Swiss banks may close accounts of foreign companies, whose beneficiaries are Russian tax residents.

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.

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