Expats or Russians? WE SPEAK THE SAME LANGUAGE. When it comes to discussing your financial goals and objectives. Everyone no matter their nationality wants for their money- simple to understand products, security, return on investments and long term protection
At CGI we provide comprehensive services to our expatriate and Local customers that will help you achieve your financial goals and suit your lifestyle. You can rely on the international expertise of our company for your everyday wealth management needs.
Our clients are from all corners of the world both living and working in Russia and also expats who travel extensively with their work. Whilst your place of work may change your financial investments should always be located in a jurisdiction where they are protected and safe.
Let our consultants discuss with you the best options for your long term lifestyle dreams and make sure your money is available in whichever country you eventual retire
WEALTH MANAGEMENT IN RUSSIA
Generally speaking, you should look for a wealth manager if you think you need help with financial planning. Typically These services range from traditional savings and investment management to inheritance tax planning or asset protection.
Traditionally, Russian clients have been keen to rely on offshore financial services. However, many clients are now seriously considering bringing their funds back onshore, as the Government is making changes to the rules and reporting requirements for Russian Tax payers. Consequently, there is a growing wealth management industry in Moscow, and although there are many Russian companies now offering Financial Advice there are still English-speaking and English Qualified wealth management professionals there.
However It’s best not to overestimate the Russian financial sector. In fact, Russia still does not have the same sophisticated financial markets as Western countries. As a result, offshore investing is still relevant today, provided your offshore state is reliable
Issues for expatriates
Don’t miss out on your compliance requirements upon departure from your home country.
Financial planning complexity increases dramatically when you become an expatriate, as additional cross-border issues must be taken into account. These include, but are not limited to:
- Availability of RUB-denominated assets
- Availability of assets in your home country
- Social security arrangements
- Effects of international mobility on your pension rights
- Your residency status for income tax purposes
- Asset protection
- Foreign exchange exposure
- Inheritance law considerations, and
- Inheritance tax planning.
It is essential to check if your wealth manager is qualified enough to deal with your specific cross-border issues. In particular, it is very important to assess your needs in Russia, as foreign private banks may or may not have the adequate skills to address them.
In addition, departing from your home country may be subject to some paperwork there (e.g. tax compliance, letting your insurer know that you leave, switching to a non-resident bank account, etc.). A wealth manager with knowledge of your home country’s regulations is more likely to be qualified to help you with this.
In all cases, be wary of:
- Language issues
- Cultural differences, and
- How contactable your wealth manager is.