes a completely clear legal procedure, as a result of which information may become available only to a certain circle of persons.
Nevertheless, the conclusion that suggests itself: in connection with the fight against terrorism and money laundering, access to information for tax, law enforcement and other bodies has expanded significantly. In this regard, it seems a reasonable decision to agree with the existing situation, accept it and learn how to work in the existing conditions.
What is Due Diligence (DD)?
The national legislation of any country stipulates the obligation of banks, when opening an account abroad, to take measures for customer due diligence (DD), including identification. Among these measures is the identification of the client and confirmation of his identity using reliable, independent primary documents, data or information.
First of all, this concerns the definition of the true owner of the company (beneficial owner): who owns the ownership? Who controls the company and how? Next, we are talking about obtaining information that reveals the main directions of the company and the intended nature of its business relationship.
Quite often, banks collect additional data about the client: for example, marital status and the presence of children. Such information is essential when planning long-term relations with the bank: there, the bank tries to determine in advance who will become the heir of the funds stored in the account. Sometimes this information is used as an additional code key when identifying a client.
In the future, the bank on an ongoing basis carefully analyzes the transactions made by the client, monitors that the transactions concluded correspond to the nature of the client's activity, as well as his business activity, the nature of risks, etc.
In addition, local legislation prescribes filling out a beneficiary declaration, without which today it is virtually impossible to open an account in any foreign bank (for example, in Switzerland it is “Form A” - Identification of Beneficial Owner).
Foreign banks have different approaches to the Due Diligence procedure. So, for example, there are banks that offer the client to provide information about their activities in free form (the company's prospectus will suffice). At the same time, some Swiss banks carry out verification of the client through independent bodies - detective agencies (which they notify the client about in advance). One thing is absolutely certain - foreign banks prefer to work exclusively with "transparent" clients.
Both an organization and an individual can open a bank account abroad. But this is not easy to do. Those wishing to become clients of foreign banks located outside of Russia should prepare for various restrictions, as well as regular reports on the balance and movement of foreign money. Failure to comply with currency legislation is punishable by serious fines, which in some cases reach multi-million dollar amounts.
How to open an account abroad for an individual
Having chosen a bank, you should carefully read its conditions for opening an account by foreigners. It is best to contact a representative of the financial institution by email to clarify the requirements, procedure and list of required documents. Usually in the list binding papers includes:
Russian passport;
international passport;
information about the activities of the applicant and his income;
information about his family members;
certificate that he has no criminal record;
When the papers are collected, a citizen who wishes to have an account in a foreign bank will have to visit two offices: a translation office to prepare English-language versions of documents, and a notary office to certify them. Both visits will require significant expenditures, and further they will grow rapidly.
Many large foreign banks require a potential client to personally arrive at the foreign office of the organization, where he submits a package of documents and fills out a questionnaire. That is, if an individual permanently resides in Russia, expenses for a round-trip flight, and, possibly, for a temporary stay in a foreign country in this case are almost inevitable. If there is no visa, money will be needed for its registration. Whether it is possible to open an account abroad remotely without leaving for another country should be clarified by phone or through the website of a financial institution. Some foreign banks provide this opportunity.
Then the citizen awaits the decision of the foreign organization. As a rule, the waiting period ranges from 2-3 days to a month. And if the answer is yes, an individual is opened a bank account abroad that does not fall under the jurisdiction of the Russian Federation.
However, the state wants to know about foreign accounts of citizens. Before opening an account abroad, Russian citizens need to study the 12th article of the law "On foreign exchange regulation and control" (Law No. 173-FZ of 10.12.2003). In particular, it says that it is necessary to notify the tax authorities in writing about the opening of a cash account abroad within 30 days. The notification form is contained in the order of the Federal Tax Service No. ММВ-7-14 / [email protected] from 28.08.2018. In addition, every year (by June 1), a foreign currency resident must inform the tax service about how he disposed of "foreign" money during the last year, and what is their balance (Decree of the Government of the Russian Federation of 12.12.2015 No. 1365).
How a company can open an account in a foreign bank
Organizations are very interested in opening an account outside the Russian Federation. The unstable financial market is leading to the closure of both small and very large Russian banks. Because of this, the firms that entrusted them with money incur heavy losses, without any compensation from the state.
