Media & Resources
Swiss banks may close accounts of foreign companies, whose beneficiaries are Russian tax residents.
DATE: February 11, 2016 | AUTHOR: atlawyers
Swiss banks may close accounts of foreign companies, whose beneficiaries are Russian tax residents. According to media, Swiss banks may close the accounts of clients – foreign companies, who have not notified Russian tax authorities on CFCs. Banks require from Russian beneficiaries of foreign companies being Russian tax residents to provide notifications on CFCs or a memorandum prepared by legal advisors on absence of necessity in such notification provision.