One of the painful consequences of sanctions for Russians is difficulties with opening accounts in foreign banks, in most cases it is impossible to get this once simple service at all; In which countries and in which banks is it still possible to open an account? What is needed for this? How has the situation changed over the past two years? Read our article.
Russian Mir maps are in use in only a few countries, and the number of such states is decreasing due to the risk of secondary sanctions. Since April 2024, they have stopped being accepted in Kyrgyzstan, Kazakhstan and Armenia. The Visa and Mastercard payment systems left Russia in the spring of 2022, and their cards issued by banks of the Russian Federation are invalid abroad. Thus, those who travel abroad or want to use international online services sooner or later have the idea to open an account with a foreign bank.
A separate category is owners or buyers of real estate abroad. In many countries, a local bank account is a prerequisite for a transaction. Owning an apartment or a house without an account is also not realistic – utilities are paid from it, payments from renting can be received if the housing is used for such a purpose.
Today, opening an account abroad for holders of a Russian passport is a “task with an asterisk” even in so–called friendly countries, that is, those who did not impose or support sanctions against Russia.
In the European Union, accounts for citizens of the Russian Federation without a residence permit are not opened almost anywhere. For example, if 2 years ago some Spanish banks were accommodating, for example, Santander, and especially BBVA, now they are also refusing. In exceptional cases, with the assistance of realtors, the banks of Cyprus Hellenic Bank and Bank of Cyprus open accounts. Of course, everything should be perfect with the history of the origin of funds.
It should be noted that many Russians already have a residence permit or even a second citizenship. Residents of the EU or other jurisdictions have the right to open an account with a foreign bank, but restrictions and risks have increased for them as well. One of the requirements when applying for an account opening is to specify all the citizenship and residence permit that the foreigner has. Clients with Russian passports are more carefully checked by the compliance service. Receiving transfers from Russia is a common reason for closing an account. The same applies to replenishing the account in cash, the bank may be alerted even by a small amount.
So, in which countries are banks not so categorical?
In Turkey, Russians mostly became clients of one of the five banks: the state–owned Ziraat Bank, the former “daughter” of Sberbank – Denizbank, VakifBank, as well as Vakif Katilim and Ziraat Katilim. Before the influx of immigrants in 2022, opening an account was a fairly simple matter. But since the second half of 2022, some banks have made it more difficult for foreigners to access this service and began to demand that they put a deposit of $ 3,000 – $5,000 into the account. Those who faced this issue in practice said that even in different branches of the same bank there was no unity of procedure – in some they were refused, and in some they were opened even without a deposit.
The situation has become more complicated since the beginning of 2024. Denizbank has sent notifications to its foreign clients about the need to present a residence permit and permanent residence address in Turkey – otherwise the account will be closed. As of May 2024, Denizbank has completely stopped opening accounts for Russians, even those with a residence permit in Turkey. As far as we know, Ziraat Bank and VakifBank continue to cooperate with Russians and they open new accounts, and the latter sometimes does not even require a deposit. Vakif Katilim and Ziraat Katilim also did not change the terms of interaction.
We also note QNB Finansbank, but there you need to have a Turkish residence permit to register an account.
Banks of Montenegro Russians open accounts, but in most cases this requires a Montenegrin residence permit, an employment contract with a local company or their business in the country, or proof of residence, for example, a driver’s license, utility bills. Some banks open accounts without such conditions, but for a very impressive commission. For example, Adriatic Bank, which has three branches in Podgorica, Tivat and Budva, charges 500 euros for the service. The advantage of this bank is that a ruble transfer can be made to the account, which will be received in euros due to intrabank conversion.
In Bulgaria, banks open accounts only for Russians who have a residence permit of a country or another state in the Schengen area. The exception is Tokuda Bank. You can get a service there without a residence permit. Checking a potential client by the compliance department costs BGN 400 (about 200 euros).
Those who have previously opened accounts in Bulgarian banks continue to use them calmly, the only problems are with opening new ones.
