How to open an account with foreign bank to an individual?

An account in a foreign bank today is gradually becoming an absolute necessity not only for legal entities, but also for individuals.

The road, hotels, education, medicine, shopping - these are just some of the expenses that sometimes any of us have to pay abroad.

There are many examples of this.

A foreign bank account allows you to avoid many of the problems and difficulties associated with traveling and living, both abroad and at home.

That is why the question becomes more and more vital: how to open an account in a foreign bank for an individual?

The nuances of this procedure depend on the citizenship of the individual, as well as on the policy of the selected bank regarding opening accounts for non-residents of the country where they are located. Not all banks are ready to open accounts and provide banking services foreign citizens. This is especially true for ordinary citizens, since legal entities often look more attractive to banks.

However, even if the bank is ready to open an account non-resident individual, then it is worth asking what the conditions and requirements for servicing a non-resident will be. Today, banks have become much more demanding of their customers, which means that in most cases it will be necessary to provide documents confirming the origin of funds.

Moreover, you may even need to visit a foreign bank in person to open an account. Now, this is not unusual.

We work with a number of reliable foreign banks that open accounts for our clients remotely. Come directly to foreign bank to open an account, in this case - not necessary.

The entire identification procedure can be carried out via video link or, in some cases, at the request of the bank, it will be possible to simply send by e-mail your photo, with a passport or ID-card, in good quality.

There are a number of foreign banks that, even in times of total pressure on the banking sector, continue to be loyal to their foreign clients, provide high level comfort and privacy.

Why is it worth opening an account in a foreign bank for an individual?

A foreign bank account allows you to get several important advantages at once:

• protect yourself from any financial shocks in your country of residence. For example, from currency control, devaluation national currency and other troubles of economies in transition;
• foreign bank account is good way diversification of funds. The more of your assets are in different jurisdictions, the more securely your wealth is stored;
• this makes it possible to access international banking products and services that are often simply not legally available in your country's financial system;
• V foreign bank it is possible to open a multi-currency account and save on transactions in foreign currency;
• it is also possible to obtain funding for personal purposes. For example, to get mortgage loans when buying overseas real estate at low rates;
• numerous and varied programs of discounts and bonuses. For example, for users Visa cards or MasterCard.

How to open an account in a foreign bank for an individual - a resident of Russia or the CIS?

Non-residents opening an account with a foreign bank must meet the following basic requirements:

• be ready to transfer the minimum deposit required by the bank to open a personal account. The amounts can vary from 1 USD to several million US dollars (USD). It all depends on the requirements of a foreign bank and its attitude towards the citizens of your country. In some cases, opening an account will not be possible for any amount of the minimum deposit;
• be ready to maintain a minimum balance of a bank account, in accordance with the conditions for the provision of services of this bank;
• be prepared to visit the bank, should the need arise.

For example, a personal visit will be required to open a personal account in countries such as:,.

To open a personal bank account, you may need not only a personal visit, but also a resident visa.

In turn, in many offshore jurisdictions, you can open a personal bank account without a personal visit, providing the entire package required documents remotely.

You can also open an account remotely in Europe - for example, some banks provide this opportunity, and.

How to open an account in a foreign bank for an individual from Russia?

Individuals who are citizens of Russia are not prohibited from opening foreign accounts and keeping deposits in foreign banks. However, there are certain limitations.

1. It is forbidden to have foreign accounts and deposits to persons holding certain positions in government organizations created on the basis of federal laws, as well as spouses and minor children of these persons. Full list persons who are prohibited from opening foreign accounts specified in Article 7.1. Federal Law No. 273-FZ of December 25, 2008.
2. Residents of the Russian Federation opening accounts in foreign banks must notify tax authorities within one month after receiving from a foreign bank a notice of opening an account with its details.
3. It is also necessary to report about closing the account or changing its details.
4. From January 1, 2015, individuals must also report to the tax service of the Russian Federation, at the place of their registration, on the movement of funds on accounts (deposits) opened in foreign banks.

This is done on an annual basis, until June 1 of the year following the reporting one, but only if the annual turnover on a foreign account exceeded 600 thousand rubles in ruble equivalent.

In addition, notifications and reports on the movement of funds must be submitted to the Federal Tax Service of Russia not only for bank accounts, but also for accounts opened by citizens in any financial institutions. managing funds at the expense and in favor of clients. For example, this must be done for accounts opened in foreign payment systems.

How to open an account in a foreign bank for an individual from Ukraine?

In order to open an account in a foreign bank, an individual - a resident of Ukraine previously needed a special license from National Bank Ukraine (NBU). It was not so easy to get it, and in many cases you had to prove that you really needed a foreign bank.

However, since February 2017, residents of Ukraine can manage funds received abroad without a license from the NBU: deposit them into a foreign account or invest. However, for similar actions with funds located in Ukraine, a license from the NBU will still be required.

