something that we organize with the help of our foreign contacts. We often act for the heirs in succession proceedings and know the practicalities which matter, such as access of heirs to information on the contents of estate and to funding of costs associated with collection of estate, especially if worldwide. We are closely following the ongoing reform of inheritance law in Russia designed to introduce such new succession instruments as foundations, spouses’ joint wills and inheritance contracts.
Sometimes our clients wish to distribute their wealth to family members during their lifetime and we help to structure such disposals. From a Russian law perspective, lifetime gifts to minor children raise particular concerns as subsequent disposals are complicated and at the wide discretion of Russian guardianship authorities, whose involvement is mandatory. Parents often wish to maintain control over the assets gifted, until their minor children reach particular age, and we help to establish relevant structures, such as overseas trusts and foundations. We ensure that these structures are adequate to the value of assets transferred and fully meet the expectations and wishes of our clients. We carefully assess tax implications and relevant regulatory requirements in the jurisdictions involved.
For various reasons, Russian citizens sometimes choose to reside abroad temporarily or permanently – in the UK, Europe or USA. We help to work through any migration issues associated with their move. We engage local advisors and help with submissions for investment visas, residence permits / leaves to remain and applications for naturalization. After a residence document is received, we supervise compliance with any restrictions. In advance of the move to a new jurisdiction, we advise on the tax and regulatory consequences of obtaining a foreign residence.
We help individual clients with planning their estate worldwide, in a wider sense. This includes organizing family finances, structuring distribution of wealth during lifetime and upon death, deal with tax efficiently, with succession instruments or by way of establishing trust-like structures, according to particular needs and objectives. We give full respect to our clients’ wishes and ensure these are followed. Building a personalized estate plan starts with reviewing client’s affairs: we help to set up the goals and assess existing wealth structure. We set a timeframe and ensure that this process does not unreasonably cause delay to the design of a plan and its implementation. We have acted many times for the heirs of intestate wealthy individuals and know what hurdles the absence of a proper estate plan may create. We are able to engage reliable accountants, bankers, real estate agents, investment managers and financial advisors. Life is changing and we help our clients to review their estate plan in line with major life events such as a marriage or a move to a new country, which may require advance planning and steps (such as say remitting clean capital).
The affairs of our clients are international and we are advising on personal taxation of their finance. Even such basic concepts as domicile and residence vary from jurisdiction to jurisdiction and we help to assess and mitigate, where possible, overall tax burden internationally, in close cooperation with our foreign colleagues. We help to structure acquisitions and sales of high value properties worldwide tax efficiently, with specific attention to cadastral-, capital gain- and inheritance-type taxes. We routinely help Russian citizens residing in Russia or abroad to ensure compliance with Russian tax and regulatory rules, including filing foreign-controlled companies and bank accounts notifications, special tax amnesty returns, personal tax returns, dual citizenship notifications. All these become increasingly important since Russia acceded to global system of automaticс exchange of financial information (CRS) and because of traditionally strict interpretation of aw by the Russian tax authorities.
We speak the same language as the banks and investment companies. We help individual clients to assess the legal risks, associated with investing, negotiate mandates and investment declarations, and supervise performance of investment managers. We help to resolve disputes arising from negligent advice of investment managers. We ensure that investment income of Russian currency residents is structured and reported properly, in full compliance with Russian currency control regulations, to avoid the possible imposition of substantial fines.
We are experienced in drafting Russian wills. Certification of a will is mandatory in Russia, and we patiently negotiate unconventional provisions of wills with the notaries. We suggest solutions aimed at preventing disputes between the heirs in the future. We give specific attention to forced heirship rules. With married individuals, prior to setting a will, often a need for a post-nuptial agreement arises and we help with the drafting, negotiation and certification thereof. Succession law and succession proceedings differ from jurisdiction to jurisdiction and it may be desirable to have more than one will in place –