About 120 richest Russians decided to abandon the tax resident status of the aggressor. This writes Reuters, citing the study of the law Bureau Egorov, Puginsky, Afanasiev & partners.
The lawyers talked with representatives of banks, consultants and beneficiaries of controlled foreign companies (Kicks) – a total of nearly three hundred wealthy Russians.
It turned out that 40% of beneficiaries Kicks decided to abandon the status of a Russian tax resident and 9% of transferred assets to relatives, non-residents.
The Russians refuse to tax residency to avoid the consequences of the adopted in 2014 the law that they must declare their offshore assets, according to Reuters. The law obliges Russian tax payers to disclose their Kiki and gradually begin to pay tax on the undistributed earnings of these companies. Previously, taxpayers could declare the share in foreign assets.
The law was adopted on the initiative of the President of the aggressor country of Vladimir Putin, which in most cases was interpreted as a desire to force the Russians to fulfill a Patriotic duty.
Forbes magazine estimates the state of the 200 most wealthy Russians of $460 billion – about one-third of nominal GDP.
The former official, retaining close ties with the Kremlin, said that, in his estimation, about a third of the 500 largest Russian businessmen have left the country over the past three years, partly because of this law.