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Minek intends to increase the attractiveness of Russian offshore
Measures to increase the popularity of Russian offshore were developed by the Ministry of Economic Development of the Russian Federation. To make special administrative areas on Oktyabrsky Island in the Kaliningrad Region and Russky Island in Primorye relevant in the Ministry, they suggest using “transit” re-registration and tax exemption of foreign branches of resident firms.
According to "Izvestia" Deputy Minister of Economic Development Ilya Torosov, it is planned to introduce “transit redomicilation” - a mechanism that allows moving to Russian offshore in two or more stages through intermediate jurisdictions. If the amendment is accepted, companies will be able to re-register, for example, from the Netherlands through Cyprus.
The department also proposes to exempt the income of foreign branches of international companies registered in Russian offshore from taxation in Russia in order to exclude double fees, to exempt from the tax on “paper profits”, to introduce a fee when registering in offshore, which firms will pay annually to regional budgets. These measures have yet to be coordinated with the relevant ministries.
Today, 23 international companies are registered in Russian offshore companies: 21 on Oktyabrsky Island and two on Russky Island. However, according to experts, the strengthening of sanctions will hinder the emergence of new residents. In addition, there is a campaign against offshore in the world: developed countries are heading for transparency and are actively struggling with tax evasion.