How to open an account in a foreign bank for an individual from Belarus?

Residents of the Republic of Belarus are also not prohibited from opening foreign accounts, but for this it is necessary to obtain a special permit from the National Bank. In addition, residents of the Republic of Belarus also need to obtain permission from the National Bank for the following:

• acquisition real estate outside Belarus,
• placement of funds in foreign financial institutions,
• implementation of transactions involving fiduciary management of currency values.

To choose the right bank for you to open a foreign / offshore account, use our. Fill in and our specialists will help you choose a foreign bank, opening an account in which will meet all your goals and plans.

If you doubt that a particular foreign bank will open an account for you, you can use our pre-approval service for your person in this bank, which is called Pre-Approval. You can order this service, as well as find out why it is beneficial, from our separate article:

We have created a special Youtube channel in order to talk about the most difficult moments associated with opening and owning foreign accounts. You can subscribe to this channel link.

mere formality

Reporting is quite simple, says Zakharov: a form of two sheets, on the first - the applicant's data, on the second - information on accounts in a foreign bank. If there is more than one invoice, then the first sheet and several copies of the second sheets, equal to the number of invoices, must be submitted to the Federal Tax Service, he says.

After the tax office receives your report, they may have additional questions. The press service of the Federal Tax Service confirms this: in order to "implement currency control" it has the right to request additional documents.

In this case, the taxpayer has a week to provide necessary papers- for example, an extract on the movement of money according to bank account, says the lawyer of the legal service CorpLaw.Pro Yulia Mikhalchuk. “It is better to get these documents in advance at the bank,” advises Zakharov. According to him, most likely, statements on the movement of funds and letters on the opening and availability of accounts in such banks may be needed.

Mikhalchuk from CorpLaw.Pro also notes that it is not necessary to go to the country where the bank is located - you can get statements by e-mail. The lawyer, however, fears that the Federal Tax Service will be able to demand documents with seals. “So far, no one knows how to get around this rule, and perhaps clarifications from the Ministry of Finance or amendments to laws will be needed,” she says.

Immediately after submitting the report, you may have several problems.

tax problems

First of all, you have to pay taxes. Personal income tax at a rate of 13% is subject to any income from bank accounts abroad: this and coupon income, and rents from foreign real estate for rent, and the sale of securities through management company. Also, since the beginning of 2016, interest on deposits in a foreign bank has been taxed on income, recalls Zakharov from Paragon Advice Group.

The 2015 declaration campaign ended on April 30th. Mikhalchuk says that it was necessary to report on income received, including on foreign accounts, in the form 3-NDFL. Non-payment or incomplete payment of taxes under Article 122 of the Tax Code means a fine of 20 to 40% of their amount.

If the tax on income, for example, received from the rental of real estate, is paid in the same country where the foreign account is opened, and exceeds 13%, then nothing needs to be paid in Russia, notes Klenov from UFG Wealth Management.

But so that the Federal Tax Service does not have questions, it is better to give it tax return another country and payment documents if you manage your property yourself. If the trustee is engaged in this, then you need to get a certificate from him: it is he who in this case is tax agent Klenov says.

Avoid tax claims previous years, according to Zakharov, it is possible with the help of a capital amnesty - before July 1, 2016, to submit a special declaration. “It must indicate the balance of the account abroad and attach a notice of opening an account. This removes the possibility of being prosecuted for tax evasion,” he says.

Problems with currency legislation

Most Russian citizens are not only tax residents, but also currency residents. This concept appeared in 2012. According to the law on currency regulation, these are all citizens who have a Russian passport, except for those who have been living abroad for “at least a year” on a residence permit, work and study visas.

Maxim Kandyba, a partner at PwC, says that the phrase “at least a year” means: it is worth appearing in Russia for a day, and you are a currency resident. Zakharov, however, believes that the fact of registration at the place of residence or stay is important here. If we are talking about emigration, then the citizen is eventually discharged from his housing in Russia, and tracked in tax purposes his short visits to his homeland are difficult, he says. By Russian law on the right to freedom of movement, a citizen is obliged to register at the place of stay within 90 days.

Currency residents have large restrictions on the use of foreign accounts. They are allowed to transfer funds from other banks (including Russian ones), credit interest on deposits, deposit cash and receive profit from the conversion of funds.

All these norms are listed in the 12th article of the law on currency regulation. In addition, these accounts can be credited with salaries, travel allowances, social payments- pensions, scholarships, allowances. But it is impossible to receive grants for them, the Ministry of Finance clarified at the end of 2015. This is a violation of currency laws.

In countries that are members of the OECD and FATF, it is additionally possible to credit foreign currency loans and credits, income from rental housing, coupon income on securities, as well as income from trust management your funds (if they are managed by a non-resident of Russia). For example, Bulgaria, Montenegro and Cyprus, which are popular with Russians, are not included in either the FATF or the OECD.

