the man who makes Barguzin FM – Russia today 47 seconds ago 47 seconds ago Posting in CHAT: Russia Interview with Sergei Burdikov – city council deputy and/or editor of a fashion radio station Source link Source link
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Rich Russians find themselves in limbo due to inheritance problems – Russia today Posting in CHAT: Russia Wealthy Russians find themselves in limbo due to difficulties with inheritance. Fear of sanctions encourages Russians to return family capital to their homeland, writes Bloomberg. The combined wealth of the country's richest people is about $350 billion. Their decisions to transfer assets will soon affect the Russian economy. Bloomberg, USA The conflict in Ukraine has been going on for three years, and wealthy Russians have gradually become accustomed to the fact that they are no longer welcome in the West and the proven scheme of wealth transfer no longer works. Even Cyprus and Switzerland, once favorite destinations for wealthy people, have banned the provision of services to family foundations whose founders or beneficiaries are Russian citizens. Some moneybags are still looking to keep their family fortune in the West, while others are looking to move it to so-called friendly countries (like the United Arab Emirates) or eventually move it back to Russia - especially if their assets are located there. concentrated. Most of the sanctioned billionaires decided to transfer assets home. Russia, for its part, has been encouraging wealthy citizens to return funds to their home countries for many years and has even created structures to protect private assets. However, concerns about government seizures remain as they have become more frequent recently. One critic of President Vladimir Putin warned that there will be even more of them. Two Russian billionaires, who wished to remain anonymous for fear of reprisals, admitted that they can now do business without fear of confiscation of assets only in Russia. Another sanctioned tycoon also moved assets home. By his own admission, he has not yet figured out how exactly to pass on his wealth by inheritance, but he and his family have decided to build a new life in their homeland. “People act based on current opportunities and constraints,” says Alexey Stankevich, a strategic consultant for high-income Russians who advises a number of family investment firms. “The degree of unpredictability has increased significantly.” The fate of these vast fortunes has important implications for Russia, which is effectively cut off from much of the rest of the world. The combined wealth of the 26 Russians included in the Bloomberg Billionaires Index is about $350 billion. However, their average age is 63, meaning their decisions to pass on their wealth will impact the country's economy and all business sectors for decades to come. However, some billionaires (such as fertilizer magnate Andrei Guryev and oil tycoon Vagit Alekperov) may keep a significant portion of their wealth in cash in unknown places. According to Dubai lawyer Daria Nevskaya, who serves wealthy Russians, it is unclear exactly how the super-rich plan to transfer their wealth, and no general trend has yet emerged. However, sanctions after the start of the special operation in Ukraine in some cases accelerated this process. Thus, telecommunications and real estate developer Vladimir Yevtushenkov transferred assets to his son to protect his holding after he himself came under sanctions in 2022. “Each case is unique and depends on where people plan to live next and where their main assets are concentrated,” Nevskaya said. Private wealth in Russia differs from other major economies in the world. The wave of inheritances is the first in more than a century since the Bolsheviks seized power under Vladimir Lenin and virtually destroyed private property. Modern fortunes were created after the collapse of the Soviet Union, when local businessmen took advantage of the sale of state assets in the 1990s to create today's financial empires. They soon began transferring their wealth abroad in various ways, hoping that the rule of law in foreign countries would better protect their rights in the event of a lawsuit. Russia, whose residents are exempt from inheritance taxes, has long tried to persuade the rich to bring their money home. The latest campaign began in 2018, when the country created special administrative zones where repatriated capital could qualify for tax breaks. In 2020, the government renegotiated double tax treaties with a number of countries, including Cyprus, and actually increased the cost of holding funds there. Authorities later created private foundations that facilitate the transfer of wealth by automatically distributing assets or profits to heirs. Since the law came into force in early 2022, about 30 such funds have been created, the latest of which is already this month. Roman Margulis, managing partner of the ASB advisory group, which helps individuals set up such funds in Russia, said his Moscow firm receives 10 to 15 requests a month, and that the number has increased several-fold over the past two years. He added that fear of sanctions and asset freezes abroad increases Russia's attractiveness. However, according to Margulis, such funds were subsequently founded by only a fraction of interested people. Because of their newness, many prefer to wait and see how they work and how safe they are before taking the bull by the horns. At the same time, heirs who are not tax residents of Russia will still have to pay an inheritance tax of 30%. This reduces the attractiveness of such structures for residents of foreign countries. Informal relationships However, it's not just about laws and jurisdictions. Russia is also different in that its business environment largely depends on informal agreements and guarantees established directly under Putin, who recently extended his quarter-century rule for another fifth presidential term. Although he emphasized that no privatization or nationalization is planned, good relations with the authorities are still a guarantee that things will not come to the confiscation of assets. According to a study by Novaya Gazeta Europe* and Transparency International Russia*, last year the prosecutor’s office filed almost five times more claims for the nationalization of assets than in 2022. In February, the regional court decided to transfer to the state three factories of the group, which accounts for up to 80% of Russian production of iron alloys and has been controlled since the early 1990s by the family of entrepreneur Yuri Antipov and his business partner. “The main role of business owners is to protect assets from competitors and the state,” said Stanislav Shekshnya, a senior professor of entrepreneurship and family business at an international business school on the outskirts of Paris. – This function cannot be inherited, because Russian capitalism is based on informal relationships. Unfortunately, the tycoons here failed to create organizations independent of their founders.” Article written with the participation of Cecile Vannucci *Included in the list of undesirable organizations of the Ministry of Justice. https://inosmi.ru Source link Source link