Bloomberg: Fearing nationalization, Russia’s oligarchs are moving their wealth home | Business

According to one of them, they are forced to conduct their business only in Russia and try not to think about the possible risk of asset confiscation. Another businessman who was sanctioned and repatriated his assets noted that he and his family will now build a new life in Russia.

The agency clarifies that Cyprus and Switzerland, after the beginning of the Russian invasion, introduced a ban on the provision of management services for family foundations whose founders or beneficiaries are Russian citizens.

Other wealthy Russians are seeking to move their funds to “friendly countries” such as the United Arab Emirates, but most of the billionaires under sanctions have chosen to move their wealth home.

Since there is no inheritance tax in Russia, authorities have long tried to encourage wealthy Russians to repatriate their wealth. in 2022 In the Russian Federation, private foundations have started to be created, which allow the transfer of property to heirs. From 2022 Since the beginning of the year, when the law came into force, about 30 such funds have been created, the last of which appeared in May.

According to Roman Margulis, managing partner of ASB, a consulting group that helps establish such funds in Russia, his company has recently been receiving 10-15 requests per month, with the total number of requests increasing significantly over the past two years. However, only a few clients opened their funds after the consultations, notes Margulis.

The combined wealth of the 26 Russians included in Bloomberg’s list of billionaires is estimated to be around 350 billion. dollars. The average age of these people is 63 years, and most of them are planning how to pass their wealth to their heirs.