Deposit Amount to Obtain a Residence Permit in Moscow

As always, we will try to answer the question “Is it possible to confirm a residence permit with a bank statement 2021.” You can also consult with lawyers for free online directly on the website without leaving your home.

3 Personal income tax is done when a person wishes to report on his income acquired outside of official work. This could be profit from selling a valuable item, renting out a home, winning the lottery, receiving an inheritance, etc.

In the case of a migrant who needs to confirm income for a residence permit, you can proceed like this. A person contacts the tax office and reports that he wants to declare income, for example, from the sale of an expensive item or from a large sum of money received as a gift (they will not check the source of the money). A special form is filled out and submitted to the Federal Tax Service inspector.

Bank deposit to obtain a residence permit: how much money to have in the account

When applying for a residence permit, income can be confirmed by a deposit, but this method has its own nuances. The Regulations explicitly state that a foreigner has the right to use a deposit certificate to prove the availability of funds for living.

Thus, whether such a document will be accepted by the Main Migration Department of the Ministry of Internal Affairs or not will depend on the loyalty of the employees. But, as practice shows, they are more picky about this issue when it comes to temporary residence permits. When applying for a residence permit, it is important to show that you have any money at all.

You can obtain a document of this order at your place of work. Its official name is form 2-NDFL. You can’t just write it by hand in free form. The migration service will only accept a strictly established format.

What can confirm the source of income

At this stage, financial confirmation of your stability is also mandatory. It is on the basis of this document that the migration service comes to the conclusion that it makes sense for the applicant to continue to be in the vastness of the Russian Federation. Moreover, the lack of evidence of the required income or its insufficient amount may become grounds for cancellation of the residence permit.

As such a document, you can provide wages for the entire year of stay in Russia using the standard 2NDFL form, a pension certificate that confirms income in the form of pension accruals, as well as a certificate of benefits received.

Ways to verify source of income

The certificate must show that the foreign guest has the ability to fully support himself. RF PP No. 91 establishes a list of receipts that can be considered a person’s income. When calculating earnings for one month, the following are taken into account:

Annual notification on residence permit

When a foreigner crosses the border of the Russian Federation and is in the country legally, the first thing he must do is contact the migration service to register. The migrant must decide on his decision to stay in Russia during his legal residence. Upon expiration of the period, the foreigner must leave the country or collect the necessary documents to obtain a residence permit.

a certificate in form 2 personal income tax received from the employer,
declaration 3-NDFL,
a statement of the amount of personal savings in a bank account,
other documents indicating the source and amount of the foreigner’s income.

What amount should be in the account for a residence permit in Moscow

Who is exempt from income verification Foreigners of retirement age, full-time students and disabled people are not required to report on their financial situation. They only need to submit an annual notification confirming the coincidence of their place of residence and place of registration. Current issues There is no point in doing this, because the total amount will still be divided between two family members. Feel free to deposit money into your account and take a statement. Together, you will receive a sufficient basis to confirm your financial solvency. It is necessary and possible to supplement one proof with another. Let's sum it up Dear migrants! We understand perfectly well how difficult it is in the first years in a foreign country to find a decent official job that will provide for you and your family members.

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I still haven’t received my salaries for March and April, as well as settlements. read answers (1) Topic: Amount in the account to obtain a residence permit in the Oryol region. What amount should be in the account to obtain a residence permit in the Oryol region? read answers ( 1) Subject: BusinessHello! Tell me what amount should be in the account to obtain a residence permit in the Moscow region today? read answers (2) Subject: Receiving Hello! What amount should be in the account to obtain a residence permit in Moscow? read answers (2) Topic: Residence permit without citizenship To obtain a residence permit, is it enough to have an account with the amount of the annual subsistence minimum? The person works, but not officially. read answers (1) Unified Telephone Legal Service Legal advice on any legal issues.

When is income verification required?

The stage of confirming financial stability is mandatory in the future, when a foreign citizen sends an annual notification of residence in the Russian Federation to the migration service. Based on financial documents proving the availability of income, the official will extend the residence permit, or decide on cancellation if financial resources are insufficient.

