Pros and cons of deposits abroad
Posted on Oct 11, 2000 08:15:27 AM
On minded 90’s in the minds of many of us become stronger, that the bank account abroad may only have players of high politics and big business – the rest of the financial and legislative reasons, can not do it. In fact, it is a myth – to open a bank account can be any adult person in any country. What you should know the potential investor?
Confidentiality of bank accounts abroad
The main advantage of foreign banks to the Russian – their reliability. The probability that the bank will go bankrupt, and its founders will disappear along with your money, of course, is nonzero, but several orders of magnitude smaller than in Russia. In addition, in Europe above guarantees of bank secrecy. “Any average West Bank is more reliable than even the best Russian banks,” – said the consultant company “Roche & Duffay”, dealing with international tax planning for large and medium-sized businesses, Sergei Budylin.
Foreign bank account is useful if you have to big spending abroad, such as tuition or the purchase of securities of foreign companies. In some jurisdictions, by a domestic bank is required to purchase the property. However, unlike the latter, the bill does not give preferences to obtain a residence permit or citizenship (perhaps with the exception of individual cases, when the size of the contributions of millions of dollars or euros).
And for small purchases abroad with a foreign bank is no longer necessary – it is quite possible that the resulting ease of operation does not pay for the cost of opening an account.
Until recently, the Russians could become depositors of foreign banks (not their Russian subsidiaries “) only by special permission of the Central Bank (this rule to apply to those who are temporarily residing abroad). Ability to open an account, regardless of place of residence was received in late December 2003, when the central bank began operating instruction № 100-I “On the accounts of physical persons – residents in banks outside the Russian Federation.” According to her residents have the right to open accounts in foreign banks or branches located in the states – members of the Organization for Economic Cooperation and Development (OECD) and / or Ad Hoc Finance Committee on Money Laundering (FATF). The choice of countries – participants of the OECD and the FATF, in the opinion of Sergei Budylin, not accidental. “OECD is known as a fighter with offshore zones – he says. – A leading FATF “black list” of countries that includes the state, not actively fighting money laundering (by the way, the end of 2002, Russia also was listed in that list – ed.). ”
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