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Residency options for Russians to be able to open bank accounts

captain9

captain9

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Mar 19, 2022
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#1
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Currently I am legal resident of Russia and tax resident of Cyprus. Banks reject my applications because I am still Russian resident. Also there is a risk of interactivebrokers freezing my account.
I heard Russians are buying passports in Vanuatu and Caribbes. Good option, but an expensive and slow one.
What about doing a residency permit? I've read Paraguay is easy and cheap, but it takes papers and 90 days. Besides I am not sure what kind of banks are willing to work with Paraguayan resident.
Are there any other options? Emirates? But my condition is I don't need live there and don't pay taxes because I am already tax resident of Cyprus and will be paying income tax there this year and probably next one.
So what options except Paraguay?
 
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#2
captain9 said:
Currently I am legal resident of Russia and tax resident of Cyprus. Banks reject my applications because I am still Russian resident. Also there is a risk of interactivebrokers freezing my account.
I heard Russians are buying passports in Vanuatu and Caribbes. Good option, but an expensive and slow one.
What about doing a residency permit? I've read Paraguay is easy and cheap, but it takes papers and 90 days. Besides I am not sure what kind of banks are willing to work with Paraguayan resident.
Are there any other options? Emirates? But my condition is I don't need live there and don't pay taxes because I am already tax resident of Cyprus and will be paying income tax there this year and probably next one.
So what options except Paraguay?
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The Emirates have no taxation. I would recommend you go there if you can open a bank account.

The Vanuatu CBI program is in shambles right now, stay clear of it. Also, I'd imagine most CBI programs right now are not accepting Russian clients due to the heavy sanctions and pressure on such programs.
 
#3
You might try Montenegro. Non-resident foreigners are allowed to open bank accounts there and many Russians have their residence or second home there. You can easily get a one year residency permit in Montenegro if you buy property or create a company there + a few thousand euros deposit but if you spend >183 days there you will end up paying 15% tax on high incomes/capital gains (they just increased the rate) though they don't have individual CFC rules afaik (so you can use offshore stucture). Probably similar for Albania, Kosovo, North Macedonia, Serbia or Bosnia. Bulgaria might also be an option but more risky.
 
#4
captain9 said:
I've read Paraguay is easy and cheap, but it takes papers and 90 days. Besides I am not sure what kind of banks are willing to work with Paraguayan resident.
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You are unlikely to find any place quicker than 90 days for a residency. The Caribbean CBI programs take three to six months, depending on the country. Some have stopped taking applications from Russians, but others have not. You might also consider the Dominican Republic as a residency option.
 
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#6
captain9 said:
What about doing a residency permit?
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Look into Asia:
Cambodia (1yr "Business" visa, can be organized after you entered the country and is extendable indefinitely) is an easy option. Local banks will accept you. Your international options are however limited.
algotrader said:
You might try Montenegro.
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Based on past experience he might try but it he will not be safe. Montenegro like all other EU-candidates is now trying to please Bruxelles with its obedience in order to accelerate the application process.

Georgia is in the same league and the discussion is now in full swing Uncontrolled Mass Immigration and the Position of the Georgian Government .
I give it a few more months and the country will overhaul it's immigration system (new: only 90 days visa free within 183 days) and abolish the HNWI-tax status (-> an obscure tax privilege which comes with a handwritten :rolleyes:eek¤%& tax certificate -> Digital Nomad / Perpetual Traveller - 0% tax with US LLC ).
captain9 said:
the question also if Paraguay worth it. I can see Revolut doesn't support it for example. Where will I bank with Paraguay residency that's the question.
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Revolut does not support most countries on Planet Earth. Revolut is just regional (with exceptions like SG and AU) - for years they write on their website that they want to go Global and nothing has happened. A typical victim of European overregulation.

Think that way: Offshore banking is a thing of the past - it does not work anymore. So, learn to use the banking tools offered by your country of permanent residency, or at least regionally.
Living in South America and banking in Asia is fancy but does not bear any substantial value.
 
#7
So I have a Russian passport and Chilean residency. Practically I use utility bills and less often my visa application paper to support my residence.
What's not clear for me why you say residency vs tax residency - I assume it's the same? Citizenship is a different thing. Normally you say you pay taxes where you currently live, disregarding the ID you show.
 
#8
nobancsnoproblems said:
So I have a Russian passport and Chilean residency. Practically I use utility bills and less often my visa application paper to support my residence.
What's not clear for me why you say residency vs tax residency - I assume it's the same? Citizenship is a different thing. Normally you say you pay taxes where you currently live, disregarding the ID you show.
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Residency and Tax Residency are two different concepts. You might have temporary/permanent residency in country A but is a tax resident elsewhere
 
#11
nobancsnoproblems said:
Right, so leaving Russia solves it, passport or no

I assumed op lives in Cyprus
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Not exactly. I need to get an ID that proves that I am resident of other country. "Living" or "Leaving" doesn't resolve it. For example in interactivebrokers I have two forms - one for legal residency and another for tax residency (with an option to add multiple tax residencies). So I need that Russia is neither legal nor tax residency there to be on the safe side. At least until they start to genocide everyone with Russian passport.
 
#18
I’m on a non investment visa.
OP exact requirements are not clear to me, but one thing to know about Chile is that the immigration system is very slow.

Theoretically you can get citizenship after 2 years (1 year for temporaria another for permanencia). Practically it’s 2 years waiting for each, so more than 5 years

Still, when you send documents you get visa in process in a couple of months which can be used to prove residency
 
#19
daxbr said:
Russians have all kinds of special residency privileges in SE Asia that no one else has: Thailand, Vietnam, Laos.
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Tell me. I'm aware only of the fact that with a russian passport I may enter Vietnam and pay zero for a 14-day visa, unlike others who'll pay .... some 25-50 usd.

But besides that, what are special residency privileges exist in those countries?
 
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#20
nobancsnoproblems said:
I’m on a non investment visa.
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where do you apply ? and how much ?
 
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