Russia’s Anti-Offshore Measures

If you’re an international wealth planner working with Russian resident clients, you need to review the structures used by your clients for personal and corporate use. If you are a fiduciary of a foreign trust or foundation with Russian resident settlors, beneficiaries or controlling persons or a director of a foreign company holding Russian assets controlled by Russian persons, you need to review your wealth planning and corporate structure to ensure that you are able to remain compliant with the Law.

The main purpose of the Law is to set the framework and instruments for the Russian government to clamp down at tax avoidance by Russian taxpayers using international structures. The changes will impact all international corporate groups and wealth planning structures that are controlled or established by Russian resident individuals or companies.