Kira Egorova - Family Matters On Line

How can Individuals Import and Export Art Objects in and from Russia?

Procedures of import and export of Art Object by individuals may be really simple or quiet difficult depending on whether Art Object qualified as cultural value or not. Some Art Objects cannot be imported or exported in/out of Russia. For more details please follow… Russia is a member of the Customs Union, including Belarus and Kazakhstan. The same customs legislation is applied on the entire territory of the Customs Union. Therefore, once imported into one of the countries, items may be moved within the territory of Russia, Belarus and...

What are the Restrictions for Foreign Accounts of Individuals in Russia?

By Kira Egorova | Emigration and Immigration | 2 min read

Russian law establishes special regulation for individuals’ foreign accounts. Individuals (Russian currency residents) cannot receive on their foreign accounts the majority of funds transfers. Spending of funds is less problematic, however subject to certain restrictions as well. Fine for non-compliance is 75%-100% out of the amount of illegal funds transfer. For more details please follow… In 2013 amendments to the Russian Administrative Offenses Code introducing significant administrative fines applicable to individuals for...

Inheriting Business Assets in Russia

By Kira Egorova | Archives | 7 min read

Russian legislation does not provide any specific regulations to protect business assets after the death of testator which leads to impossibility to inherit business as a whole complex. There are risks of losing the business till the heirs accept the inheritance. For more details please follow… What Problems One May Face during Inheriting Business Assets in Russia? In accordance with the Russian laws the inheritance comprises all the assets owned by the testator by the moment of death. If the inherited estate includes the business assets...

Succession in Russia

By Kira Egorova | Archives | 5 min read

Succession in Russia is possible by will and operation of law. The freedom of will is limited. To acquire the estate the heirs shall accept it. Succession in Russia is the only way to transfer property in case of death. The only way to change the order of succession established by law in Russia is to make a will. The freedom of will is limited by compulsory heirship rules and spouse’ part in the joint property. For more details please follow... Order of Succession in Russia in Compliance with Domestic Law Succession in Russia is the only...

Statutory succession or last will – what is what?

Many property owners as well as owners of other assets ask themselves whether it is advisable to make provisions for their own death, or whether it is better to simply leave succession to the (German) law. Nevertheless, the ability to take such a decision in an informed manner requires knowledge of the rulings contained in the law. Only those who know the statutory mechanisms can achieve an...

The Premarital and Postmarital Agreement

The Premarital and Postmarital Agreement - consider it when tying the knot or thereafter. Legal and tax considerations of pre and postmarital agreements? Marriage today is more complex than ever given the high rates of divorce, second marriages, blended families, and increasing globalization of couples. Anyone with significant property, an inheritance, a family business, or children from a...

Practical advice for the family-run enterprise

Introduction In Switzerland, as in many other countries, successful businesses are frequently managed and owned by families: a company once founded by an entrepreneurial grandfather decades ago is then build on by the next generation and the following generations managed to expand and consolidate the enterprise. This process is, however, frequently wrought with challenges, not only of a...

Beware tax pitfalls when moving from one country to another

Swiss Courts ruled that a US citizen living in the UK could not get Swiss dividend tax back With a judgment rendered on 27 November 2020 (case no. 2C_835/2017), the Swiss Federal Supreme Court (“FSC”) confirmed a decision by the Federal Administrative Court (“FAC”) of 24 August 2017 (decision no. A-1462/2016) concerning a an individual tax residence matter that arose in the context of certain...

Common Tax Pitfalls with Real Estate Investments

Structure your real estate investments to preserve your assets on a tax-effective basis In a variety of real estate investments, you can avoid common pitfalls and take full advantage of opportunities by using appropriate structures to preserve your assets and do so on a tax-effective basis. Investing Through Limited Partnerships I recently advised David, a successful real estate investor and...

How to protect and spread your wealth optimally

Showing ways and solutions to the High Net Worth Individuals to protect and optimise their assets. Wealthy people – the so called High Net Worth Individuals – keeping their property on a foreign account are currently under a general suspicion of tax evasion. The case involving Uli Hoeneß appears to prove the opinion of all those who see a close correlation between a growing bank account and...

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