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Bank Accounts and International Transactions

Bank Accounts and International Transactions

Opening a bank account abroad makes it possible for the owner to receive and manage cash and take full advantage of the services of the banks located outside the Russian Federation. There is no currency control in many countries in the world that is another argument in favour of accumulating cash on foreign accounts. Citizens of the Russian Federation are entitled to open accounts and deposits in banks located outside the Russian Federation without any restrictions; however, having a bank account abroad imposes certain obligations on its owner.

Korpus Prava Private Wealth provides services that allow managing accounts and depositing funds in depository of foreign banks subject to compliance with all the regulations of Russian legislation. Legal support of our specialists reduces the risk of imposing sanctions for breaching Russian legislation, for instance, penalties for currency operations.Korpus Prava Private Wealth services in this area include:

  • Consultations on issues related to currency legislation;
  • Preparation of notifications to tax authorities about accounts and deposits opened in foreign banks;
  • Preparation of statements on cash flowson the accounts.