Rosija dozvolyla zakordonni rahunky.
01/18/2002 | Serhiy Hrysch
...a Ukrajinci sche vahajutsia, "jak zhe takmozhna?"
KOMENTAR BAKER&MCKENSEY:
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Opening of Bank Accounts Abroad
Before Instruction No. 100-I took effect, a CBR permit had been
required for the opening of accounts with non-resident banks. The sole
exception concerned individuals travelling abroad, who were allowed to open
accounts with foreign banks, but even then only for the period of their
stay abroad.
From now on, Russian individuals have the right to open accounts with
foreign banks without obtaining permission from the CBR. The conclusive
list of foreign states, where such accounts can be opened, is set out
in an attachment to Instruction No. 100-I. In addition, this document
makes the following requirements in connection with the aforesaid
accounts: (i) accounts may be opened only for individuals; (ii) accounts may
not be used for entrepreneurial activities; and (iii) account holders
must give notice to the Russian tax authorities about the opening/closing
of each such account.
Regulation No. 152-P has clarified to some extent the question of the
purchase of foreign securities by resident individuals. Now residents
are expressly permitted to effect transactions both for the purchase of
securities and for their payment. However, it is necessary to comply
with the special procedures set out in these Regulations. In spite of
the fact that Regulations No. 152-P does not expressly limit the sum,
which may be transferred to a foreign bank account, the purchase of
foreign securities may only be made up to the value of USD75,000, which has
been specially transferred to the account for that purpose. Otherwise,
the assignment of title to securities offered by foreign issuers would
be deemed void under Russian currency law.
Questions regarding the above matters can be addressed to either Max
Gutbrod or Alexander Chmelev, partners, or Grigory Marinichev, associate,
in the Moscow Office at +7 (095) 230-6036, or James Hitch, partner, or
Igor Gorchakov, associate, in the St. Petersburg Office at +7 (812)
325-8308.
The LEGAL ALERT is issued to inform Baker & McKenzie clients and other
interested parties of time-sensitive legal developments that may affect
or otherwise be of special interest to them. The comments above do not
constitute legal advice or opinion, and should not be regarded as a
substitute for detailed advice in individual cases.
© Baker & McKenzie 2001
2. OPENING A BANK ACCOUNT IN THE U.S./DEBIT CARDS
Comments by Marilyn Bassford, State of Maryland Department of
Agriculture, and by Judith Robinson, BISNIS, U.S. Department of Commerce
On Bank Accounts: The following is a suggested way for a Russian to
open an American bank account. As you can see it is not extremely hard but
it does take a little advance preparation:
a. Before leaving Russia have a statement letter prepared by your
Russian bank. It is important that the letter be addressed to the American
bank where you plan to open an account. The letter, on bank letterhead,
only needs to state that the person has an account in good standing.
(No Russian bank account numbers are needed, nor is information needed as
to the amount of money in the account.)
b. In our experience, the U.S. bank where the Russian opened the
account only consented to open the account (possibly because the legal right
of a Russian individual to open such an account is so new) because a
U.S. government official (State/Federal) had accompanied the Russian to
the bank and was able to vouch for the Russian's purpose in opening the
account. Note for accompanying official: bring a letter on Government
Letterhead stating the reason for the account to be opened. For
Russians visiting the U.S. on a private, non government-sponsored stay, the
U.S. person or organization issuing the invitation on which the
Russian’s U.S. visa was issued might be the logical person to do this – if
needed. It is still an open question as to whether U.S. banks will feel
obligated to scrutinize Russian bank accounts due to the past history of
money laundering.
c. The Russian should bring two forms of ID, one with photo and at
least $1,000 US cash to open the account.
Debit Cards from Russian Banks:
If the Russian bank’s debit cards are Visa, MasterCard or other
recognized card types, these debit cards should be accepted in the U.S. to
withdraw cash directly from the Russian (foreign currency) bank account.
Debit cards, like credit cards, should also be acceptable for direct
payment. There is, as noted, the issue of whether the sellers of
products or services will accept payment in this form (not just from Russians
but from everyone). Many will, but there have been recent cases where
the accepted form of payment is only cash or counter check if credit
has not been established prior to sale (this is common for auctions, and
some service providers). Note also that card usage may be
dollar-amount limited, time period limited, and/or carry fees for each cash
withdrawal, necessitating multiple withdrawals.
