Wealthy Russians moving away from offshore tax havens
Offshore tax heavens are losing their attraction for wealthy Russians, financial experts say, with the country’s favourable tax regime and commodities boom inducing the rich to invest in domestic assets, according to a RussiaToday report.
Last week the European Union got tough on offshore tax havens like Bermuda and the British Virgin Islands, leaving them off a new White List of countries which tackle money laundering. US presidential hopeful Barack Obama has tabled a 68-page bill to stamp out offshore tax heavens for Americans.
MDM bank chairman Oleg Vyugin, who pioneered Russian private banking back in 1992, claims attractive domestic investment conditions are to bring offshore accounts onshore in record numbers.
Claus Korner, chief executive of Glitnir Private Banking, said, “If you see the Russian market tripling during the past years while you have a 3% performance in your Swiss bank account, it's more fun to stay in Russian investments.”
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