To the selected financial institution the company presents an impressive package of documents. In particular, foreign banks, in order to open an account, request:
foreign passports of persons who will be authorized to dispose of the funds stored in the account (Russian passports may also be needed);
power of attorney if the account is opened through a representative;
constituent documents of the company: memorandum of association, articles of association, etc .;
certificates - OGRN, TIN;
order on the appointment of the head and chief accountant;
a document certifying that the organization is not undergoing bankruptcy proceedings;
a license (if it is necessary to conduct a certain activity);
completed questionnaire.
The specified list of documentation can be significantly expanded. banking institution... Before opening a foreign bank account, legal entity(as, by the way, a citizen) needs to document the legal origin of the money, as well as the reason why he needs to become a client outside Russia.
The company is also obliged to notify the tax service about opening an account abroad within 30 days after this event and report on the movement of money on a quarterly basis (Resolution of the Government of the Russian Federation of December 28, 2005 No. 819).
Opening an account in a foreign bank: what you need to consider
When opening a bank account abroad of the Russian Federation, several circumstances should be taken into account:
Banks that open accounts in foreign banks for foreigners do not do it for free. The "entry" cost for new clients has a wide range: in some banks it is equal to 300 euros, in others it reaches 3000 dollars. In addition, you will need to pay annually to maintain a foreign account. The cost of this service also varies - from several hundred to several thousand euros / dollars.
If an individual has opened a cash account in another country, foreign bank will only allow it to be used for personal, not business purposes.
Through accounts located outside the Russian Federation, it is possible to carry out not any transactions, but only those that are named in Article 12 of Law No. 173-FZ. Some of them, for example, receiving money from the sale of real estate located in another state to a non-resident, is allowed only on condition that an account is opened with a bank in the territory of a member country of such intergovernmental organizations as the OECD or the FATF.
For carrying out illegal transactions, an individual or legal entity faces an administrative fine in the amount of 75 to 100 percent of the amount of the transaction (Article 15.25 of the Code of Administrative Offenses of the Russian Federation). This article should be read carefully before opening a bank account abroad. It provides for various sanctions for violation of currency legislation.
Simple formality
The reporting is quite simple, says Zakharov: a form of two sheets, on the first - the applicant's data, on the second - information on accounts in a foreign bank. If there are more than one invoices, then the first sheet and several copies of the second sheets, equal to the number of invoices, must be submitted to the Federal Tax Service, he says.
After the IRS receives your report, they may have additional questions. The press service of the Federal Tax Service confirms this: currency control»She has the right to request additional documents.
In this case, the taxpayer has a week to provide the necessary papers - for example, a statement on the movement of money on bank account, says the lawyer legal service CorpLaw.Pro Julia Mikhalchuk. “It is better to get these documents in advance from the bank,” advises Zakharov. According to him, most likely, you may need statements on the movement of funds and letters on the opening and availability of accounts in such banks.
Mikhalchuk from CorpLaw.Pro also notes that it is not necessary to travel to the country where the bank is located - you can receive statements by e-mail. The lawyer, however, fears that the Federal Tax Service will be able to demand documents with seals. “So far, no one knows how to get around this norm, and perhaps clarifications from the Ministry of Finance or amendments to laws will be needed,” she says.
Immediately after submitting the report, you may have several problems.
Tax problems
First of all, you have to pay taxes. Personal income tax at a rate of 13% is taxed on any income on bank accounts abroad: this is coupon income, and annuity from the lease of foreign real estate, and the sale of securities through management company... Also, since the beginning of 2016, income tax has been imposed on interest on deposits in a foreign bank, recalls Zakharov from Paragon Advice Group.
The 2015 declaration campaign ended on April 30th. Mikhalchuk says that it was necessary to report income received, including to foreign accounts, in the form of 3-NDFL. Failure to pay or incomplete payment of taxes under Article 122 of the Tax Code means a fine of 20 to 40% of their amount.
If the tax on income, for example, received from the rental of real estate, is paid in the same country where the foreign account is opened, and exceeds 13%, then nothing needs to be paid in Russia, notes Klenov from UFG Wealth Management.
