Changes to the Currency Control legislation in Russia

Overview of changes

New Statement of changes was passed to the Parliament on the 17th of October 2017. These changes have come into force from 1st of January 2018:

• All Russian nationals will now be considered currency control residents by default;
• All Russian nationals that spend more than 183 days per calendar year outside Russia are considered non-residents for currency control purposes;
• Russian non-residents for currency control purposes can now come to Russia unlimited number of times;
• Russian nationals that are considered non-residents for currency control purposes, i.e. they spend more than 183 days per calendar year outside Russia, are freed from any reporting obligations before Russian tax authorities for their accounts in foreign banks and corresponding transaction;
• Russian nationals can now send money home from abroad without a need to report it;
• Russian non-residents for currency control purposes, that own cars, yachts and airplanes abroad, can now sell them and receive the proceeds to their foreign bank accounts.