Wealthy citizens of the Russian Federation are increasingly changing their tax residency – more than half of them are afraid of information disclosure about foreign assets. According to experts, this is provoked by the OECD requirements for the beginning of the tax data exchange.
According to the sources of the Cypriot company Essex Group, as well as the opinion of top Swiss bank advisors, many successful entrepreneurs decide to change their tax jurisdiction because Russia has started exchanging financial information with other countries.
Among the popular countries for the change of tax residences in 2017 are Cyprus, Israel, Great Britain, Malta and Monaco.
However, financiers note that the change of residency pose certain risks. Among the main of them concerns the requirement to undergo additional verification procedures and to confirm the change of one jurisdiction to another.