But so that the FTS has no questions, it is better to provide her tax return other country and payment documents if you manage your property yourself. If the trustee is engaged in this, then you need to get a certificate from him: it is he who in this case is tax agent, says Klenov.
To avoid tax claims for previous years, according to Zakharov, it is possible with the help of a capital amnesty - by July 1, 2016, submit a special declaration. “It is necessary to indicate the balance of the account abroad and attach a notice of opening an account. This removes the possibility of attracting you for tax evasion, ”he says.
Problems with currency legislation
Most Russian citizens are not only tax residents, but also currency residents. This concept appeared in 2012. According to the law on foreign exchange regulation, these are all citizens who have a Russian passport, except for those who have been living abroad for "at least a year" with a residence permit, work and study visas.
Maxim Kandyba, partner at PwC, says that the phrase “at least a year” means: if you appear in Russia for a day, you are a foreign exchange resident. Zakharov, however, believes that the fact of registration at the place of residence or stay is important here. If a it comes about emigration, then the citizen is eventually discharged from his home in Russia, and it is difficult to track his short visits to his homeland for tax purposes, he says. By Russian law on the right to freedom of movement, a citizen is obliged to register at the place of stay within 90 days.
Foreign currency residents have large restrictions on the use of foreign accounts. They are allowed to transfer funds from other banks (including Russian ones), credit interest on a deposit, make cash and profit from converting funds.
All these norms are listed in the 12th article of the law on foreign exchange regulation. In addition, these accounts can be credited with salaries, travel expenses, social payments- pensions, scholarships, benefits. But it is impossible to receive grants for them, the Ministry of Finance specified at the end of 2015. This is a violation of foreign exchange laws.
In countries that are members of the OECD and the FATF, you can additionally credit to foreign accounts loans and credits in foreign currency, income from rental housing, coupon income on securities, as well as income from trust management of your funds (if they are managed by a non-resident of Russia) ... For example, Bulgaria, Montenegro and Cyprus, popular among Russians, are not included in the FATF or the OECD.
All operations not included in this list are prohibited, otherwise you will face a fine, says Dmitry Klenov, partner of UFG Wealth Management. Paragon Advice Group partner Alexander Zakharov clarifies that the fine can range from 75 to 100% of the amount of the prohibited operation. The same is stated in article 12.25 of the Code of Administrative Offenses.
In fact, everything looks like this: if your foreign account received $ 100 profit from the sale of securities (this operation is not allowed by currency legislation), the penalty can be from $ 75 to $ 100. You can avoid it by taking advantage of the capital amnesty, Klenov admits. It applies to all illegal transactions in foreign accounts on the date of submission of the special declaration, says Zakharov. The declaration can be submitted until July 1, 2016.
Hiding accounts
Reporting to the Federal Tax Service on foreign accounts means a huge number of problems - from obtaining extracts from foreign banks to the possibility of tax and foreign exchange claims. “Everything has been done so that a person no longer wants to use foreign accounts. I believe that most of the citizens will not report, ”says one of the consultants, speaking on condition of anonymity.
What awaits them in this case? According to currency legislation, if you did not report the account at all and the FTS eventually becomes aware of it, you will have to pay a fine of 4,000 to 5,000 rubles. The fine for late information is from 1,000 to 1,500 rubles. The punishment for not having time to provide documents on the movement of funds on the account is about the same: 10 days or less - from 300 to 500 rubles, more than a month - from 2.5 to 3 thousand rubles. A repeated violation will cost 20 thousand rubles.
Violation tax legislation costs more. If you did not report your account abroad to the tax office at all and at the same time received income on it for many years, this is already tax evasion, Klenov argues. In this case, the Federal Tax Service may demand to pay additional taxes and issue a fine: from 100 thousand to 300 thousand rubles. depending on the amount underpaid.
International financial consultant FCP (Financial Management) Ltd. Isaac Becker is confident that the accounts will eventually become known. “Even if today you keep silent, the information will sooner or later appear in the tax service, and later they will knock on you not only for a fine,” he says.
