Alexander Golikov, a partner with the firm, comments on the situation regarding reporting foreign bank accounts in an interview with Vedomosti

Alexander’s comments are published in an article entitled “No more quarterly reports on foreign bank accounts for Russians.” The Federal Tax Service now needs data on your cash movements and deposits abroad once a year.

By law, only residents permanently living in Russia must provide information on the existence and balance of accounts in foreign banks. “If an individual is a resident, but has been living abroad for more than a year, there is no need to report. However, the issue of continuous stay abroad is arguable; it is not clear whether a Russian national loses his or her non-resident status if he or she comes home for a few days. This issue needs further clarification,” says Golikov.

Click here for the full article.