Maxima Legal experts have discussed with Delovoy Peterburg the nuances of opening personal and corporate accounts abroad

Natalia Demina - Partner Sergei Bakeshin - Counsel

According to Delovoy Peterburg newspaper, about 85% of Russians who had accounts abroad until March 2022 kept money mainly in banks in Austria, Luxembourg, Monaco, Switzerland and several other European countries. However, against the backdrop of sanctions, Russian citizens began to massively open personal or corporate bank accounts in “friendly” countries, primarily Armenia, Georgia, Turkey and the UAE.

At the same time, Natalia Demina, Partner and Head of Private Wealth practice at Maxima Legal, explained that there are almost no ‘loopholes’ left for remote opening of accounts abroad. “We are working with our partner banks to make sure that clients are identified by zoom”, said Natalia. The expert also noted that, for example, a number of banks in Dubai, “still open accounts for Russian citizens who are not residents of the UAE, but the courtesy of the bank depends directly on the amount of funds that the client is willing to give to the bank, including giving it in trust “.

Sergei Bakeshin, Senior Associate at Maxima Legal, drew attention of  Delovoy Peterburg newspaper to the specifics of opening business accounts in foreign jurisdictions. In his opinion it is reasonable for organizations which carry out foreign economic activities, i.e. import or export goods, works or services. “This can happen not only within the framework of foreign trade activities proper, but also in other sectors of business. For example, in tourism activities or in the field of information technology (purchase of software, provider services, including hosting, etc.). When deciding which jurisdiction to open an account in, one should be guided not only by banking terms and conditions but also by which jurisdiction payments will be predominantly made in. For example, it would be more convenient for a travel agency operating in Turkey to have an account there”, said Sergei.

To read the full article (in Russian) please visit Delovoy Peterburg newspaper`s website >>>