On May 12, Russia signed an international agreement on the automatic exchange of financial information, which includes more than 80 countries. “It will start in 2018, and the first reports will most likely go exactly on the basis of the results of this year,” Zakharov said. However, according to him, for this Russia will have to conclude an agreement with each of the countries separately - only then the mechanism will start working.
Klenov says that while Russia can request information on foreign currency accounts of specific citizens for earlier years - up to 2002. Therefore, Becker advises those who have accounts abroad not to delay and report them on time. tax office taking advantage of the amnesty.
What awaits the rentier, student, expatriate and trader when using foreign accounts
Rent from overseas housing
It all depends on where the foreign account is opened, which receives income from rented housing. If in the OECD and FATF countries, then you are acting within the framework of the law, says Maxim Kandyba. If in other countries, the forecast is disappointing: you are violating currency laws. In this case, income from renting out property in any case is subject to personal income tax at a rate of 13%.
Account statement
Tax law:
— 13%
tax if the account is opened in the "allowed" OECD and FATF countries
from 20 to 40% from the sum
Currency legislation:
- fine from 75 to 100%
from 300 rubles. up to 3 thousand rubles.; for a repeated violation - 20 thousand rubles
Account concealment
Tax law:
- requirement to pay additional taxes at the rate 13%
- fine from 100 thousand to 300 thousand rubles... for tax evasion
Currency legislation:
- fine 4-5 thousand rubles
- fine from 75 to 100% credited funds (if the account is not in "allowed" countries)
Withdrawal of money abroad before emigration
This is the simplest case: you yourself transfer money from a Russian account to a foreign one. You simply cannot not inform about opening an account abroad: a Russian bank will immediately require a notification with a mark tax service on opening an account in a foreign bank. Otherwise, the translation will simply not be released from Russia, says Alexander Zakharov.
Account statement
Tax law:
- tax 13%
from interest to account balance
- possible penalty for non-payment of tax from 20 to 40% of its amount
Currency legislation:
- possible penalty for being late with a statement of the movement of funds on the account from 300 to 3 thousand rubles; for a repeated violation - 20 thousand rubles.
Account concealment
- Impossible
Foreign University Scholarship
If a person studies abroad, he does not tax resident Russia, Zakharov believes. However, if the training, as usually happens, began in September, and the student spent more than half a year in Russia, then he remains a tax resident. At the same time, a student may turn out to be a foreign exchange resident if the study lasts less than a year or he comes to Russia from time to time. The very fact of receiving a scholarship does not violate foreign exchange legislation in any way: this is a fully authorized operation. The only exception is grants: they cannot be credited to foreign accounts. In addition, the scholarship is not taxed at all in Russia (this is stated in Article 217 of the Tax Code).
Account statement
Currency legislation:
- Possible penalty for being late with a statement of the movement of funds on the account from 300 to 3 thousand rubles; for a repeated violation - 20 thousand rubles
Account concealment
Currency legislation:
- fine 4-5 thousand rubles for lack of account statement
Emigration, salary in a foreign company
You do not violate Russian currency legislation, even if you remain a citizen of Russia. You can receive a salary to an account abroad. Most likely, you are not a tax resident of Russia: you become one only by visiting the country more than 183 days a year. This case assumes that you have withdrawn from registration in Russia and no longer live here, so there is no need to talk about currency residence. Short-term visits to Russia do not oblige you to anything: the requirement to register at the place of stay comes only for trips longer than 90 days. In this case, there is no need to report on foreign accounts. However, if you decide to return to Russia for permanent residence, you will have to report, but from scratch.
Account statement
- Not needed
Account concealment
- Does not bear consequences
Securities trading
This is the most difficult case: the number of permitted transactions with securities in foreign exchange legislation is limited. In fact, only coupon and interest income on securities, as well as payments on bonds, can be received into a foreign account. But at the same time only in the OECD and FATF countries. Since the beginning of 2016, it has also been allowed to transfer income from trust to accounts abroad (if the manager is not a resident of Russia), explains Maxim Kandyba.
