The litigation that is currently unfolding between the Federal Tax Service and Sberbank may be a significant precedent that will affect the entire banking sector in Russia. The FTS accuses Sberbank of dishonest behavior, which is expressed in the fact that the bank refused to perform the functions of the tax authorities and write off funds in paying taxes from the client’s account.
The decision of the court is now closely watched by many account holders in Russian banks. If the court takes the side of the FTS, it may mean that in the near future the requirement to write off taxes from the accounts will be mandatory for all banks. This means that accounts in Russian banks will become an even less secure and confidential way of storing funds. Continue reading
Over the past few years, the opening of a foreign account in the Bank of England to a non-resident has grown into an impossible mission, despite the fact that the flow of volunteers does not decrease. The reason for the complication of opening a bank account in England is not just the deterioration of the macroeconomic situation between the UK and the countries of Eastern Europe, but also the real desire of the United Kingdom to get rid of customers in the high-risk segment. Continue reading
Offshore banks and offshore banking raise many questions: what is offshore banking and how are offshore banks different from normal? What are the advantages of an offshore bank and what risks arise when doing this? And even the unexpected: “is it generally legal?”.
In this full review, we will answer all the most pressing questions about offshore banks and offshore banking. After it, you will be able to specifically approach the choice of an offshore bank for your personal or business needs. Continue reading