What can confirm the source of income for a residence permit in 2021

A large list of categories of persons with foreign citizenship staying in the Russian Federation in 2021 can confirm their financial income when submitting an application for a residence permit by submitting a declaration in the set of documents in form 3-NDFL. The document will be accepted at the migration service from

The information provided by the migrant also indicates the time of his stay in another state. If such periods are longer than in the Russian Federation, suspicions arise that a person has received privileges from two states at once.

Certificate of availability of a bank deposit when submitting documents for a residence permit

According to the Federal Law “On the Legal Status of Foreign Citizens in the Russian Federation”, a foreign citizen temporarily residing in the Russian Federation, within two months from the date of expiration of the next year from the date of receipt of a temporary residence permit, is obliged to personally or using public information and telecommunication networks, in including the Internet, including a single portal of state and municipal services, submit to the territorial body of the federal executive body in the field of migration at the place of receipt of a temporary residence permit a notification confirming your residence in the Russian Federation, attaching a certificate of income, a copy of a tax return or other a document confirming the amount and source of income of this foreign citizen for the next year from the date he received a temporary residence permit.

Certificate of availability of a bank deposit indicating the account number and deposit amount for obtaining a residence permit. Hello, please tell me a few things about this deposit: - Do I need to put 12 subsistence minimums into the account or can I have another amount that is not enough for my salary? — do you need to deposit money immediately after receiving the temporary residence permit? Or you can apply for a residence permit before going.

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How to report income to the migration service

This kind of report is intended to confirm the fact that the owner of the residence permit is staying on Russian territory, that he has a place of residence and a permanent and, most importantly, legal source of income. In addition, employees of the Main Directorate for Migration Affairs of the Ministry of Internal Affairs check how many times and for how long the applicant crossed the Russian border.

Is a bank statement suitable for confirming a residence permit?

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If a foreigner decides to use a bank statement with an interest-bearing deposit as proof of his financial situation, then the amount received must be higher than the minimum earnings threshold established for obtaining a residence permit. The certificate must not only indicate how much money is currently in the account, but also how much income it generates during the reporting period.

Annual notification on residence permit

This type of reporting is an application from a foreigner, where he enters all the information regarding the income that was received during the reporting period. The reporting form is established by Russian legislation. The declaration is submitted to the tax service, where the service makes a decision on the amount of tax that should have been paid.

You will learn more about how a residence permit is confirmed in 2021, as well as where and when to submit a notification of residence permit, from our article. In addition, on this page you can also learn how to correctly fill out a notice of confirmation of residence, confirmation of a residence permit in the Russian Federation and see a sample of its completion.

Latvian bank deposit + European residence permit, as an alternative to a Cyprus bank account

Dear readers of the Internationalwealth.info portal, in this article I want to bring to your attention a possible option for where to go from sinking Cyprus. Or more precisely, tell you about the possibility of obtaining a residence permit in Latvia and Europe through a bank deposit if you decide to transfer part of your savings from Cyprus to Latvia.

We work with three banks in Latvia, which you will like for their conditions, deposit rates and the opportunity not only to keep your deposit in a country whose credit rating has recently been raised by Moody's by one step, but also to obtain a residence permit in Europe. While many are upset, the authors and consultants of Internationalwealth.info are working to create worthy offers for everyone seeking to find a replacement and alternative to personal and corporate bank accounts opened on the island of Cyprus. When you are looking for ways to turn lemon into lemonade, you find such options as replacing a Cyprus account, such as transferring part of the funds to Latvia and obtaining a residence permit in Europe in addition.

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personal bank account abroad for individuals with a deposit of €5000+ from a banking expert with 7+ years of experience.

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Beautiful Latvia, it beckons you with the spring scent of purple heather and the gentle murmur of the Baltic Sea. But what else can Latvia provide you with besides beautiful nature? Freedom of movement in all EU countries, or rather a residence permit in Europe.

