Transferring money from Sberbank to an account in a Georgian bank is not simply a funds transfer operation abroad. From a tax perspective, it is the opening of an account in a foreign bank, which entails serious reporting obligations. If you live in Russia and have transferred money even once to your card in Georgia, you are a currency resident obligated to report to the Federal Tax Service.
How the tax authorities find out about your foreign account
Many believe that Georgian banks do not cooperate with Russian tax authorities, making it impossible to detect transactions. This is a dangerous misconception. Sberbank and other Russian banks are foreign exchange control agents, obligated to record every transfer abroad and transmit information to the Federal Tax Service. The data does not come from Georgia, but directly from your Russian bank, making it impossible to conceal the transaction. Georgia is not on the list of countries participating in automatic exchange of financial information, which means even stricter reporting requirements for you.
Three obligations of a currency resident
Legislation (Federal Law No. 173 "On Currency Regulation and Currency Control") establishes three key requirements for the owner of a foreign bank account:
- Notify the tax authorities of the account opening within one month from the date of opening through the personal account on nalog.gov.ru
- Submit annually before June 1 a report on movement of funds (RMF) — for Georgian accounts this is mandatory regardless of transaction amount
- Ensure that all deposits are made in permitted ways — Georgia, not being part of the EAEU, has a limited list of permitted operations
Penalties for violations
Failure to comply with these obligations entails significant fines. For failure to report account opening, a fine of 4,000 to 5,000 rubles is threatened. For a late or improperly completed report — from 300 to 3,000 rubles for late submission and from 2,000 to 3,000 rubles for errors in the form. But the most serious risk lies in the third requirement: if money is received in a manner not included in the list of permitted methods, this is considered an illegal currency transaction, and the fine is 20–40 percent of the amount of each transfer. On large turnovers, this means tens of thousands of rubles for each transaction.
That is why it is important not just to transfer money, but also to ensure that the deposit method is on the permitted list. In case of any doubts, you should consult with a tax specialist.
When there are no obligations
Important exception: if you transfer money to someone else's card — for example, paying for a service or transferring funds to a relative's account — no obligation to notify the tax authorities arises. You must report only for accounts and cards opened personally in your name. Someone else's account is the responsibility of its owner.
What to do if you already have a Georgian account
If you have opened a card in a Georgian bank, follow this scheme: check whether you have submitted notification of account opening (if not, submit urgently in the personal account on nalog.gov.ru); prepare a report on movement of funds and submit it before June 1 of the current year; for each deposit, clarify whether it is included in the permitted list of operations. Resolving this issue in advance will cost you much less than paying a fine of up to 40 percent of the amount later.