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Ministry of Finance proposes to soften the rules for determining the currency residence of the RF

DATE: September 23, 2016 | AUTHOR: atlawyers

Ministry of Finance is drafting a Bill allowing Russian citizens who live abroad to maintain their non-resident status for the purposes of currency control legislation, allowing them to visit Russia for three months in a year. Currently any visit to Russia terminates non-resident status for one year since last departure from RF. It is also proposed to expand the allowed grounds for crediting funds to residents’ foreign bank accounts.

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