19 October 2009

Russia - 12% p.a. for USD deposits

Banks in Russia now offering 12% p.a. for 18 month deposits. Withholding tax is 35% of the interest over 9%.

However you have to open the account in person or get a representative to do so on your behalf. Also your passport has to be translated into Russian, and then the translation must be certified by a notary. Then you must go to a local municipal or provincial office to get the certified document stamped with an apostille of the Hague. An apostille means the state verifies that the notary is on the official list of those who can certify copies.

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