How to open a foreign bank account in 2022. Instruction

Despite the sanctions, Russians can still open accounts in foreign banks, although this is not easy. We tell Account abroad: what are the risks

In early March, Visa and Mastercard announced they were suspending operations in RUSSIA. As a result, cards issued in the country stopped working abroad. However, some Russians also have foreign accounts. According to the Federal Tax Service (FTS), at the beginning of 2021, 400,000 legal entities and individuals had 700,000 financial accounts opened abroad.

Despite the sanctions, Russians can still open an account with a foreign bank, but there are a number of restrictions, difficulties and risks. For example, Le Figaro wrote that the accounts of thousands of Russians were blocked in France, in connection with which several hundred people decided to file a lawsuit. The banks told the newspaper that delays and blockages are a consequence of tighter control due to sanctions against Russia, credit institutions should check customer data more carefully. Some Russians also complained about the refusal to open a bank account.

At the end of March, the Russian embassy in Greece also wrote that there were reports from the Russians about the suspension of servicing their accounts in Greek banks without warning or written notification.

But if you still decide to open an account abroad, we tell you where it can be done and what is needed for this.

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How can I open an account abroad?

According to financial consultant Natalya Smirnova, in most cases, to open a bank account abroad, you need a personal presence . She said that you can open an account remotely by proxy , but here you need to understand the risks: “Are you sure that everything will be opened to you correctly, that they will tell you exactly how the online bank works, that you will be issued the correct working SIM card, that everything it will not turn off in a month, and you will have to go personally and restore everything.”

It is possible to conclude an agreement with a law firm, which, for a fee, will take on the functions of an intermediary, added Anastasia Tarasova, an independent financial adviser.

It should be borne in mind that if a bank opens an account for the Russians today, this does not mean that it will open it tomorrow, Smirnova noted. “So it is necessary to check with each specific bank before arrival whether they will open it or not,” she warned.

The People's Bank of Serbia (NBR) is the country's central bank (Photo: Shutterstock)

Europe Restrictions

The European Union has banned European banks from accepting deposits of more than €100,000 from Russians and Russian companies. If there are several deposits in one bank, then their total amount cannot exceed this limit either. Such a ban applies to citizens and residents of Russia, but does not apply to those who are also EU citizens, the European Commission explained.

What do you need to open an account

According to Smirnova, Russians can open an account in a bank in an EU country or in Switzerland if they have:

temporary residence permit (permit), permanent residence permit (permanent residence) or EU citizenship;

documentary evidence of EU tax resident status, i.e. tax number and confirmation from the relevant authorities;

documentary evidence of actual residence in the country - the fact of registration with a specific address of residence in the EU, a local phone number with a local SIM card is also often required.

In addition, it is necessary not to be on the sanctions list, to prove the purity of the origin of the capital, the lack of connection with the sanctions companies, and so on, the consultant noted. “It is difficult, but possible. If it is planned to replenish the account from Russia, there may be additional difficulties,” she said.

According to her, few European banks are ready to accept anything from Russia at all. In addition, according to the clarifications of the Central Bank, a person can transfer no more than $10,000 per month or the equivalent in another currency to his foreign account.

European banks

“If everything is done, then I know that Julius Baer  (Switzerland) should, for example, open an account,” Smirnova said.

According to her, accounts in Serbia are opened by the local Raiffeisenbank, but for this you need to fly to the country. The support service of the Serbian Raiffeisenbank confirmed to the editor of RBC Investments that in order to open an account, a Russian must come to a bank branch with a passport and a document confirming the place of residence - a certificate of registration at the place of residence. There are then a few more forms to fill out at the branch, and additional documents may be required.

In addition, there is an option to open an account online with a Swiss CIM banque . According to the information on the bank's website, to open an account, you need to fill out an online form, confirm your identity and sign an agreement to open an account electronically. For this you need:

the passport;

certificate of residence (certificate of residence), which is not more than a year old;

phone number, through which documents will be signed.

The site also states that the minimum deposit is 5,000 Swiss francs, euros, or dollars.

Photo: Shutterstock

CIS countries

According to Smirnova, Kazakhstan, Uzbekistan, Georgia and Azerbaijan are the most popular . “Armenia has become less popular due to some tightening, but you can still open accounts,” she said.

Tarasova added that accounts are also being opened in Georgia “with varying degrees of success.” According to her, in Georgia, Armenia, Kazakhstan and Uzbekistan, there is increased attention to the Russians, they are checked especially strictly. Lending institutions in these countries conduct the “know your customer” (KYC) procedure very carefully, so the timeframe for approving applications for opening an account may be delayed.

“Sometimes it happens that non-residents are denied opening an account without explanation. But I must say that such a situation does not yet occur too often, ”she said.

Smirnova noted that it is possible to select credit organizations through an Internet search of the top 10 banks in a particular country. Then they need to send an email, chat or call with a request to open an account for a Russian. According to her, in most of the CIS countries, to open an account, you need:

international passport

TIN

lease contract

Armenia

According to Tarasova, almost all banks in this country work with Russians, with the exception of HSBC Armenia and AEB. The following documents may be required to open an account:

identity card and its notarized copy with translation into Armenian;

a certificate from the police, which confirms the absence of a social card;

certificate 2-NDFL;

residence permit in Armenia;

a residential lease agreement for a period of at least three months;

hotel reservation contract for at least one month;

an employment contract concluded in Armenia;

certificate of ownership in the country.

It is better to check the exact list of documents in a particular bank, as requirements may vary.

“They may also be asked to deposit the equivalent of $10,000 or more into the account, or documents additionally confirming the place of residence — utility bills, bank statements, and so on,” Tarasova noted.

According to her, it will take about three days to open an account in ArdshinBank , which is popular among Russians because of its loyalty, and more than a week in IDBank  . She added that, despite the fact that IDBank can submit an application and documents online, you still have to visit one of the bank branches. The only way to open an account remotely is through a law firm.

Armenian dramas (Photo: Shutterstock)

Kazakhstan

Tarasova pointed out that almost all major banks in Kazakhstan open accounts for Russians:

NATIONAL BANK

Kaspi Bank

"Otbassy Bank"

Altyn Bank

Jusan Bank

Bank of CHINA in Kazakhstan

Bank Center Credit"

To open an account, you need a Kazakh individual identification number (IIN) - an analogue of the Russian TIN. “To receive it, you will have to register with the tax service of the country, and this, in turn, can be done only after receiving temporary registration with the migration police,” Tarasova warned.

Some banks may require the following information:

international passport;

any document confirming the right of a non-resident to stay in the country;

Kazakhstan SIM card.

To open an account without a personal presence, you can issue a notarized power of attorney for a local representative, it can be any competent person, she said. Financial consultant Vladimir Vereshchak noted that it is important to know a trusted person, since now many have begun to offer such services, and it is possible that there may be scammers among them. He also advised to revoke the issued power of attorney after opening the account.

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You need to notify the Federal Tax Service about opening an account

Within one month from the date of opening a bank account, you must notify the tax office at the place of your registration. The notification form can be viewed on the website of the Federal Tax Service of Russia. You can submit documents:

through the tax office;

by mail with acknowledgment of receipt;

online using an electronic signature.

This rule applies not only to individuals, but also to legal entities and individual entrepreneurs. However, if you are an individual and a resident of Russia, but stayed abroad for more than 183 days during the year, then you do not need to notify the tax office of opening an account.

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