A temporary residence permit in Latvia can be obtained by both investors and their family members (spouses, minor children and persons who are under the guardianship or care of the investor). In Latvia, there are several options for obtaining a residence permit for a period of 5 years:

A. Placement of a subordinated deposit in a bank.

This method is the simplest. To obtain a residence permit, you need to place a subordinated deposit in a bank equal to 280,000 euros or the equivalent in USD at the current rate of the Bank of Latvia for a period of at least 5 years.

To do this, you need to become a client of the Latvian bank. We recommend that you read the following articles, where you can get acquainted with Latvian banks in more detail:

Remote opening of a corporate account in the Latvian bank Rietumu banka

Remote opening of a personal account in the Latvian bank Rietumu

Opening a personal or corporate account remotely in the Latvian bank ABLV Bank

Remote opening of a corporate account in the Latvian/Cyprus Baltikums Bank

LLC from Nevis and remote opening of an account for this classic offshore company in the Latvian/Cypriot bank Baltikums

If you would like to place funds on a fiduciary deposit, then the most suitable choice for you is Baltikums Bank, since this bank provides very favorable rates on deposits:

Fiduciary or secret deposits in a Latvian/Cypriot bank for confidential execution of complex transactions.

Transfer funds to a bank account
Sign an agreement with the bank on placing a loan
Obtain a certificate from the bank about the availability of a subordinated loan

Among the Latvian banks, for high-quality registration of a residence permit in Latvia, we can recommend you Rietumu Banka AS - this is a bank with a long favorable history, which is famous for its business professionalism in working with its clients, as well as attractive tariffs for the services provided by the bank.

B. Purchase of real estate on the territory of the Republic of Latvia

The value of the property in accordance with the purchase and sale agreement must be:

Not less than 143,000 EUR if the property is located in Riga, major cities of Latvia or the Riga region.

At least 72,000 EUR if the property is located in the regions.

The cadastral value of the property on the date of acquisition is:

At least 43,000 EUR if the property is located in Riga, major cities of Latvia or the Riga region.

At least 14,000 EUR if the property is located in the regions.

If the cadastral value of the property is less than indicated, then it must correspond to the value indicated in the assessment of a certified appraiser.

The property must be purchased from a legal entity registered in Latvia, or from an individual who is a citizen of Latvia or any other EU country, or a citizen of another state who resides in Latvia with a valid residence permit.

Attention! From September 1, 2014, new amendments to the immigration law will come into force and the minimum investment amount in real estate will be 250,000 euros. The cadastral value of the property will have to be 80,000 euros. If the cadastral value is lower, then it is necessary to present a real estate valuation of at least 250,000 euros. The division into regions and cities of republican significance will also be abolished. Investments can be made in one real estate object, rather than several objects, the total cost of which reaches the minimum investment amount. Also, when submitting documents for a residence permit, you will need to pay a one-time fee of 5% of the transaction amount

These amendments do not apply to those who registered property rights to real estate before August 31, 2014.

B. Investments in business in Latvia

You can obtain a residence permit if you have invested in the authorized capital of a company (the number of employees is at least 50 people or the annual balance is at least 9,900,000 euros): Contribution is at least 36,000EUR Taxes paid to the state treasury are at least 20,000LVL 28,000 EUR per year
Investments in the authorized capital of any other company in the amount of more than 143,000EUR

For this option, we have a ready-made turnkey solution, which is associated not only with business in Latvia, but also in Germany. Intrigued? Read the article - Residence permit in Latvia for the whole family

The process of obtaining a residence permit in Latvia consists of several stages:

1. You, as an investor, need to contact the consular mission of the Republic of Latvia (Outside the Schengen area) and present the following documentation:

Valid passport
A completed application form of a specific sample
Photograph
Certificate of no criminal record
A document confirming the provision of the required subsistence level in Latvia for a period of one year (certificate of bank account status): “Loan” for an adult in the amount of 280 euros/month, for a child in the amount of 170 euros/month (for each)
“Real estate” investor - 850 euros / month, spouse - 280 euros / month, children - 170 euros / month (for each)

A document confirming the intended place of residence in Latvia (for example, a Land Register certificate, a residential lease agreement, etc.)

