Ernst & Young Russia published a press release on a survey conducted jointly with Tranio, an online advertising portal for real estate, among the 44 experts in private banking, legal and tax fields, who work together with wealthy people in Russia.
The review covered investing in foreign assets, tax residency abroad, notification of tax authorities in Russia about the existence of foreigner bank accounts and CFCs.
According to the survey, in 2019 high-net-worth individuals from Russia invested primarily in foreign bonds and profitable real estate abroad. The top three countries where Russians keep their funds are Switzerland, the United Kingdom and Cyprus. 79% of respondents confirmed that a tendency of Russian millionaires to obtain tax residency and residence permits abroad grows stronger.
