To seduce at any cost: additional concessions are introduced for Russian offshore zones / Izvestia
It will be possible to do business under foreign laws in the special administrative regions.
New concessions will be introduced for businesses operating in the Russian offshore zones on the islands of Russky and Oktyabrsky. The Ministry of Economic Development is preparing the corresponding set of amendments. Those foreign companies that change their foreign registration for a Russian one will be offered an opportunity to do business under the corporate law of the country of their previous registration. Furthermore, the islands are intended to be converted into an international financial centre focusing on the crypto economy. Despite the attractive conditions, one should not expect a large-scale migration of business into the local offshore zone. Only holding structures that have been subjected to sanctions will move there, while companies that are not in international disgrace will not be willing to change their European nationality.
Andrei Gusev, Managing Partner of Borenius Russia, shared his opinion with the newspaper Izvestia regarding additional concessions for Russian offshore zones.