The capital Amnesty is gaining popularity among owners of foreign accounts.

The validity of the Amnesty in Russia expires in the near future. Some sources say that the capital Amnesty was used by many citizens. What was needed the capital Amnesty? The capital Amnesty gives you the opportunity to avoid criminal, administrative and tax liability for concealment of property.

The main reason for the use of capital Amnesty of citizens — Russia’s accession to the automatic exchange of tax information. Currently, account holders are required to report all transactions on foreign deposits.

In 2018 the Federal tax service of Russia won’t need such notifications. The Russian tax authorities will receive from their foreign tax authorities access to data on payments, balances, interest, income from investment and sale of shares under the accumulative insurance contracts for 2017.

Tax authorities will be able to track illegal transactions, for example, the prohibition until 2018 to enroll in a foreign account, the funds from the sale of securities, income from trusts, derivatives, the sale of foreign real estate, coupon income.

It is important to note that the penalties reach 100% of the amount. The Statute of limitations for violations is two years.

In this regard, the Russian citizens perceive the Amnesty of capital as a way to avoid future penalties and, therefore, trying to declare all that is.

Citizens of the Russian Federation has reported about 100 thousand accounts in foreign banks. It should be noted that some citizens close existing accounts that were questionable transactions, transfer money to new and already it is reported to tax authorities.