New currency resident

A new law has been published which provides for changes to currency residency; the objective of the changes is to simplify currency control for some categories of Russian citizens.  According to the changes made on 28 December 2017 to the law titled ‘About currency regulation and control’, Russian citizens will no longer be required to notify tax authorities about accounts, opened in banks outside Russia for some limited transactions, or provide reports to the tax authorities about the transfer of funds to and from these accounts for individuals who spend more than 183 days in a calendar year outside the Russian Federation.

The provisions of the law enter into force on 1 January 2018.  The amendments apply to Russian citizens who have been outside the Russian Federation for more than 183 days in 2017.

See: Federation law dated 28 December 2017 N 427-FZ ‘On changes to the Federal law ‘On the currency regulation and control’