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Generally speaking, you should look for a wealth manager if you think you need help with financial planning. A financial institution is prone to offer you more sophisticated services as you get wealthier. These services range from traditional lending or investment management to inheritance tax planning or asset protection.
Feel free to consider a fee-based pricing structure, rather than a commission-based one. If you are really wealthy, the former may well land you with much better returns.
Traditionally, Russian clients have been keen to rely on offshore financial services. However, many clients are now seriously considering bringing their funds back onshore, as the Government is looking forward to making Moscow a true financial centre. Consequently, there is a growing wealth management industry in Moscow, and it is largely possible to find English-speaking wealth management professionals there.
It’s best not to overestimate the Russian financial sector though. In fact, Russia still does not have the same sophisticated financial markets as Western countries. As a result, offshore investing is still relevant today, provided your offshore state is reliable enough (Cyprus wasn’t).
Issues for expatriates
Don’t miss out on your compliance requirements upon departure from your home country.
Financial planning complexity increases dramatically when you become an expatriate, as additional cross-border issues must be taken into account. These include, but are not limited to:
It is essential to check if your wealth manager is qualified enough to deal with your specific cross-border issues. In particular, it is very important to assess your needs in Russia, as foreign private banks may or may not have the adequate skills to address them.
In addition, departing from your home country may be subject to some paperwork there (e.g. tax compliance, letting your insurer know that you leave, switching to a non-resident bank account, etc.). A wealth manager in your home country is more likely to be qualified to help you with this.
In all cases, be wary of:
Sections in FINANCIAL CONSIDERATIONS IN RUSSIA:
» Money Transfers for Expats in Russia
» Foreign Exchange for Expats in Russia
» Banking for Expats in Russia
» Pensions for Expats in Russia
» Investment for Expats in Russia
» Wealth Management for Expats in Russia
» Property Investment for Expats in Russia
» Insurance for Expats in Russia
We value input from our readers. If you spot an error on this page or have any suggestions, please let us know.
If you are considering moving to Russia or are soon to depart, you can find helpful information and advice in the Expat Briefing dedicated Russian section including; details of immigration and visas, Russian forums, Russian event listings and service providers in Russia.
From your safety to shopping, living in Russia can yield great benefits as well as occasional drawbacks. Find your feet and stay abreast of the latest developments affecting expats in Russia with relevant news and up-to-date information.
Working in Russia can be rewarding as well as stressful, if you don't plan ahead and fulfill any legal requirements. Find out about visas and passports, owning and operating a company in Russia, and general Russian culture of the labour market.
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