Caps of invisibility: how to bypass the requirements of the deoffshorization law

Panamagate made transparent the beneficiaries of thousands of offshore companies; however, the capital owners still have lots of ways to hide assets and remain invisible.
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Deofshorizatsii Act, initiated by President Vladimir Putin, was passed in 2015 to prohibit the use of Russian citizens to foreign jurisdictions to conceal income. And by the end of 2016 the owners of controlled foreign companies (CFC) for the first time have to report the income and pay taxes in Russia (20% - legal entities and 13% - physical persons). The authorities want to assets received from the Russian profits remained in Russia, and if it is still displayed abroad, pay taxes still have. Many businesses prefer to be non-residents, so as not to fall within the scope of the law. But for those who are "left", but does not want to admit the possession of CIC, lawyers quickly found loopholes.

"The Russian business there are lots of ways to control their assets through foreign companies, without informing the authorities. The most reliable - transfer assets in an investment fund together with the other owners of CIC, "- says a consultant of international companies. Such schemes are, in his words, today recommended to the leading providers of trust services and foreign banks.
"Number one in the entire European Union - a diagram with the transfer of assets of the investment fund, which formally becomes the ultimate beneficiary owner of capital assets," - says an expert on international taxation.

According to him, the rate of reliability of such a scheme - its versatility, it allows you to hide the final beneficiaries are not only Russian, but also on the European fiscal authorities.

"The meaning of this popular scheme that person transfers the sub-fund's assets in some large fixed assets, - explains partner UFG Wealth Management Dmitry Maples. - Taking into account the other investors share that person will not exceed 10% of fixed assets, and it is not formally recognized as the owner of a foreign company. " In this sub-fund, in which the hidden assets of specific individuals, are completely separated from each other. It is important that an investor of one sub-fund are not liable for the debts of another sub-fund.

The main fund is registered in Luxembourg, Liechtenstein, the Netherlands. On the role of the Caymans fund company performs segregated portfolios (SPC) (see. Infographic).Formally, the tax legislation does not consider the individual segments in the fund to the CIC category and does not establish a duty to disclose them. This is the most reliable scheme worth € 100,000.

According to market participants, to package assets in segregated funds of Russian customers are often advised not only lawyers and tax consultants, and bankers, among them called Rothschild Group, Pictet and RCB (Russian Commercial Bank) - an associate bank of VTB Group in Cyprus. RCB has its own infrastructure to build trust companies in different jurisdictions. "Theoretically investments through funds can be used to not recognize the ownership of CICs, although such a scheme by road, it is very difficult in the investment management and is therefore not economically justified", - said the representative of the RCB Bank. According to him, an RCB is not recommended customers to use the scheme, aimed at avoiding the requirements of current legislation. not comment in Pictet and Rotschild Group is.

Heads of private banking in Russia claim that banks are rarely independent providers of services under Articleukturirovaniyu assets and tend to give these services to outsource. According to them, Russian banks are not interested in creating international structures for customers, because it reduces the amount of funds available for management in Russia. In Europe, this work towards a number of small banks developed offshore platform. "In fact, it is the company's legal support of clients, with signs of banking activity", - says the manager of a foreign bank.

Owners of small states of the sub-fund schemes to choose simpler and cheaper trusts. More precisely, irrevocable discretionary trusts to register which in most jurisdictions is not required. The founder of the trust transfers assets into the possession of the trustee. He has the right to determine the time and amount of payments to the beneficiaries of the trust, which he appoints. In discretionary trust these payments can not be. So far, no payments, the obligation to pay taxes does not arise. According partner Paragon Advice Group Alexander Zakharov, such trusts are often used not only businessmen, but also bureaucraticand.

Formally, transferring assets into an irrevocable trust, a person loses all his fortune. But it's not as if the Trust cheesy. It may be irrevocable only formally - agreed between the trustee, the founder and the beneficiaries can be oral, and include anything you like, including the return of the owner of the assets.

To safely enjoy mock trust, you need to comply with certain conditions. In particular, the administrative center of the foreign companies control (or a family office) must be located abroad. For people with a capital of $ 20 million is not a problem. Many wealthy Russians have their own family offices in Cyprus, Switzerland or Dubai. They conduct official correspondence with banks, corporate administrators, contractors and thus govern income trusts sham. "Instructions from the real beneficiary of such an office receives already closed channel encrypted communication, through personal instruction trustee or during trips abroad", - says partner John Tiner & Partners Valery Tutyhin.

If not careful, Russia onRGANI as a result of the search the office and the staff survey can establish that the Russian person in reality controls the actions of the leaders of a foreign organization. Then, it may recognize the CIC reminded lawyers.

"The most vulnerable point of any scheme to circumvent the law of the CIC - is the absence of sufficient evidence of rationality in terms of business objectives. The aim of the scheme must be sound economic reasons ", - said the head of the tax practice of the legal group" Yakovlev and Partners "Catherine Leonenkova.

In the case of discretionary trusts to avoid responsibility will help amend the law on the CIC (February 2016), which lobbied the owners of large states. Previously, the beneficiary did not notify their participation in the trust only if it is this trust did not know, for example, the founder has not notified him of the appointment of the beneficiary. Now, even if the beneficiary is aware of his participation in the trust, he is not obliged to report it. "Excellent loophole", - said one of the lawyers. As a rule, the founders of the trust are Mrinalnye owners - foreigners not covered by the law on the CIC. Nobody does not prevent them to establish a trust in favor of the real owner, who becomes a beneficiary of the trust. As long as the payment to the beneficiary has not been formally designated, no one will know about it.

Thus, it seems, Anti- offshore campaign failed. At the end of 2015 the Federal Tax Service received 7,000 notifications for participation in the CIC - an order of magnitude less than that could, if Russian citizens honored the law.