All these incomes are subject to personal income tax at a rate of 13%. In this case, the tax is also levied on exchange rate differences: if you bought a bond for $ 100 and sold it for $ 100, then it is likely that you still made a profit in rubles due to the growth of the dollar exchange rate and will pay tax, reminds Filinov from PwC. According to Zakharov of the Advice Group, from January 1, 2018, permission will enter into force to credit the income from the sale of the securities themselves to foreign accounts. But so far this is a serious violation: a fine for it is 75-100% of the amount of income. At the same time, the redemption of bonds is not an operation to sell securities, and, therefore, is allowed by currency legislation, Zakharov says.
Account statement
Tax law:
- tax 13%
from income (if the account is opened in "allowed" countries)
- possible penalty for non-payment of tax from 20 to 40% from the sum
Currency legislation:
- possible penalty for being late with a statement of the movement of funds on the account from 300 rubles. up to 3 thousand rubles; for a repeated violation - 20 thousand rubles
- fine from 75 to 100%
Account concealment
Tax law:
- requirement to pay additional taxes at the rate 13%
- fine from 100 to 300 thousand rubles for tax evasion
Currency legislation:
- fine 4-5 thousand rubles for lack of report
- fine from 75 to 100% credited funds (if the account was credited with "unauthorized assets" in "unauthorized" countries)
Many citizens of our country believe that it is better to keep money in foreign banks. Russian economy is constantly in a state of crisis, sanctions are imposed and lifted, oil is falling, the dollar and the euro are growing. All of these factors do not contribute to an increase in trust in domestic banks, because people do not leave the feeling that everything can collapse at any moment. At the same time, it is necessary to understand that opening an account abroad is accompanied by certain difficulties. Is this even possible? In this article, we will tell you how to open an account in a foreign bank, what difficulties may arise in this case, and also help you choose the most reliable country for your account.
Which Russian can open an account abroad?
In Russia, Federal Law No. 79 of May 7, 2013 was adopted, limiting the circle of persons entitled to open accounts with foreign banks. So, it is prohibited for those who hold leadership positions in government agencies, such as:
- the Prosecutor General's Office;
- federal executive bodies;
- the board of directors of the Central Bank of the Russian Federation and others.
Until recently, to register an account in a foreign country, it was necessary to obtain permission from the Central Bank of the Russian Federation, but now the procedure has been simplified. It is enough to notify the tax service within 30 days after signing the agreement with the bank. After that, every 5 years you need to submit a report on the movement of funds to the tax office.
Also in 2016, Russia became a party to an international agreement on the exchange of data on financial transactions... Starting in 2018, our country will be included in a single information field with other states, which will allow tax authorities directly receive information about the movement of funds of Russians. Therefore, you need to be prepared that it will become more difficult to hide your income.
The main question: how to choose a country to open an account
In order to open an account in another country, as a rule, you need to be its resident. Some banks do not have such a requirement for customers. But then, perhaps, you will face different terms of service.
Often, financial organizations require you to provide a documentary justification of your desire and ability to open an account in another country. The bank may require to provide:
- residence;
- real estate ownership documents;
- visa (if required to enter the country);
- a 2-NDFL certificate certified by a notary, a certificate of the right to inheritance and other documents confirming the receipt of finance.
Each bank has its own rules for accepting applications for opening an account for citizens of other countries. Therefore, it is necessary to clarify the list of requirements on an individual basis. But it is worth noting the general trends:
- In the countries of the eurozone, as a rule, documents will be requested according to the list above (in Sweden, Great Britain, Spain and others). An exception is the Latvian bank Rietumu Banka, which even aids foreigners in obtaining a residence permit and is ready to open an account with a small investment.
- Also, in large world banks, a threshold is set for minimum amount for storage. Most often, it is 50,000 or even 100,000 in the currency of the state, and, for example, for Credit Suisse, Barclays or UBS without a residence permit, 1,000,000 or more will be accepted.
- At the same time, many Asian countries are interested in investments and provide comfortable conditions for opening accounts. For example, the Chinese ICBC and Bank of China are ready to approve the application upon receipt of 1,000 yuan or more. But Singapore is not an example of a demanding attitude to the opening of accounts by citizens of other countries, and the authorities will require a full package of documents.