In Serbia The window of opportunity for Russians is wider than in other Balkan countries, although not as wide open as before. Three banks continue to open accounts without problems even without a residence permit: Poshtanska Shtedionica, Alta Bank and API Bank. Poshtanska Shtedionica operates in all fairly large settlements, Alta Bank – in 7 cities, and API Bank – only in Belgrade and Novi Sad.
To open an account, you need two documents – a foreign passport and a “white cardboard” – a certificate of registration with the police at the place of temporary residence. The administrations of hotels, apart-hotels, as well as the owners of private apartments are obliged to issue “white cardboard” to visitors. However, there is a problem here. Usually hotels register their guests electronically and issue tourist “white cardboard” without any seals. Banks, on the other hand, require a document certified by the seal of the police, which the owner of the rented housing can receive only by personally appearing at the branch. Hence the conclusion – it is advisable in advance, before arriving in Serbia, to arrange with landlords to receive a “white cardboard” with a blue police seal.
Obtaining permission to open an account in Serbia sometimes takes several days, otherwise the procedure usually goes smoothly.
To open an account in the UAE, any foreigner must apply for a resident visa – an analogue of a residence permit. It is issued, for example, on the basis of employment or opening a business in the country, as well as investments. The most privileged is considered to be the “golden visa” for real estate investors (in the amount of 545,000 USD), large entrepreneurs and outstanding talents.
It is possible for Russians to issue an account in Dubai, but it is more difficult than before. If a foreigner has a work visa or a work contract, they will easily open an account with any bank.
If the request to open an account is from a person who has received an investor visa or a “golden visa”, the bank will be interested in the origin of funds and transaction history. There will be questions not only about where the money comes from, but also about whether your recipients are under sanctions.
With those who are going to keep a large amount (more than 100,000 or more than 150,000 US dollars), banks are more accommodating. In this case, there is a chance to open a VIP account with a personal manager, and much faster.
Unfortunately, banks have the right not to disclose the reason in case of refusal. To increase the chances of success, before submitting documents, you should contact a consultant who will check them and help prepare them in such a way that the compliance department is satisfied. It is also useful to apply to several banks at once, since no one has canceled the human factor. Do not grieve if you refuse – even the bank that deployed you can make a repeat application after a while.
In Thailand, most banks will open an account for a Russian who has a long-term visa (work, student, pension or any other). But there are several options for those who do not have a residence permit.
The easiest way is to purchase medical insurance at the Bangkok Bank office in the Central Pattaya shopping center at a cost of 6,500 baht (180 US dollars). In gratitude for the purchase, the branch staff can open an account for you. You will need: a passport with a valid visa and a SIM card of a local operator. Of the costs: about 400 baht ($11) will be charged for opening an account and about 500 baht ($14) you will need to put it on it right away.
The second method will require more effort. You apply to the bank with: a Resident Certificate (certificate of registration at the address, it is issued at the immigration office); a long-term lease agreement; a visa valid for another 30 days or more; sometimes also an “affidavit of residence and income” (the certificate is certified by the consular department of the Embassy of the Russian Federation in Thailand).
The third way is for property owners in the country. The bank will request: a copy of the certificate of ownership and the Resident Certificate. If you have just booked an apartment and have not yet taken ownership, it will be enough to provide a copy of the document on the reservation of the object.
The easiest and fastest option is to contact (preferably with a reliable recommendation) an agency that specializes in opening accounts for foreigners. The service will cost about $ 300, and you will only need a passport from the documents. Literally the next day you will already have an account.
In Georgia You can open an account with the Bank of Georgia by contacting one of the branches or by filling out a questionnaire on the website first. In the latter case, you may not come to the country until your electronic application is pre-approved (refusals and requeries of documents occur). Having already received the consent to open an account by e-mail, you will have to fly to the country for 3-4 days, as the further procedure requires personal presence. Two cards will be linked to your account: one is local in lari, the second is international in dollars or euros.
