Legal methods of transferring funds to foreign accounts
According to existing laws, citizens have the right to open accounts with foreign financial organizations; for this, special permissions are not required. However, there are some exceptions - for example, foreign accounts cannot be opened by some public servants.
In addition, opening an account abroad provides fulfillment of a number of additional obligations. Within 30 days after receiving the document on opening an account from a foreign organization, you should report this to the tax service at the place of registration.
It is required to submit reports on the movement of money. It is necessary to include the income received in a foreign account in the tax return, correctly calculate and pay fees. In case of change of details or account closure, it is necessary to inform about the changes.
Grounds for transferring funds to a foreign account
In total, translations can be divided into three types, depending on who exactly performs the translation. A person (holder of an account abroad) makes a transfer from his accounts in Russian and foreign financial organizations:
• Deposits money to a foreign account;
• Sends the smallest contribution, which is mandatory according to the terms of the bank;
• Receives interest on the balance of money;
• Receives funds as a result of conversion.
Non-residents of the Russian Federation can receive remuneration under the contract, scholarships or other social transfers, refunds on the erroneous transfer of money, insurance payments, long-term credit loans, money from the sale of real estate, automobiles, rental income, etc.
Transactions in foreign currency between residents of Russia may be prohibited, with the exception of certain situations. Spouses and close relatives can transfer money to each other almost without restrictions, otherwise the amount in currency is limited by the day.
The consequences of breaking the law
When using illegal options for crediting money to foreign accounts of currency residents of Russia, liability follows. Money transfer options are considered final.
You cannot credit money to an account with a foreign banking organization that was received from foreigners in the form of payment for the provision of services. A contract should be drawn up so as not to receive a fine. The rule that opening accounts is required with notification of the tax service comes into force.
For more information on the nuances of opening accounts abroad, contact our IT-OFFSHORE specialists for more information.