All operations that are not included in this list are prohibited, otherwise you will face a fine, says Dmitry Klenov, partner at UFG Wealth Management. Partner of Paragon Advice Group Alexander Zakharov clarifies that the fine can range from 75 to 100% of the amount of the prohibited operation. The same is stated in Article 12.25 of the Code of Administrative Offenses.

In fact, everything looks like this: if your foreign account received a profit of $100 from the sale of securities (this operation is not allowed by currency legislation), the fine can be from $75 to $100. It can be avoided by taking advantage of the amnesty of capital, admits Klenov. It applies to everything illegal operations on foreign accounts as of the date of submission of the special declaration, says Zakharov. You can apply until July 1, 2016.

Hiding accounts

Reporting to the Federal Tax Service on foreign accounts means a huge number of problems - from obtaining extracts from foreign banks to the possibility of tax and currency claims. “Everything is done so that a person has no desire to use foreign accounts. I believe that most of the citizens will not report,” says one of the consultants on condition of anonymity.

What awaits them in this case? According to currency legislation, if you did not report the account at all and the Federal Tax Service eventually becomes aware of it, you will have to pay a fine of 4,000 to 5,000 rubles. Penalty for late informing - from 1 thousand to 1.5 thousand rubles. The penalty for not having time to provide documents on the movement of funds on the account is approximately the same: 10 days or less - from 300 to 500 rubles, more than a month - from 2.5 to 3 thousand rubles. Repeated violation will cost 20 thousand rubles.

Violation tax legislation costs more. If you didn't report at all tax service about their account abroad and at the same time received income on it for many years, this is already tax evasion, Klenov argues. In this case, the Federal Tax Service may demand additional taxes and issue a fine: from 100 thousand to 300 thousand rubles. depending on the outstanding amount.

International financial consultant FCP (Financial Management) Ltd. Isaac Becker is confident that eventually the bills will become known. “Even if you don’t say anything today, sooner or later the information will appear in the tax service, and later they will knock on you not only for a fine,” he says.

On May 12, Russia signed an international agreement on the automatic exchange of financial information, which includes more than 80 countries. “It will start in 2018, and the first reports will most likely go exactly according to the results of this year,” Zakharov believes. However, according to him, for this Russia will still have to conclude an agreement with each of the countries separately - only then the mechanism will start working.

Klenov says that while Russia can request information about currency accounts specific citizens and for earlier years - up to 2002. Therefore, Becker advises those who have accounts abroad not to delay and report them in time. tax office using the amnesty.

What awaits the rentier, student, expat and trader when using foreign accounts

Rent from renting overseas housing

It all depends on where the foreign account is opened, which receives income from rented housing. If you are in the OECD and FATF countries, then you act within the law, Maxim Kandyba says. If in other countries, the forecast is disappointing: you are violating currency laws. At the same time, income from renting out property is in any case subject to personal income tax at a rate of 13%.

Account report

Tax law:
— 13% tax if the account is opened in "allowed" countries of the OECD and FATF
from 20 to 40% from the sum

Currency legislation:
- fine from 75 to 100%
from 300 rub. up to 3 thousand rubles.; for repeated violation 20 thousand rubles

Hiding an account

Tax law:
- the requirement to pay taxes at the rate 13%
- fine from 100 thousand to 300 thousand rubles. for tax evasion

Currency legislation:
- fine 4-5 thousand rubles
- fine from 75 to 100% credited funds (if the account is not in "allowed" countries)

Withdrawing money abroad before emigration

This is the simplest case: you yourself transfer money from a Russian account to a foreign one. You simply cannot not report opening an account abroad: Russian bank will immediately require a notification with a mark from the tax service about opening an account in a foreign bank. Otherwise, the translation will simply not be released from Russia, says Alexander Zakharov.

Account report

Tax law:
- tax 13% from interest on account balance
- possible penalty for non-payment of tax from 20 to 40% from its amount

Currency legislation:
— a possible penalty for late reporting of the movement of funds on the account from 300 to 3 thousand rubles.; for repeated violation 20 thousand rubles.

Hiding an account
- Impossible

Foreign University Scholarship

If a person studies abroad, he is not a tax resident of Russia at all, Zakharov believes. However, if the training, as is usually the case, began in September, and the student spent more than half of the year in Russia, then he remains a tax resident. Wherein currency resident a student may find himself if the study lasts less than a year or he comes to Russia from time to time. The very fact of receiving a scholarship does not violate currency legislation in any way: this is a fully permitted operation. The only exception is grants: they cannot be credited to foreign accounts. In addition, the scholarship is not taxed at all in Russia (this is stated in Article 217 of the Tax Code).

