Individuals must submit a report on foreign accounts by 3 June 2024
As we approach the summer of 2024, there is an important deadline for individuals who have accounts in foreign banks and money in foreign e-wallets. Under Russian law, such individuals are required to file a notification of their foreign financial assets with the Russian Federal Tax Service (FTS) at their place of residence. The usual deadline for filing the report is 1 June of the year following the reporting year, but in 2024 the last day for filing the report is postponed to 3 June, as 1 June falls on a holiday. Who is obliged to submit the report? The obligation to submit a report includes: Russian residents; Individual entrepreneurs; Foreign citizens who have a residence permit in Russia. This requirement applies to account holders, regardless of the volume of…