Russia Announces Offshore Amnesty

Zero Hedge

Perhaps the most notable announcement by Putin was that Russia would provide a "full amnesty" for holders of offshore funds, in a push to repatriate some of the $125 billion in capital that is said to have left the nation in 2014. To entice Russia billionaires to keep their cash in Russia Putin reminded everyone how hostile the west could be toward Russian money, using the Cyprus bail-in as an example. To wit:
 
I announce a full amnesty for capital returning to Russia, and i repeat, a full amnesty. What does that mean? Those people who fully legalize, fully bring back their capital to Russia, should be protected from being dragged to various law enforcement agencies, and from having to prove where they got their money from, and from being exposed to criminal investigations.
 
We need to reverse the history of capital flight from our country, we need to end this era.... We have already done a lot of work to improve our investment climate, and now we need to turn to implement that legislation.
 
Do Russians want to be "ripped-off abroad" once again when the next Cyprus takes place? Their best choice is to return to Russia, Putin added.
 

Tags: russia, cyprus,