Notification of accounts in a foreign bank

NOTIFICATION OF ACCOUNTS IN A FOREIGN BANK

For citizens of the Russian Federation, there is a rule that is enshrined in legal acts and obliges them to inform the tax authorities at the place of residence in the Russian Federation about which current accounts they opened in foreign banks.

It should be understood that not all banks and not in all countries are obliged to open information to the competent authorities of Russia about the facts of opening and using their accounts.

For example, Ukraine currently has not signed the convention on the automatic exchange of information among banks. Therefore, citizens of the Russian Federation who have accounts in Ukrainian banks, despite the obligation to report this to the tax, often violate this rule and do not report it.

For such a violation provides administrative liability.

Opening bank account in Russia