Opening of personal funds will be simplified – Kommersant FM
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The authorities intend to simplify the procedure for creating personal funds. This is an analogue of Western instruments (private funds and trusts), which appeared in Russian legislation in March 2022. With their help, you can manage assets during the life and after the death of the entrepreneur. The Ministry of Economic Development has developed amendments that will simplify the regulation of such structures, RBC has reviewed them. According to the department’s plan, this will speed up the transfer of assets to Russian jurisdiction.
In two years, only 16 personal foundations were created in Russia. They are considered non-profit organizations and are registered with the Ministry of Justice. The Ministry of Economic Development proposes to transfer this procedure under the control of the Federal Tax Service. This will exempt personal funds, for example, from annual reports and unscheduled audits.
Changes can encourage wealthy people to create such structures, says FTL Advisers partner Maria Kukla. According to her, clients showed interest before, but many of them decided to wait until the practice was formed: “We see that many clients considered this prospect with interest, but were not ready to create a personal fund because they did not want to participate in the formation of the practice , including tax. Some were not ready to immediately experience the control of the Ministry of Justice and the reporting process. Many beneficiaries wanted to see how personal funds would be registered.
We have already heard from colleagues that in certain regions they require that a personal fund also include the full names of the founders, and many beneficiaries view a personal fund as a way to separate themselves from assets. Currently, less than 20 personal funds have been created, while there are three times more of them than there were six months ago, that is, before changes were made to the tax code in terms of clarifying the possibilities of separate tax regulation, return of assets and taxation at the level of a personal fund.
The most significant of the innovations is the partial withdrawal from the control of the Ministry of Justice and simplification of reporting. What stopped many was precisely the fact that non-profit organizations are much more strictly regulated both in terms of reporting and in terms of control by the Ministry of Justice than ordinary commercial companies.”
One of the main conditions for creating a personal fund is the transfer of property with a market value of at least 100 million rubles. Another innovation proposed by the Ministry of Economic Development is to give such structures the status of qualified investors. Most likely, many wealthy citizens will find this convenient, says Svetlana Ivanova, senior lawyer, head of the family and inheritance law practice at Alimirzoev and Trofimov:
“People are scared not so much by the registration procedure, because it is still technical, and everyone understands that creating a personal fund takes a long time, if only because its charter and management conditions need to be carefully and in detail worked out. It must indicate to whom and how the property is transferred, and how the income of the personal fund is distributed. It seems to me that the main thing that can stop wealthy citizens from registering a personal fund is the threshold of property that they must transfer; in addition, there are restrictions on activities.
If the changes are adopted and personal funds can be registered as qualified investors, this will undoubtedly expand the scope of their application, since many high-net-worth individuals currently want to contribute their securities to these funds, but they cannot. Or they will simply have to create an additional structure that will own these securities, receive the status of a qualified investor, and the personal fund, as the owner of this structure, will receive dividends and income from activities.”
Last July, the State Duma approved tax breaks for personal funds. In particular, the income tax rate for a structure that is not engaged in active commercial activities was reduced from 20% to 15%.
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