KOMENTAR BAKER&MCKENSEY:
-------------------------------------------------------------------
-------------------------------------------------------------------
Opening of Bank Accounts Abroad
Before Instruction No. 100-I took effect, a CBR permit had been
required for the opening of accounts with non-resident banks. The sole
exception concerned individuals travelling abroad, who were allowed to open
accounts with foreign banks, but even then only for the period of their
stay abroad.
From now on, Russian individuals have the right to open accounts with
foreign banks without obtaining permission from the CBR. The conclusive
list of foreign states, where such accounts can be opened, is set out
in an attachment to Instruction No. 100-I. In addition, this document
makes the following requirements in connection with the aforesaid
accounts: (i) accounts may be opened only for individuals; (ii) accounts may
not be used for entrepreneurial activities; and (iii) account holders
must give notice to the Russian tax authorities about the opening/closing
of each such account.
Regulation No. 152-P has clarified to some extent the question of the
purchase of foreign securities by resident individuals. Now residents
are expressly permitted to effect transactions both for the purchase of
securities and for their payment. However, it is necessary to comply
with the special procedures set out in these Regulations. In spite of
the fact that Regulations No. 152-P does not expressly limit the sum,
which may be transferred to a foreign bank account, the purchase of
foreign securities may only be made up to the value of USD75,000, which has
been specially transferred to the account for that purpose. Otherwise,
the assignment of title to securities offered by foreign issuers would
be deemed void under Russian currency law.
Questions regarding the above matters can be addressed to either Max
Gutbrod or Alexander Chmelev, partners, or Grigory Marinichev, associate,
in the Moscow Office at +7 (095) 230-6036, or James Hitch, partner, or
Igor Gorchakov, associate, in the St. Petersburg Office at +7 (812)
325-8308.
The LEGAL ALERT is issued to inform Baker & McKenzie clients and other
interested parties of time-sensitive legal developments that may affect
or otherwise be of special interest to them. The comments above do not
constitute legal advice or opinion, and should not be regarded as a
substitute for detailed advice in individual cases.
© Baker & McKenzie 2001
2. OPENING A BANK ACCOUNT IN THE U.S./DEBIT CARDS
Comments by Marilyn Bassford, State of Maryland Department of
Agriculture, and by Judith Robinson, BISNIS, U.S. Department of Commerce
On Bank Accounts: The following is a suggested way for a Russian to
open an American bank account. As you can see it is not extremely hard but
it does take a little advance preparation:
a. Before leaving Russia have a statement letter prepared by your
Russian bank. It is important that the letter be addressed to the American
bank where you plan to open an account. The letter, on bank letterhead,
only needs to state that the person has an account in good standing.
(No Russian bank account numbers are needed, nor is information needed as
to the amount of money in the account.)
b. In our experience, the U.S. bank where the Russian opened the
account only consented to open the account (possibly because the legal right
of a Russian individual to open such an account is so new) because a
U.S. government official (State/Federal) had accompanied the Russian to
the bank and was able to vouch for the Russian's purpose in opening the
account. Note for accompanying official: bring a letter on Government
Letterhead stating the reason for the account to be opened. For
Russians visiting the U.S. on a private, non government-sponsored stay, the
U.S. person or organization issuing the invitation on which the
Russian’s U.S. visa was issued might be the logical person to do this – if
needed. It is still an open question as to whether U.S. banks will feel
obligated to scrutinize Russian bank accounts due to the past history of
money laundering.
c. The Russian should bring two forms of ID, one with photo and at
least $1,000 US cash to open the account.
Debit Cards from Russian Banks:
If the Russian bank’s debit cards are Visa, MasterCard or other
recognized card types, these debit cards should be accepted in the U.S. to
withdraw cash directly from the Russian (foreign currency) bank account.
Debit cards, like credit cards, should also be acceptable for direct
payment. There is, as noted, the issue of whether the sellers of
products or services will accept payment in this form (not just from Russians
but from everyone). Many will, but there have been recent cases where
the accepted form of payment is only cash or counter check if credit
has not been established prior to sale (this is common for auctions, and
some service providers). Note also that card usage may be
dollar-amount limited, time period limited, and/or carry fees for each cash
withdrawal, necessitating multiple withdrawals.