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Russia: Reporting on Foreign Bank Accounts

13 May 2021 11:00 AM | Alexander Belyasov (Administrator)

Dear CERBA Members and Partners,

On the basis of the information kindly provided by CERBA Corporate Member – Bellerage Alinga, please note that June 1, 2021 is the due date for submission of cash-flow report on foreign bank accounts for 2020. This report should be submitted by private individuals, which in 2020 had an open account opened in non-Russian banks or other non-Russian organizations of the financial market, if they meet all the following criteria:

  • Private individual is a Russian currency resident (i.e. Russian citizen or has a permanent Russian residence permit);
  • Private individual spent more than 183 days in Russia during 2020;

It should be mentioned that the private individual is not obliged to submit this report if:

  • the account is opened in a bank located in Eurasian Economic Union or in a country which participates in the automatic exchange of financial information with Russia, and
  • the amounts of credit / debit and year-end balance do not exceed 600.000 RUB.