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FINANCIAL TROUBLE FOR RUSSIANS

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More than a hundred Russians living in Spain have had their bank accounts frozen

German news sources reported this week that more than a hundred Russians living in Spain have had their bank accounts frozen, on account of them not being able to explain the source of their income.

The action was carried out under laws that oblige foreigners to disclose financial information, which came into force in 2010, whereas foreigners have to declare assets and real estate outside Spain if it is worth more than 50,000 euro.

The Spanish authorities can freeze the accounts of those who fail to submit documents within a specified period of around three months, as well as issuing a fine of up to 10,000 euro.

It is believed that many Russians were too scared to request the required documents from their native country which would testify to the legitimacy of their income for fear of reprisals.

Filed under: http://www.theleader.info/article/46938/

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