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How to open an account for Russian citizens remotely in 2020?

Opening an account with a foreign bank for a Russian citizen is a convenient way to save assets both for personal purposes and for the company to carry out its international activities. IQD Consulting lawyers will help you to open an account for a Russian resident in a properly selected jurisdiction.

An account opening for Russian citizens remotely helps to simplify settlements with partners, increase the reputation of a legal entity, as well as provide a higher level of security for their assets.

The Russian Federation is not included in the «black lists», which allows foreign financial institutions to consider documents of residents of the Russian Federation. Since Russia is not a member of the EU, an additional check by a foreign bank is possible regarding the confirmation of certain documents (for example, a bank may request a confirmation of the origin of capital, as well as seek recommendations from partners from abroad).

To obtain a positive decision, you will need to comply with the requirements of the bank on opening an account. For example, if you want to open a personal account in England, you need to live in the state or have another connection: a work, training or real estate.

A favorable solution to open an account with a foreign bank for a resident of the Russian Federation is the Baltic countries. Since opening an account is possible with a small investment. At the moment, the Baltic payment systems offer advantageous for opening an account remotely. With the help of IQD Consulting lawyers you can open an account in a payment system for a resident of the Russia remotely, for example in the Vialet.

What documents will be needed in order to open a corporate account for a resident of Russia?

Given global legislative introductions to avoid money laundering, as well as increasing transparency and information exchange between countries, more and more foreign banks prefer working with companies, that submit financial statements. In some cases, an audit requirement is mandatory.

Foreign financial institutions require a confirmation of the actual location of a company in the country of residence. In other words – Substance. For confirmation, a bank provides such documents, as a lease or other confirmation of the physical presence of an office at the company. The registration documents of the company, an extract from the Register and a detailed description of the activities of a legal entity are mandatory.

A standard list of documents for opening a personal account for a citizen of the Russia with a foreign bank: a copy of the international passport, Utility bill, a tax return, a confirmation of a source of your income.

Less expensive in terms of budget and the number of required documents is the option to open an account in the European payment system, for example, in the Bilderlings.

For what purpose is it possible to open an account for a Russian citizen with a foreign bank?
  • A current account is available for running costs.
What you need to know before opening an account with a foreign bank for a Russian citizen?
  • Within 1 month from a date of opening the account, you will need to notify the tax office at a place of residence.
  • It is necessary to submit information on operations on this account once a year.
  • An important point is the legality of the operations, carried out on the account, otherwise fines from the regulatory authorities of the Russian Federation are possible.
  • It is also required to submit information about closing an account and changing details.

To facilitate the process, we recommend ordering personal advice on opening an account from a specialized IQD Consulting specialist, and choosing a most suitable jurisdiction for opening an account in accordance with your requirements and business needs. You will receive full legal support during opening an account, as well as legal assistance in collecting and submitting a package of necessary documents to the bank. You can use the services of IQD Consulting and receive comprehensive legal support in opening a foreign bank account from our specialists by calling us at the contact numbers, indicated on the website.

Recently, popular solutions are: to open an account in the USA remotely or open a corporate account in Singapore remotely.

It is important to consider, that most foreign, especially European, banks offer good conditions and guarantees. The successful process of opening an account and further relations with the client depends on the domestic policy of the country. It is also possible to open an account in offshore jurisdictions, for example, to open an account in Saint Kitts remotely or in Mauritius.

It is worth considering, that opening an account for a non-resident online is not available in all jurisdictions. For example, you can open an account in the Czech Republic or open an account in the UK only through a personal interview with the selected bank. The probability of opening an account with a European bank remotely is a rather low now.

A decision to open an account for a Russian resident with a foreign bank is in any case made by a financial institution. A guaranteed opening of an account with a foreign financial institution is possible, when many factors are taken into account, including the main purpose of opening an account, as well as the business features. IQD Consulting lawyers are ready to provide high-quality legal support in opening a foreign bank account for a Russian resident remotely.

  • The information outlined in the article is actual at the time of its publication.
  • Please refer to our specialists for checking possible solutions for your business.
  • Still have any questions?

    Fill out the form or contact us as you find convenient. Our experts will help you resolve the issue.

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