Europe has unveiled the deposits of Russian oligarchs: whether will return money

As stated by the European Commissioner for economic and financial Affairs EU Pierre Moscovici, in the Old world is no more banking secrecy — personal ownership of accounts is public information. Russian billionaires have lost the opportunity to keep their savings in Europe, while not losing the status of incognito. Banks of the Old world can now reveal the secrets of the contributors — their names, amount of investments, dividends, cash amount of transactions, and other confidential information. All information will not only be transmitted to the European tax authorities, but also to accumulate in the databases of other countries, including, and the United States. However, to stop the outflow of capital from Russia is unlikely to help — ways to hide profit through offshore companies is enough.

photo: pixabay.com

“Bank secrecy in Europe is over. If anyone has an account in Switzerland, it is the exchange of information, which we instantly know,” said Moscovici.

The legal principle of Bank secrecy, according to which banks do not disclose information about deposits and accounts of clients, third-party, not involved in transactions of organizations (including law enforcement), acted so far in the legislation of most EU countries. He supported the offshore zones and countries where there are preferential taxation, for example, in Switzerland, Singapore and Luxembourg.

According to estimates by foreign sources, since 2014, Russia has left about a third of the 500 richest Russians and took them up to $200 billion If we add to foreign Bank accounts domestic oligarchs the most liquid securities that they own, the amount of their assets outside of Russia comes to $1.3 trillion.

Meanwhile, in 2013 the European Commission received a mandate for negotiations on the exchange of banking information with the European States, even those outside the EU. Extras can be called a recognised financial centres where he was hiding in the Russian capital: Liechtenstein, Monaco, San Marino and Switzerland. 2018 entered into the agreement of exchange of banking information between the EU and Switzerland.

In fact, as explained by the head of the analytical Department UK “BK-Savings” Sergey Suverov, for Russian billionaires, it means the financial trap. “The possibility of avoiding payment of taxes are all businessmen of the world. In Russia are constantly changing the rules of the game — if such a tool today to use tomorrow, when revising the conditions of investment and the movement of funds, the government can eliminate. A number of companies, including oil, are returned to the state property only for such reasons”, — said the expert.

In particular, according to the Professor, Financial University under the Government of Russia Boris Heifetz, the net outflow of capital from our country in 2017 rose more than half to $31 billion of the EU’s Decision has forced the Russians to rapidly return savings overseas funds. As says one of the employees of a major Russian Bank in the first half of January, the inflow of funds transferred from abroad on Russian territory, has tripled. It’s about $1 billion in just seven to eight working days. Moreover, the funds were withdrawn from Switzerland, while the inflows of savings from other offshore countries were insignificant. Such actions push them and Russian officials who, according to unofficial data, until the beginning of March give preferential entry of foreign capital in domestic banks. “Not in time in these terms entrepreneurs can get into the “black list” of Russian businessmen, the return on our trading platform which can be strictly prohibited. In this case, they can be punished by European and American agencies,” — said the sovereign.

However, as suggested by the Director of analytical Department of “Alpari” Alexander Razuvayev, the domestic fat cats have long taken care of on foreign savings. They open the Deposit not only on deposits but also use the services of trust management. The secrecy of the operations may not be achievable due to the opening of a private brokerage company. These structures are able to operate with negative profit, just to bring customers the income is tax-free not only in Russia but also abroad.

As suggested by Razuvaev, on the background of instability in the American stock market, there is no guarantee that the securities market “to beat off” expenses, redistribute the withdrawal of the capital of Russian businessmen abroad, from abroad. Income from brokerage commissions and small. Loss standard financial company is the fee for maintaining personal financial secrets. The Russian stock market remains very attractive for long-term investment. It will host the capital of Russian owners returned from abroad to Russia.

“In the case of the lifting of sanctions, the Russian stock market may rise 1.5-2 times,” — said Razuvaev. If the trade war between Russia and the West continues, local businessmen in every way try to keep and increase their money abroad, and the Russian stock exchange continued to remain an appendage of the world trading platforms.

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