The Russian government looks set to ban the ownership of overseas property by state officials and civil servants.
The first draft of the bill which has now passed by the State Duma (Russia’s lower house) bans officials and their families from owning property abroad. The ban is part of an anti corruption initiative which also prohibits the use of foreign bank accounts.
Civil servants who already own property abroad will be forced to sell it by June 1st 2013. Officials keen to own a home abroad will have to leave their posts and will not be able to to buy until three years after leaving office.
The bill proposes fines of 5 to 10 million roubles ($125,000 to $250,000) or up to a five year prison term for violations. A recent poll suggests that 63% of the population support the measures.
Read the full article at www.globaledge.co.uk
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