Account report

Currency legislation:
— Possible penalty for late reporting of account movements from 300 to 3 thousand rubles.; for repeated violation 20 thousand rubles

Hiding an account

Currency legislation:
- fine 4-5 thousand rubles for lack of account statement

Emigration, salary in a foreign company

You do not violate Russian currency legislation, even if you remain a citizen of Russia. It is possible to receive a salary to an account abroad. Most likely, you are not a tax resident of Russia: you become one only by visiting the country for more than 183 days a year. This case assumes that you have deregistered in Russia and no longer live here, so there is no need to talk about currency residency. Short-term visits to Russia do not oblige you to anything: the requirement to register at the place of stay occurs only for trips lasting more than 90 days. In this case, there is no need to report on foreign accounts. However, if you decide to return to Russia for permanent residence, you will have to report, but from scratch.

Account report
- Not needed

Hiding an account
- no consequences

Securities trading

This is the most difficult case: the number of permitted operations with securities in the currency legislation is limited. In fact, only coupon and interest income on securities, as well as payments on bonds, can be received on a foreign account. But at the same time only in the OECD and FATF countries. Since the beginning of 2016, income from trust management (if the manager is not a resident of Russia) has also been allowed to be credited to accounts abroad, Maxim Kandyba explains.

All these incomes are subject to personal income tax at a rate of 13%. At the same time, the tax is also levied on exchange rate differences: if you bought a bond for $100 and sold it for $100, then it is likely that you still made a profit in rubles due to the growth of the dollar and will pay tax, recalls Filinov from PwC. According to Zakharov Advice Group, from January 1, 2018, the permission to transfer income from the sale of the securities themselves to foreign accounts will come into force. But so far this is a serious violation: a fine for it is 75-100% of the amount of income. At the same time, the redemption of bonds is not an operation to sell securities, and therefore is permitted by the currency legislation, Zakharov claims.

Account report

Tax law:
- tax 13% from income (if the account is opened in "allowed" countries)
- possible penalty for non-payment of tax from 20 to 40% from the sum

Currency legislation:
— a possible penalty for late reporting of the movement of funds on the account from 300 rub. up to 3 thousand rubles; for repeated violation 20 thousand rubles
- fine from 75 to 100%

Hiding an account

Tax law:

- the requirement to pay taxes at the rate 13%
- fine from 100 to 300 thousand rubles. for tax evasion

Currency legislation:
- fine 4-5 thousand rubles for not reporting
- fine from 75 to 100% credited funds (if the account was credited with "unauthorized assets" in "non-permitted" countries)

Many Russians are wary of the domestic banking system and seek to open an account abroad. However, before concluding an agreement, it is necessary to clearly understand which bank can be considered foreign.

Credit and financial institutions operating in Russia, which were opened by international banking groups, or banks with the participation of foreign capital cannot be attributed to such a category, since a license for the right to carry out activities is issued to them by central bank Russia, and their work is fully regulated Russian legislation. In addition, the reliability and stability of such financial institutions are not comparable with the performance of parent companies. Therefore, citizens of the Russian Federation who wish to open a deposit abroad must choose an organization with foreign jurisdiction. At the same time, Russians do not have to leave their country: some banking institutions allow documents to be sent by mail.

What to look out for

Citizens who plan to place money abroad on condition of anonymity may face difficulties. As part of the total fight against dirty money, foreign financial institutions have significantly tightened the requirements for customers, so it is quite difficult to ensure complete anonymity of the deposit.

For example, the legislation of the Republic of Cyprus prohibits the opening of numbered bank accounts. In addition, if in favor of the client was carried out remittance by a sender, information about which is missing or only its code is available, Cypriot bankers are entitled to transfer funds after receiving from the correspondent bank full information about the person who transferred the money.

What does the law say about it?

Can a citizen of Russia open a deposit account in a bank abroad? Yes, current legislature does not provide for a ban on the keeping by residents of the Russian Federation of funds in bank accounts abroad. Moreover, in last years the procedure for opening deposits was noticeably simplified. If earlier this operation required obtaining a special permit from the Central Bank of Russia, today most Russians can become a client of a financial institution operating under foreign jurisdiction (with the exception of the categories of citizens defined by federal law No. 79-FZ).

At the same time, the legislation clearly defines cases when a Russian citizen has the right to place cash abroad. This:

• opening a deposit for the purpose of accumulating personal funds;
• investment.

Placement of funds for the purpose of maintaining entrepreneurial activity is prohibited.

There are some restrictions in relation to the states with whose banking institutions cooperation is allowed. Countries where you can freely place funds are members of the international organizations Organization for Economic Co-operation and Development (OECD) and Financial Action Task Force on Money Laundering (FATF).

The opening of deposits by residents of the Russian Federation in banks of countries that are not members of these organizations is carried out in accordance with the procedure established by the Central Bank of Russia. Directive No. 1411-U dated March 30, 2004 contains a requirement to pre-register such accounts. However, the registration process itself is still missing. Therefore, if formally guided by the rule “everything that was not prohibited is allowed”, residents of the Russian Federation can place money in banking institutions that are under any jurisdiction. However, there is a risk that the court may interpret this situation a little differently.

