Russians seek safety as de-offshorisation and sanctions bite
When it comes to wealth management in Russia, a huge proportion of the work going on for ultra-high net worth individuals is focused not so much in Russia, but on transferring assets outside of the jurisdiction.
Whether moving wealth or seeking residency elsewhere, many of Russia’s richest people spend a lot of time looking for opportunities outside their home country.
Moving money overseas is not a new phenomenon, and nor has it gone unnoticed by the Kremlin. A year ago, the government passed its so-called de-offshorisation legislation, aimed at flushing Russian companies and UHNWIs out of foreign jurisdictions and tightening reporting requirements such that offshore income becomes subject to Russian taxation.
It is a revenue-raising mission that comes at a tough time for the Russian state, with Western sanctions starting to bite following hostilities over Ukraine, more recent political tensions with the West over Syria, falling oil prices and a plummeting currency.
Evgenia Martin, a senior Russian tax specialist at the law firm Boltenko Law, Zurich, who is focused on advising wealthy Russians, says the country’s UHNWIs are reacting in one of three ways to the clampdown: some are reorganising their affairs to become compliant, some are doing nothing, and “others are saying ‘it’s becoming so difficult to operate in Russia. We don’t want to disclose, we don’t want to be open.” So they are looking for a way to become a non-Russian resident or to change their wealth structures, so that either someone else becomes the main holder of their wealth, or they leave Russia.
Why are many wealthy Russians moving their assets abroad?
Many Russian ultra-high net worth individuals (UHNWIs) continue to move assets abroad to reduce geopolitical and economic risk, access more stable markets, and protect their wealth in jurisdictions with stronger legal protections and financial infrastructure.
Which countries are now most popular for Russian UHNWIs seeking residency or citizenship?
Since 2022, traditional destinations like the United Kingdom and Cyprus have become less accessible. Wealthy Russians are increasingly choosing:
United Arab Emirates (especially Dubai) — offering favourable tax conditions and investor-friendly residency options.
Turkey — real estate-linked residency schemes remain popular.
Serbia — has granted citizenship to several wealthy Russians in recent years.
Georgia and Armenia — attractive for proximity, low bureaucracy, and easier residency rules.
Latin American countries such as Argentina, Brazil, Uruguay, and Paraguay — emerging as alternatives with relatively flexible entry and residency pathways.
Which countries have become less accessible for wealthy Russians?
United Kingdom — closed its investor visa route and tightened scrutiny of Russian-linked capital.
Cyprus — ended its golden passport scheme.
European Union more broadly — many member states have restricted or suspended investor visas for Russian nationals since 2022
