New Rules for Transferring Deposits of Deceased Russians to State

Vladimir Putin signed a decree simplifying the procedure for transferring bank deposits and accounts with precious metals of deceased citizens without heirs to state ownership. The new rules apply to accounts whose owners died more than five years ago, were removed from tax records, and no inheritance cases were opened.

Now the state will no longer need a certificate of right to inheritance to register these assets. The Federal Tax Service (FTS) will annually compile a list of deceased citizens and their accounts, the first of which must be prepared by December 1 this year.

Upon receiving an official request from Rosimushchestvo, banks are required to transfer funds to a single treasury account within 15 business days. Foreign currency deposits are converted into rubles at the bank's exchange rate at the time of the transaction, while the value of precious metals is calculated according to the terms of concluded contracts.

Legislation provides for a mechanism to protect the rights of potential heirs. If a relative comes forward later and restores the deadline for accepting the inheritance through court, they can receive from the budget the amount previously transferred to the state by the bank. However, the standard provisions of the Civil Code on the return of inheritance will not apply in this situation.

• The decree applies to ruble and foreign currency deposits, as well as accounts with precious metals
• The owner of the account must have been dead for more than five years
• No inheritance case was opened, and the citizen was removed from tax records
• The FTS compiles an annual list of such accounts; the first list is due by December 1