Document confirming payment of state duty

A certificate from the bank confirming the investment in subordinated capital or a document certifying that payment for the purchase of real estate has been made.

After you provide all the documentation, the consular mission sends the submitted documents to Riga, to the OCMA (Department of Citizenship and Migration Affairs). You, as an investor, can be invited to Riga for an interview.

2. The next stage consists of reviewing documents by government agencies.

The deadlines for reviewing documentation by the Office of Citizenship and Migration Affairs will be:

Number of days Duty (EUR) 5 working days 310 10 working days 240 30 calendar days 100

These deadlines may be extended in case of consideration of an application from non-residents from “black descent” countries.

3. The next stage in the process of obtaining a residence permit is your arrival in Latvia as an investor.

The Office of Citizenship and Migration Affairs makes a decision to issue you a residence permit and sends this confirmation to the diplomatic or consular mission of the country from which the documents were submitted. The validity period of the adopted decision is 3 months. During this period, you need to arrive in Latvia and officially receive a document confirming your residence permit. If you do not arrive in Latvia to receive the document within the above period, the entire procedure will be canceled and you will have to go through the entire process again. It is worth noting that the foreign mission issues you a one-time visa to visit Latvia.

4. The fourth stage is the process of obtaining a formalized document for a residence permit.

Upon arrival in Latvia, you must obtain a certificate from a Latvian medical institution stating that you do not have active tuberculosis. After receiving the certificate, it must be submitted along with the health insurance policy to the Office of Citizenship and Migration Affairs. At the end of this procedure, an employee of the Office of Citizenship and Migration Affairs will issue you a document confirming your residence permit.

5. Annual registration for renewal of residence permit in Latvia.

To renew your residence permit in Latvia, you, as an investor, must submit the following documentation to the Office of Citizenship and Migration Affairs 30-90 days before the expiration of the residence permit registration period:

Valid passport
Valid health insurance policy
A bank certificate confirming that the agreement on the basis of which the contribution to the subordinated capital was made has not been terminated (if the residence permit was obtained under the “loan” program)
A document confirming the absence of arrears in paying real estate taxes (if the residence permit was obtained under the “real estate” program)
Certificate of income

If the annual registration is not completed on time, the residence permit in Latvia will be cancelled.

By the way, if we remember again about Cypriot deposits, we can compare the process of obtaining a residence permit in two European countries such as Latvia and Cyprus.

If we compare the Latvian process of obtaining a residence permit, it is slightly different from the process in Cyprus. In order for a Russian or Ukrainian to obtain a residence permit in Cyprus, he needs:

purchase property for residence in Cyprus worth at least 300,000 EUR, when in Latvia he can pay only 72,000 EUR for the purchase of property (until August 31, 2014) and obtain a residence permit. After this, this condition will be almost the same.
have personal deposits in Cypriot banks, deposits of private companies owned by him or trust property (being a shareholder) in the Republic of Cyprus in the amount of at least € 15 million for a period of 5 years, when in Latvia for the same period, you can place a subordinated loan in bank of Latvia in the amount of at least 280 euros.
establish a company or companies which are managed or located in the Republic of Cyprus and which, during the last 3 years preceding the year of application, have made payments to the Cyprus economy in the form of income tax / VAT. and/or in the form of remuneration for the acquisition of business services (legal, accounting, auditing, banking, etc.) on average of at least € 500,000 per year, when in Latvia you will need much lower costs by investing in the authorized capital of the company company 143,000EUR or made a contribution of at least 36,000EUR or paid taxes to the state treasury of at least 28,000EUR per year.

More detailed information about obtaining a residence permit in Cyprus can be found in our portal Internationalwealth.info or at the link below:

How to obtain a residence permit in the Republic of Cyprus?

The costs for obtaining a residence permit in Latvia are much lower, but the effect is the same. Latvia will open a financial route to Europe for you, and you will be able to safely move throughout the Schengen area without any visas. If you have decided to purchase a residence permit in Latvia, please contact us for more detailed information and professional advice by email: [email protected] We advise you to think about Latvia as a country in which you can obtain a European residence permit by transferring part of it here of its assets from Cyprus.