Vladimir Putin calls on national businesses to return their capital and assets to Russia. Russian yacht owners may bring their yachts back into domestic jurisdiction following a call to national businesses by President Vladimir Putin to return their capital and assets to Russia from offshore zones and foreign countries.
Amendments to the national Tax Code were recently approved by Russian Parliament (State Duma), which should create conditions for the return of Russian capital and assets into national jurisdiction.
Vladimir Putin comments: “We need to say which properties and assets are owned by whom, to turn the page and move forward, as our goal is to create a transparent economy.”
So far, the majority of Russian yacht owners have their boats and yachts registered outside the country – mainly due to tax issues and reluctance by local businesses to disclose information about their property and assets. However, there is a possibility that much will change in the near future.
It is planned that the return of yachts and boats into domestic jurisdiction will also be helped by the recent proposal of an amnesty on capital.
According to analysts of the Russian Ministry of Industry and Trade, another reason for the re-registration of yachts and other assets into domestic jurisdiction are sanctions imposed on Russia and some of the country’s top officials and businessman, the majority of whom have their own yachts that are usually registered abroad.
Amid the existing threat of a freeze and arrest of their assets in Western countries, a significant number of them are considering the possibility of returning their assets to Russia. If this becomes a reality there is likely to be a few berths for sale in the Med!
By Eugene Gerden
