In 2020, a new list of countries (territories) that do not exchange tax information with Russia will enter into force. This list is approved by the Federal Tax Service, it includes countries with which the Russian Federation does not have a double tax treaty, or the agreement has not yet entered into force. The next version of the document will become relevant from January 1, 2020. Two changes will occur in the new year - the Federal Tax Service excludes two states from this list.

Panama and San Marino will be delisted. The Russian Federal Tax Service recognizes these jurisdictions as safe for Russian business. The relevant order has already been published on the official website of the Federal Tax Service. Thus, financial cooperation with Panama is considered safe for companies from the Russian Federation, and does not carry the risk of problems due to double taxation.

The exclusion of Panama from the list is very important, since this jurisdiction is considered one of the most popular offshore companies for registration with Russian companies. According to Rosfinmonitoring, about 4,000 legal entities in Panama are of “Russian origin”. In terms of popularity in the Russian Federation, Panama ranks second after the British Virgin Islands.

Law firm Law&Trust offers clients the registration of offshore companies in Panama and in other jurisdictions with attractive tax conditions. We register companies remotely and provide turnkey services. Addressing to our lawyers, you will receive a ready-made company in a few days.