Switzerland’s largest Bank UBS began to ask their Russian clients whether they comply with the law on controlled foreign companies (CFC), “Vedomosti”. The formal requirements have not yet introduced, but the managers are already talking with customers and has threatened to cease cooperation if the notification will not be presented.
Such provisions also operate in Credit Suisse and the Swiss division of the Rothschild Group. The Bank requests from clients to report that “they have complied with the requirements of the law and they have no claims from tax authorities”.
Swiss bankers are afraid of charges of money laundering, because Russians are required to notify FNS of their shares in the CFC.
The law on controlled foreign companies was adopted last year. They are earning passive income from Russia foreign firms, where Russian residents own the majority shares. In their may include, in particular, commodity traders are large corporations.
Until such action takes only Switzerland, where the law against money laundering, tightened sharply after a series of scandals with the American residents, leaving from taxes through banks of the country. From 2016 to disclose information, you may have also in the UK and the Netherlands, writes the edition.
To avoid closure of the account, an individual can change the tax residency, having moved in the same Switzerland, Malta or Cyprus. In addition, you can close the CFC and transfer funds to your personal account. However, from 2015 the citizens of Russia, residents are obliged to report on all personal accounts and deposits abroad.