The second popular bank among foreigners in Georgia is Credo Bank. In 90% of cases, he opens accounts for Russians, but only for those who personally applied to the branch. You will fill out the questionnaire on the spot, it is possible in Russian. What you will need: a passport and a SIM card of a Georgian telecom operator. You can link a Masercard or Visa Platinum to your account.
An important caveat is that it is difficult to replenish Georgian cards from accounts in Russian banks – in half of the cases, payments do not go through, and the money is returned minus the commission.
In Egypt The practice of opening accounts for citizens of the Russian Federation is generally opaque. Some banks open accounts, some don’t. Often, acquaintances are needed for the success of an event.
In Kazakhstan, the opening of accounts for Russians has been put on stream. It is convenient that it is still possible to become a client of a Kazakhstani bank without visiting the country specifically. An important condition is to obtain an individual tax number (IIN). It does not commit to anything either in the Russian Federation or in Kazakhstan and is done once. IIN registration is available through the consulate in Russia, but there are rumors that the scheme will soon be complicated by the need for travel.
Most often, Russians choose Freedom Finance Kazakhstan. The bank opens a multi-currency account and issues a Mastercard upon request, which is delivered to your home address in Russia. The card supports outgoing and incoming SWIFT transfers, you can use it to pay for foreign services, pay in stores and withdraw cash abroad.
A card similar in functionality (but monocurrency) can be issued in Mbank (“Commercial Bank of Kyrgyzstan”). The International Bank of Tajikistan (the “International Bank of Tajikistan”) issues a personalized monocurrency card (either dollars or euros), but it does not support outgoing SWIFT transfers. Both in Tajikistan and Kyrgyzstan, remote account opening is available through these banks.
Uzbek banks are also loyal to Russians. For example, you can open an account and order a multi-currency Visa card at Kapitalbank, but you need to come to the country for a few days.
In Armenia almost all banks open accounts and cards for Russians, but only in person at the office. The list of requirements most often includes: a rental agreement for three months or more, sometimes a residence permit, employment in the country or the presence of a deposit (for example, in Armswissbank it is 25,000 US dollars), a certificate of ownership of the apartment. For example, UNIBANK opens an account with a limited set of services using a foreign passport. The limitation is that transfers are only available to and from Russia. The disadvantage of this bank is an unreasonably high commission for account maintenance from the second year of using it. Commission during the first year: from $25 to $310 per year (depending on the type of account). An urgent issue of the card – per day – costs $ 310. In normal mode, the card will have to wait from 3 to 5 days.
If you are not a resident and not a citizen of Armenia, then you will not receive an account with the option of outgoing SWIFT transfers. If you are a resident, then only a limited number of banks can apply.
important! It is necessary to inform the tax service in Russia about opening an account abroad. This is given a month. Tax residents of the Russian Federation (who spend more than 183 days a year in the country) are required to submit an annual report. However, if the amount of money movement in the account does not exceed 600,000 rubles per year, you do not need to declare anything.
Thank you for your help in preparing the material from our experts:
Elena Timchenko, Managing Partner of Royal Home Real Estate (UAE);
Ekaterina Okhilkova, Head of the Expert Agent agency (Spain);
Anastasia Kezik, Marketing Director of Alanya Property Sales Agency (Turkey);
Svetlana Zamotin, Director of the Tradegoria Agency (Montenegro);
Olga Dedkova, Director of Atlas Pro Agency (Serbia);
Denis Babushkin, Head of LETO Real Estate (Thailand);
Kirill Ravchenko, CEO of DOM Real Estate (Cyprus);
Evgeny Prokazov, Sales Director of Bulgaria Avenue Agency (Bulgaria);
Zinaida Mazur, Director of the SunResidence Agency (Egypt);
Elena Dvurechinskaya, Director of ITALCASA (Italy);
Ilona Chick, Company Manager Perfect Invest Hungary Ltd, (Hungary).
Photo: the author, Depositphotos.com .
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