Procedure for opening accounts in foreign banks

To decide where to open an account, it is not necessary to study at a business school. It is necessary to carefully study the features of the chosen jurisdiction, the offers of foreign financial institutions, get acquainted with their reputation, data on their stability, credit ratings and forecasts. Having chosen the appropriate option, you should proceed to opening a deposit. You can do this on your own or with the help of special agencies. The cost of agency services can range from several hundred to several thousand dollars.

There is no time frame for the operation - the procedure for registering a deposit can last from one week to several months.

Citizens who are independently engaged in registration must collect required package documents, fill out registration forms (in a foreign language) and personally visit the bank. After checking the submitted package of documents, the financial institution will notify the citizen about the possibility or impossibility of opening a deposit.

Persons who have used the services of intermediaries do not have to travel abroad and personally visit the bank. Depositors must provide the agency with a package of necessary documents and samples of their signatures, certified by the consulate of the country under whose jurisdiction the selected bank is located.

At the same time, cooperation with intermediaries does not mean at all that the depositor will not have to undergo an interview with representatives of a foreign financial institution. Many banks provide for communication with a potential client via video or telephone. Contributors may also be required to provide letters of recommendation from foreign business partners.

Required documents

The list of documents required to open a deposit from a resident of the Russian Federation may vary and depends on each particular bank. The average package of documents includes:

• passport of the depositor, as well as his family members (wife / spouse and children);
• a certificate of the amount of income received for the last 6-12 months;
• information about the composition of the family;
• a certificate stating that the depositor is not under investigation, issued by the police.

The most stringent requirements for potential clients are put forward by the financial institutions of the United Kingdom. UK bankers may be required to provide many additional documents, including paid receipts for public utilities, where the actual address of residence and the name of the depositor are indicated, as well as letters of recommendation on the reliability of the citizen, written by his employer or a Russian bank.

Who is considered a resident under currency law

Foreign currency residents of the Russian Federation are: persons who are Russian citizens, as well as stateless persons who have received a residence permit and citizens of other countries permanently residing in Russia.

Obligation to notify the opening of an account

Residents of the Russian Federation who have placed their funds in banks located in other countries are required to notify the tax authorities of the opening of accounts. Notification of the operation must be sent within a month from the moment the deposit was opened. There is also a requirement for mandatory notification within a month of the tax authorities of the closure of the account.

Citizens can send reporting documents:

• personally visiting the tax office;
• by mail with acknowledgment of receipt;
• online via Personal Area on the website of the Federal Tax Service (an electronic signature is required).

The requirement for mandatory notification of tax authorities was legally enshrined several years ago. However, to date, this norm does not fully work, since so far there have not been developed single order and notification form. Therefore, some depositors, at their own peril and risk, ignore the requirement and do not report information about foreign accounts to the Federal Tax Service.

Cash flow statement

Residents of the Russian Federation who have opened a deposit abroad are obliged to provide the tax authorities with a report on the movement of funds on the account. This report shows balances at the beginning and end calendar year, as well as amounts credited and debited from the account. Attaching any additional documents to the report is not required. However, in addition to the report, the tax authorities may require the depositor to provide bank statement, which details the funds received as a result of various operations. This document will allow you to determine how many thousand rubles were transferred to certain legal entities.

Administrative responsibility (responsibility for non-submission or late submission of documents)

Residents of the Russian Federation who did not notify the Federal Tax Service about opening an account with a foreign financial institution or submitted a notification with a violation of the deadlines, as well as citizens who did not provide or submitted a report on the movement of funds with a delay, may be held administratively liable. The amount of fines is:

• for failure to submit a notification - from 4 to 5 thousand rubles;
• for violation of the deadline for providing a notification - from 1 to 1.5 thousand rubles;
• for failure to submit a report - from 2 to 3 thousand rubles;
• for violation of the deadline for submitting a report - from 300 to 3 thousand rubles.

Who is prohibited from opening accounts abroad

In order to ensure the national security of Russia, Federal Law No. 79-FZ of July 27, 2004, prohibits certain categories of citizens from keeping funds in banking institutions that are outside the country. These categories include:

• persons who hold high public office;
• members of the Board of Directors of the Central Bank of Russia;
• top managers of state-owned companies;
• citizens appointed to the position by decree of the President, Government and Prosecutor General of the Russian Federation, and other categories.

The prohibition also includes minor children and spouses of the persons referred to in Article 7.1.

Persons who violate the ban are subject to dismissal from their positions or dismissal from work due to loss of confidence.

