The Ministry of Finance has published a draft list of states and territories used for intermediate (offshore) ownership of assets in Russia – the so-called “transit” jurisdictions through which capital flows out of Russia. This list includes Cyprus and Malta – in 2020, the Ministry of Finance achieved an increase in taxes on dividends and interest from Russia to these countries. Switzerland is also on the list, with which the Ministry of Finance is negotiating a similar tax increase. Hong Kong and Singapore, for which the same changes have been announced, are also on the list.
In addition, the Ministry of Finance classified Ireland, Montenegro, the states of Wyoming and Delaware in the USA, the US Virgin Islands, Sri Lanka, Madeira Island in Portugal, Lebanon, Curacao, and the Kingdom of Tonga as “transit”. The rest of the jurisdictions from the new list have already appeared in the list of offshore zones, which has been maintained by the Ministry of Finance since 2007 (in particular, the British Virgin Islands, Bahamas).
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