Individuals need to timely report on the movement of money in foreign accounts for 2023

Individuals — residents of Russia who have accounts (deposits) in a foreign bank or make money transfers without opening a bank account using electronic means of payment provided by foreign payment service providers must annually report about such accounts (deposits) to the tax authorities at their place of its accounting, a report on the flow of funds and other financial assets of a resident individual on an account (deposit) with a bank and other financial market organization located outside the territory of the Russian Federation, and on transfers of funds without opening a bank account using electronic means of payment.

It is necessary to timely submit a statement of cash flows in foreign banks for 2023 by June 1, 2024.