Where and how can I open an account

Residents of the Russian Federation, who are not subject to the ban, are given the right to open deposits in foreign banks located under any jurisdiction. The most popular banking jurisdictions among Russians are:

• Cyprus;
• Latvia;
• Switzerland;
• Hungary;
• Czech Republic;
• Montenegro;
• Hong Kong;

Foreign banks

Many financial institutions operating abroad set minimum limits on the amount of deposits placed by citizens of other states. Practice shows that serious banks rarely open deposits for foreign clients who place less than 50 thousand dollars on the account, and Swiss financial institutions specializing in private banking, are open for cooperation with persons who place at least 100 thousand dollars.

Bilderlings

An alternative to placing deposits in foreign banking institutions may be to open a European and British account with individual details (IBAN) at. An innovative fintech platform that offers different kinds banking services, carries out its activities on the basis of the license of the issuer electronic money issued by the British financial regulator FCA. Having a license gives you the right to open accounts, process payments, and use other financial instruments. At the same time, unlike traditional banking institutions, Bilderlings does not use customer funds to issue loans and finance its own activities.

The main advantage of Bilderlings is high quality service and high speed service. If opening an account for a resident of the Russian Federation foreign bank can take from a week to several months, then a similar operation in Bilderlings takes no more than one business day, and also does not involve the provision of a large package of documents.

Bilderlings account holders have the opportunity to accept and make unlimited payments from all over the world (more than 100 countries), as well as exchange euros, dollars and other currencies at the interbank rate (21 currencies in total).

How do the Russian authorities see it?

The simplification of the procedure for opening deposits by Russian residents in foreign banking institutions can be regarded as loyalty on the part of the authorities. However, the outflow of funds from the Russian financial system not welcomed by the government. Despite the statutory permission, currency operations may be considered by the Federal Tax Service as potentially risky, which is why this issue is constantly under the control of the tax authorities.

Is it profitable to have an account abroad

What preferences does Russians get from opening a deposit in a foreign bank? Statistics will help answer this question, too. In Switzerland, which is one of the most popular banking jurisdictions, with early XXI century, no more than 60 financial institutions have ceased their activities, while in Russia over 400 banks have gone bankrupt over the past 8 years alone. At the same time, the Swiss authorities and authorities European countries promptly respond to the emergence of problem situations in banking institutions and immediately use effective tools to keep banks afloat.

It should also be noted the confidentiality guarantee, the orientation of foreign bankers to long-term cooperation with clients, an individual approach to each depositor and the quality of asset management.

Opening a foreign account with Bilderlings: step by step instructions

To open an account with Bilderlings, a depositor needs to register on the site by providing an email address, phone number and access password. Next, the investor should fill out an online questionnaire, and then submit to in electronic format minimum package documents, which includes:

1. Passport copy.
2. A copy of the document confirming the place of residence.

Also, the contributor must send an electronic photo (selfie), in which he is depicted with his passport.

Opening an account is carried out after the depositor provides all the necessary documents and takes no more than one business day.

Where can I get legal advice

You can get comprehensive advice on opening an account after registering on the Bilderlings fintech platform. Each registered user has a personal manager who is ready to answer any financial questions.

You can also contact Bilderlings representatives by phone, email and in social networks. Customer service is not handled by a chatbot or a call center employee, but by a highly qualified financial specialist.

How to open an account in a foreign bank website website

By now, the global financial and credit system has become a perfect, high-tech, global mechanism, and it becomes easier every day to start using it, "merging" into the international community. This makes, among other things, to think about how to open an account in a foreign bank for a Russian citizen. Contrary to the stereotype, the issue is relevant not only for owners of impressive fortunes, but also for citizens whose incomes are not so large.
European, American, Asian structures do not formally prevent such a decision, as well as national legislation (including Russian). However, in practice, the procedure can become a serious "headache" for an unprepared person. It's connected with:

• serious requirements that structures put forward to non-residents - before opening an account with a foreign bank, you will have to collect a voluminous package of documentation and prepare;
• the inconvenience and complexities that accompany the transfer of funds from one institution to another if they are located in different jurisdictions;
• strict conditions that the owner must comply with in order to keep the account in “operational condition;
• the need to comply with the requirements of domestic control bodies and so on.

However, not trusting the domestic credit system With its ups and downs, citizens of the Russian Federation are actively interested in how to open an account in a foreign bank for an individual, and already at this stage they face difficulties. Let's start with the fact that representative offices operating within the country's borders foreign structures and they themselves are not the same. If a bank is opened in Russia, then its activities are regulated by the Central Bank of the Russian Federation, issuing a license and monitoring compliance with the requirements of domestic legislation. Therefore, regardless of the source of capital, the subsidiary is not exempt from the "country" risk, and in order to avoid it, you need to apply to an office in the territory of another state.
Is it possible for a Russian citizen to open an account in a foreign bank under such circumstances, and how does the national legislation “look” at it?

