Few of us, traveling outside the country, think about the features of their status, and yet ignorance can lead to consequences. Do the words "residents" and "non-residents" say something to you? Just imagine: you went to study or for treatment abroad and, of course, for the convenience of calculations, you decided to open your own account in a foreign bank. Can you imagine that such a seemingly simple action can lead to the payment of penalties at home? To avoid unpleasant consequences, you should know that in the Russian Federation there is such a thing as “resident” and “non-resident”. What is the difference between these terms, we will try to figure it out.
Who are foreign currency non-residents
This category of people includes citizens residing in the territory of other states for at least a year, having a work or study visa for a period of at least a year, or having a residence permit. In a typical example, it looks like this: you live in England, have a residence permit in this country, and your child has been studying at one of the country's colleges for more than a year. Thus, you are a non-resident of the Russian Federation and have every right to open an account with any foreign bank. There are no restrictions on operations on these accounts. This, in fact, distinguishes currency residents and non-residents from each other.
Features and rights of currency residents
All categories of citizens who do not meet the criteria considered by us above are automatically recognized as currency residents of the Russian Federation. Which means the lack of rights to open bank accounts abroad without notifying the tax authorities of the Russian Federation. Even if you went on vacation to another country, this does not give you the right to open a bank account in this state. If suddenly there was such a situation that the account was still open, you must notify the tax authorities of your homeland within a month by submitting a corresponding notice. In turn, the tax should put a mark on the acceptance of your notice. According to the law, you can carry out operations with your accounts in a foreign bank only if you provide employees with this notice.
Currency operations of residents and non-residents of our country between these categories of citizens are allowed, but with some exceptions. More details about the nuances will be told by lawyers who have the maximum knowledge of the amendments to the law currently made.
Operations between non-residents
Foreign currency settlements for this category of citizens in banks located outside the Russian Federation are allowed. Non-residents are also entitled to carry out the movement of securities on the territory of the Russian Federation in accordance with the legislation, and non-residents on the territory of the country can carry out the movement of their own funds in Russian banks in a specially prescribed manner.
Currency operations of residents of the Russian Federation
Currency transactions are prohibited between residents, with some exceptions. The most common exceptions are: settlements in stores where duty-free goods are sold, settlements in the long-distance transport route (provided that this transportation is international). It is also allowed to use foreign currency funds when paying mandatory taxes and fees to the federal budget.
So, resident and non-resident - what is the difference between them from each other? It's pretty hard to figure it out. Sometimes even bank employees get confused, trying to assign the right status to a citizen.But it is completely impossible to understand whether sanctions toughened by new legislation will bring order to the actions of representatives of such categories as residents and non-residents of the Russian Federation.
After all, citizens who have the opportunity to open a bank account in another state are unlikely to pay attention to a fine of five thousand rubles, for them, such expenses are most likely not significant. In addition, the amendments do not take into account non-resident companies abroad, used instead of opening private accounts. Formally, such calculations are not a violation of the law.
In any case, residents and non-residents are required to provide the authorized bodies with all the necessary information on the movement of their own foreign currency funds in accordance with the list provided by law. Keeping records of such funds and reporting will still have to, regardless of your status.
