Refuge projects from sanctions in the West and East of Russia…

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Shooting projects from sanctions in the West and East of Russia ..

Refuge projects from sanctions in the West and East of Russia are accepted in accelerated selection circuits passed the island chtherpomn, formally the draft law on SAR – the development of the Ministry of Economy, although in the State Duma it is made by United Russia deputies. As already wrote “alongthecoastcottage”, the original project developed by expert structures in early 2018 had completely different purposes (see. Material of April 12), in March-April (after the expansion of US sanctions, affected by Victor Vekselberg and Oleg Deripaska), provisions related to the possibility of re-registration (redomicial) of foreign companies in SAR were added to it. The procedure is used to “transfer” intermediate business owners from one offshore to another. In early July, in the “antisancation” plan of actions of the government – he was discussed at the first deputy premier Anton Siluanov – the adoption of the Law on SAR (and the release of the government’s decisions about their creation) was scheduled for August 2018. At the same time, the lobbyist struggle was clearly located around the laws: so, on July 23, the head of the State Duma Committee on Finryanka Anatoly Aksakov unexpectedly stated that the second and third reading of the law on SAR was transferred to autumn due to the complexity of the draft law. However, despite all the difficulties, this did not happen, the amendments were made yesterday.

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So, the wording of the FZ project about SAR has changed. Now a request for registration in them can only be submitted to foreign legal entity – after the first reading, the text of the document did not specify the residence of potential participants in special. The new norm sources of Interfax explained the project aimed at the deofshorization of foreign holdings, controlled by citizens of the Russian Federation and owners of assets in Russia, as well as the desire of the authorities to test new regime in a limited range of companies and prevent mass migration to the internal offshore business from the Russian Federation. At the same time, “in the future” company of the Russian Federation will also be able to register in SAR, but with some limitations. Apparently, on the restrictions insisted by the Ministry of Finance, and it is doubtful that “internal offshore” earned for Russian legal entities quickly.

Amendments of the White House Established and the requirement of the Central Bank Close Access to SAR for banks, non-credit financial organizations, payment systems and payment infrastructure services operators. I left the project and the rate of simplifying work in SAR for foreign workers, it shows that there are not too much counting on foreigners on the islands, they will need a work permit for the Russian Federation.

Offshores will come to Russia in autumn

The remaining package documents are also adjusted: so, in the “On International Companies” project, the minimum investment in the “Islands” has been determined to obtain the status of the international company – 50 million rubles. For six months, and this is a significant amount for this kind of projects: problems of redomycials through SAR makes sense to solve only the owners of large holdings. It is also clarified that to work in the SAR, the company must be registered in the state, which is a member or observer FATF (FINANCIAL ACTION TASK FORCE, organization to combat money laundering) or a member of the Committee of Council of Europe’s experts on evaluating measures to counter money laundering and terrorist financing, – From the “black” offshore translate business on the “Islands” will not work. Also, the future participants of the SAR should be created before January 1, 2018, which limits the possibility of their use in a variety of international schemes, and those who control these companies (with a share of more than 15%) will be considered as such if the control is obtained before January 1, 2017.

Amendments to the Tax Code, describing the features of the tax regime of international companies within the framework of the SAP, include them to Russian organizations. For residents of SAR, special tax rates on the income tax are established: 0% for income received by the International Holding Company in the form of dividends (with no less than 15 percent participation in its capital during the year), and 5% for income received by foreign Persons in the form of dividends on shares of public international holding companies (applied until January 1, 2029). On the contrary, in terms of currency legislation and tax control, international companies are invited to include “non-resident”. At the same time, from the draft law to the second reading was removed by the provision of CB claims that Russian companies could unlamordly withdraw funds from foreign companies registered in Sar to their foreign accounts. According to the Central Bank, this contradicted the goals of capital repatriation.

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Recall, the process of the design of SAR was in parallel with the process of creating a “closed loop outline” according to the state defense scale on the basis of Promsvyazbank. In the spring of 2018, the opportunity was discussed in power to combine the sake of protection against “banking” and “legal” components – through the creation of a financial system that is closed from the external eye in SAR based on “sanctions” banks. Obviously, this idea did not like the Central Bank, perhaps intrigue around the pace of adoption of the law in the State Duma is connected with this. In general, from first wide (as of May 2018), a plan for creating full-fledged Russian offshores remained an extremely narrow project, designed not so much to repatriate capital, as for the rapid transfer of property from the non-Russian offshore to Russian without fundamental changes already existing international business schemes Russian companies.

Adjusted and the deadlines for the entry of bills by force: now they will begin to act “from the date of official publication”. This is important, because in the final reading, documents can be accepted already tomorrow, July 26, the ideal Islands Russian and October are suitable for the structures that own Oleg Deripaska astes outside the Russian Federation. Recall, part of the sanctions imposed on the “RUSAL”, GAZ, EN + and limiting the work with them of American structures, come into force after the US Deposits provided by the Ministry of Finance. If the Federation Council and the President will have time to make a bill to this date by law, the offshore of this particular entrepreneur can become the first participants in the project.

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