Legislative aspects of the procedure

The legal norms of the Russian Federation do not prevent citizens of the country if they want to receive an account outside its borders and comply with all the requirements of the law. An exception may be separate categories persons - holding high state and administrative positions, members of the Board of Directors of the Central Bank, some other federal structures, plus their families. A complete list is specified in the legislative norm No. 79-FZ of 05/07/2013.
Can a Russian citizen open an account in a foreign bank if he permanently resides in the jurisdiction? Of course, there are no restrictions for using all services. For all individuals, regardless of where they actually are, the procedure is simpler than for legal entities. However, in this case, business transactions cannot be carried out, so many decide to "link" accounts to companies, sometimes establishing them specifically for this.
At the national level, the procedure and features of working with foreign banks are regulated, first of all, by the legislation on currency regulation and Instruction of the Central Bank No. 100 of 08.29.2001. If ten or fifteen years ago the rules were extremely strict (for example, it was necessary to obtain permission from the Central Bank), today the procedure is simplified - the currency can be any convertible, it is permissible to open several accounts, managing them without restrictions. But you need to fulfill only a few key requirements:

• open accounts only in structures located in FATF and OECD member countries, since Russia is included in international activities to prevent the "laundering" of criminal capital;
• withdraw an amount equivalent to no more than 75,000 per year american dollars- according to the Instruction, it is mainly intended for the exercise of the right to purchase securities and private transactions;
• annually submit reports to the tax authorities that record the movement of money (balances at the beginning and end of the year, total amounts credited and debited), independently generate a declaration, calculate and transfer personal income tax.

The list of permitted transactions is also very limited - going beyond its "framework", non-compliance with at least one of the requirements will entail financial sanctions in the amount of 75-100% of the amount of illegal transactions. Also, the tax service must be informed about the fact of issuing an account, and no later than 30 days after the completion of the procedure, otherwise a fine will be imposed on the person, which can reach up to 5,000 rubles. Before opening an account with a foreign bank, you need to check whether the state has tax agreements with Russia - if they exist, funds can be transferred to the budget of the relevant jurisdiction.

The procedure for issuing foreign national accounts

Foreign credit structures also put forward their own requirements for applicants for partnership with them. How can a citizen of Russia open an account in a foreign bank if he does not have significant “justifications” - a residence permit, business, real estate in the country? This is quite possible: not all institutions cooperate only with naturalized persons (although this is done, for example, by Swedbank and most structures in the United Kingdom or Singapore).
In general, the following accounts are opened for private clients:

• classic settlement and savings-deposit (for accumulating interest);
• nominal - so that they can be managed from different banks;
• depository, servicing securities and financial assets;
• numbered - for example, in Switzerland they are used to conduct confidential transactions.

In most cases, the applicant will have to personally arrive at the office (this is required by all structures in America) or meet with his representative on the territory of the Russian Federation. In many institutions, especially those working with serious clients, there is a manager's visit service, and individual banks conduct phone or internet interviews.
How to open an account abroad for citizens of Russia, so as not to travel abroad? Use intermediary representation - with the help of a certified own signature (at consulates, partner banks), entrust the work to a professional expert. You can also choose a structure where there is a remote opening service - cards and documents are delivered by courier after they are issued. This is how many Baltic banks operate, and they, along with Chinese ones, are one of the few who register accounts with small amounts. Usually the threshold for cooperation for non-residents is 50-100 thousand dollars, and well-known corporations (UBS, Barclays, Credit Suisse), as a rule, place funds from one million.
At the other "pole" of the comfort of relationships are British institutions, which can request a huge number of documents, up to utility bills and recommendations on trustworthiness. Swiss structures are often asked to provide at least two letters of recommendation - each bank has its own requirements. The decision whether to grant the petition or not is made by the officer, and refusals are not uncommon. It is necessary to prove the legality of owning funds - provide income statements for six months or a year, Russian banking history and so on. Also, before opening an account in a foreign bank, an individual will definitely need to present:

• passports and their notarized copies - for applicants and their spouses;
• evidence of place of residence - internal passports, receipts of utility bills;
• certificates from the place of work, about the composition of the family, no criminal record, and so on.

A potential client writes an application, attaches certified and translated documentation to it, after which it is accepted, providing papers for the tax office. Further, the application is considered, and the process can drag on for several days, weeks or even months. If everything is done correctly, the client receives the details and can start using the account.

Features of working with foreign accounts

We have already found out how to open an account abroad for Russian citizens, but there are nuances in its use. You need to remember about the deposit insurance system and the minimum balance requirements:

• for offshore structures, they are not burdensome ($100-200) or not available at all,
• in serious European ones they can reach up to 300-500 thousand euros.

Some institutions do not welcome cash replenishment funds, and for non-cash transfers, you will have to take documentation and confirmation of tax registration (to present to the local bank where the accounts are issued). Manage traffic financial flows possible through.

