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willy123
24-07-2013, 08:16
Hi everybody
---Could you tell me please when 30% tax on cap gain is collected by nalogovaya at time of sale or it has to be paid later after property is sold?
---Does a Sberbank make a wire transfer for non-resident Russian citizen without any documents/spravka, do they ask where money came from, do they anything else besides US passport? thank you very much.

Hayley
24-07-2013, 11:08
Hi everybody
---Could you tell me please when 30% tax on cap gain is collected by nalogovaya at time of sale or it has to be paid later after property is sold?
---Does a Sberbank make a wire transfer for non-resident Russian citizen without any documents/spravka, do they ask where money came from, do they anything else besides US passport? thank you very much.

1. The tax is paid in a year that follows the deal - lets's assume you sell the apartment today, then you have file your taxes next year up to April 30, and pay the bill not later then the following July. You should also be aware, that the "tax resident" means someone who spent more then 183 days in a year in Russia - knowing this might help you save 17% on capital gain - as tax residents pay 13% instead of 30% - you tax resident status is determined at the end of the year - so keep that in mind. Sell the apartment in spring, spend the rest of the year in Russia and voila - you will be considered tax resident notwithstanding your nationality.

2. There is a law in Russia which governs all currency transactions - according to it, non-resident has a right to wire up to 5 000$ EVERY DAY of the year without any spravki. You may want to use that to avoid any hassle.

willy123
24-07-2013, 21:17
thanks. $5000 daily limit is for residents. How does it work for non resident.
Can i simply walk into Sberbank with a $100,000 ask them to wire to my bank in US? besides my US passport would they ask for anything else at all?

Hayley
25-07-2013, 13:53
thanks. $5000 daily limit is for residents. How does it work for non resident.
Can i simply walk into Sberbank with a $100,000 ask them to wire to my bank in US? besides my US passport would they ask for anything else at all?

Yes it is correct indeed. If non-resident - all you need apart from cash and passport is a spravka stating origin of the funds. That's it - then you do it in one go.

willy123
26-07-2013, 03:10
So you would still need a spravka? have you done this before because Sberbank does not have such info on line and even when I called Sberbank they were not sure if anything at all needed from NON-resident.

Hayley
26-07-2013, 09:07
So you would still need a spravka? have you done this before because Sberbank does not have such info on line and even when I called Sberbank they were not sure if anything at all needed from NON-resident.

Well if I were you I would have it - yes - just in case. Because if you deposit money into Sberbank then obviously they don't care where the money came from - however when you make a transfer of this whole amount, then whoever is going to process it, might have questions.

But I am not advocating for anything - you asked, I answered, no need to go into it and say have I done it or not, or he said she said - you spoke to Sberbank, got their take on it - cool, then go for it.