Bellerage

‘Currency resident’ status is going to be easier to lose

‘Currency resident’ status is going to be easier to lose

The amendments to be introduced into the currency regulations in 2018 will exempt Russian citizens living abroad from currency control. The only requirement is to spend abroad over 183 days per year.

At present in order to become a currency ‘non-resident’ a person has to spend at least a year overseas on a permanent basis.

Thanks to the upcoming amendments, Russian residents who live out of country for over 6 months in a row will be out of reach for the restrictions on foreign exchange transactions. They will no longer have to report their foreign accounts and cash flows to Russian tax authorities