Most often, businessmen open accounts in foreign banks. But not only they - among those who decided to withdraw their honestly earned money abroad, there are enough individuals. For example, almost 15% of the depositors of "bourgeois" banks are ordinary citizens who have issued a mortgage abroad. There are also enough students who went to study at European universities. It is more convenient for them to be served in local credit organizations than to do business with domestic ones.

Why is an account abroad a good thing?

Foreign banks are more reliable. This is an axiom that entrepreneurs do not dare to challenge even now. They seem even more reliable and safe after the winter crisis, when the Russian banking sector suffered serious losses. Will this happen again? Of course, a similar collapse could happen in Europe, but the likelihood is low.

The high level of privacy is another big plus. Do not want greedy tax officials and other official and unofficial robbers to be aware of your financial affairs? Hide these cases abroad. The advice is relevant for both entrepreneurs and individuals.

Well, perhaps the main advantage lies in prestige. A foreign bank account is an indicator of "successful success". And just getting a notification in English about the receipt of funds is very nice.

Which bank to choose?

When choosing, pay attention to several factors:

• the reliability rating must be at least "A";
• adequate (not too biased) requirements for the depositor - abroad they very meticulously check the origin of money;
• service cost - if you are not a dollar millionaire, 1000 euros per year for service (plus commission, notification by mail and other options) in Swiss banks is unlikely to be affordable for you;
• convenience of replenishment - it is desirable that the bank supports as many methods as possible for crediting money to the account from individuals and legal entities;
• availability of additional functions and capabilities (for example, investing in pension funds or in the securities of reliable and successful companies).

It is difficult to advise a specific bank - it all depends on what you want to get. Swiss banks are traditionally considered elite. Austrian, German and Danish - the most "stable" and reliable. In the banks of the Baltic states, they communicate with clients, incl. in Russian, and the cost of service is low. The most difficult thing is to open an account with a British credit institution - you will be required to provide a whole volume of documents and they will double-check everything carefully and for a long time (and then they will still refuse).

Do I need to travel to another country?

Theoretically, there are representative offices of foreign banks in Russia. In practice, their relationship with the "maternal" credit organizations minimal or even nominal. But it is still worth contacting such branches with a request to open an account abroad. There is a chance that they will help you at least with a consultation (especially if you plan to invest from 10,000 dollars or euros at once).

This applies primarily to Western European banks. If you are going to apply to any of the Baltic, no problem - just come to their Moscow office. And you can also use the services of intermediary firms, which will take most of the care for themselves. They can arrange for you a personal meeting with representatives of the bank (in the same Moscow).

But if you have chosen a serious European organization and decided to take care of everything personally, you will probably need to go to the West. Persons sending an application with documents by mail are not welcomed by foreign bankers.

Maybe through intermediaries?

There are a lot of companies on the market with the help of which you can open a “foreign account”. They have established contacts with banks, and they also organize negotiations with foreign managers, help with the preparation and translation of documents, and take care of all routine processes. This is convenient - you can just pay and wait for a notification about signing an agreement with the bank. There is only one problem - there are a lot of scammers among such "intermediary" legal entities. Fraudsters can also open an account for you, but then the truth will be revealed, and Europeans react extremely nervously to such schemes.

You need to be especially careful when choosing an intermediary firm if you are a businessman who is planning to withdraw funds offshore. As a rule, unscrupulous firms attract customers with a low price. But the payoff is harsh - in case of failure, you will lose all the funds spent on opening an account. Reputable firms will never work abroad with a "third party" offshore.

More about offshore

In any case, you will need a company registered abroad. Many of the offshore companies, by the way, are created only for carrying out operations on the account and owning foreign assets. The easiest option is to buy ready-made entity. You turn to a specialized intermediary company, and in a day you receive a notification about the transfer of the company to your property. Or you can register your LLC offshore. This one will be a great solution if you are really going to do business abroad.

Option for individuals

What if you are an ordinary citizen, have nothing to do with business, but decide to open an account in a foreign bank on your own? To get started, contact the selected bank (the easiest way to do this is by e-mail) and check what documents they require. The list of required papers looks something like this:

• Russian and foreign passports;
• income statement;
• information about the composition of the family, the activities of household members and other relatives (Europeans do not like officials and politicians);
• certificate of no criminal record;
• a letter of recommendation from a client of this bank (and preferably from several).

All these papers must be translated into English language and notarize. They must be submitted either to a representative of a foreign bank in Russia (if it is possible to agree on this), or directly to an office abroad. Account opening time individual depend on the laws of the country and the internal rules of the bank. In the worst case, you will have to wait about a month, at best - just a couple of days. When the account is opened, be sure to send a notification to your native IFTS (30 days are allotted for this).

That's all, from now on, an account abroad can be used at your own discretion (but only for personal purposes). The Central Bank will no longer be able to dictate its terms to you, and this, you see, is great!