Ministry wants tax regime in Russian offshores to top Cyprus

MOSCOW, Sep 25 (PRIME) -- The Finance Ministry has suggested creating in Russian offshore zones a tax regime that can be more attractive than in Cyprus, Deputy Finance Minister Alexei Sazanov said at a conference on Friday.

“The regime that we are to create in the special administrative regions should of course be more beneficial that the tax regime in Cyprus from January 1, 2021,” he said, adding that taxes for non-public companies in such regions will be attractive, but no lower than 5%.

Deputy Economic Development Minister Ilya Torosov said that dozens of companies are being registered in the regions, and the government will expand opportunities for new residents.

In 2018, Russia approved a package of laws allowing its citizens to re-register offshore companies, which they control, in special domestic administrative regions on Russky Island near Vladivostok and Oktyabrsky Island near Kaliningrad to minimize possible repercussions from foreign sanctions and acquire a status of an international firm.

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