Of course, only the most basic points regarding cooperation with foreign banks are listed here.
How to open a bank account abroad?
The main limitation for individuals when opening an account in another country is that the account can only be used for personal purposes. Carry out any operations related to entrepreneurial activity, prohibited. You can use an open account in only three ways:
- storage of funds;
- payment for purchases, services and other personal expenses;
- investment activities.
As for the registration of the application, then in different countries this will take from a week to several months. The documents are thoroughly checked, and the bank's security service must make sure of your reliability and honesty. And only if the bank makes sure that there are no reasons for refusal, they will open an account for you.
As a rule, much attention will be paid to the legality of the origin of the investment funds. In addition, in case of a positive decision and approval of the application, with the further use of money from the account (especially when working with large amounts), you may also be required to justify the expenses. For example, request documents for the purchase of real estate or receipts from a medical institution.
Most often, you will need to personally fill out an application for opening an account, so consider the possibility of a visit to the country that provides you banking service... Additionally, it is worth checking with the manager of the selected bank some important details:
- guarantees of keeping money in the account for foreigners (especially for those who are not residents of the bank's country);
- the size of the minimum account balance (there is also no one universal value for all institutions);
- how much it costs and what deposit insurance gives.
Account opening methods
There are several possibilities to open your own account abroad. This can be done in the following ways:
- Personally arrange all documents in the language of the country receiving the application. Further, most likely, you will need to come to the bank and fill out a questionnaire on the spot.
- By concluding an agreement with an intermediary company, which will prepare and send all the necessary papers for a fee. This service can cost up to several thousand dollars.
- By issuing a power of attorney for a third party (for example, for a colleague or lawyer residing permanently in the country of the bank).
Large banks are not always ready to work with a future client blindly, through third-party organizations or proxies.
It is necessary to clarify the rules for the operation of a particular organization, which may include either a mandatory personal visit to the office, or a conversation with a company employee by phone, or a visit to a representative office in our country (usually in Moscow), as, for example, in Deutsche Bank, Credit Suisse.
Banks in Great Britain and the USA
The most serious requirements for clients are presented in British and American banks. It is especially difficult to open an account for non-residents, but for those who already have rights in the state, confirmed by a residence permit, there are strict rules. You may be required to provide:
- letters of recommendation from colleagues or business partners;
- real estate lease agreement on the letterhead of a British real estate agency;
- paid bills for rent and utility bills (address and name must be indicated) and other documentation.
Therefore, if you are not a resident of these countries, then think carefully about the profitability of opening an account. You will face a number of difficulties and it is far from the fact that you will be able to break through all the bureaucratic barriers.
Account management and termination of service
In the modern world, the online banking system is well developed, so account management will not cause problems.
Topping up an account in addition to the traditional cash deposit through the cashier is also possible online. But there are some nuances:
- you can transfer money from a Russian account to a foreign one only after notifying the Federal Tax Service;
- when depositing funds in a bank, it is necessary to explain the origin of the money and confirm its legality.
Before opening an account with the institution of your choice, clarify how it can be closed later. Typically, you will need to pay a personal visit to the branch where you applied and completed the questionnaire.
The minimum package of documents for opening an account in a foreign bank
The most necessary documents that you need look like this:
- a copy of your passport certified by a notary, as well as your spouse's passport, if any;
- birth certificates of children and other documents confirming the composition of your family;
- justification of the reasons for opening an account (residence permit, real estate on the territory of the bank's country, etc.);
- certificates of income for the last 6-12 months, certified by the Federal Tax Service;
- a certificate of no criminal record.
If there is a bank branch in Russia where you plan to open an account abroad, then contact the company's office for advice.
Summing up, we can conclude that in order to open an account in a foreign bank, you need:
- carefully collect all information about the requirements of the financial institution in advance;
- clarify the nuances of servicing, closing an account and providing guarantees for citizens of other countries;
- scrupulously prepare the requested documents and carefully communicate with employees;
- be ready to come personally to the country opening the account, or spend some amount to pay for the services of an intermediary company in opening an account.
The main thing is to be patient and not wait for an instant result, and with a responsible approach you will be able to open an account in a foreign bank.