List of countries where Russians can open a bank account in 2024: Bulgaria and beyond

Opening an account abroad in 2024 is a problem for a huge number of Russians. An account in a foreign bank is needed by those who have moved out of Russia, own real estate, want to sell or buy it. This issue is also relevant for the majority of Russians in Bulgaria. Today Bulgaria Avenue answers the questions of where and how Russian citizens can open an account in Bulgaria and Europe.

Why foreigners need an account in Bulgaria

It is hard to imagine the life of a modern person without a bank account. Having an account is a kind of confirmation that you are a law-abiding citizen with a transparent financial standing.

It is precisely through a bank account that payments for the purchase or sale of a flat or a house in Bulgaria are processed. A Russian seller of real estate cannot present the buyer or the notary with an account in a Russian bank. Due to sanctions, most Russian financial institutions do not work with foreign partners. And those that still have connections are introducing additional restrictions. 

At the same time, no bank can guarantee that a payment will reach the recipient. Because of cross-border restrictions and checks, money can get stuck on correspondent accounts for an indefinite period. In such a case, when selling a flat in Bulgaria, one may end up without both housing and money.

Buyers of real estate in Bulgaria face the same problems. It is more reliable to keep money in a Bulgarian account. 

Which bank in Bulgaria should a Russian citizen open an account with

Most Bulgarian banks refuse to open accounts for Russians. This applies primarily to those Russian citizens who do not have a residence permit, permanent residence or long-term residence permit in Bulgaria. For them, the account issue is extremely pressing, since without one it is impossible to obtain a residence permit.

It is still realistically possible to try to open an account at Tokuda Bank, Investbank and Bulgarian American Bank. To open an account you need to visit a bank branch, present your international passport, a copy of your Russian tax identification number (INN) certificate, fill out an application form and pay a fee ranging from 50 to 200 euros. Processing of the documents takes from 7 to 14 days. During the process additional questions may arise that must not be ignored. Unfortunately, these banks do not grant a positive decision to everyone, and the fee is not refunded in that case.

Russian citizens with the right to temporary, long-term or permanent residence can open an account at DSK Bank, Fibank and Bulbank. The procedure is identical. The fee at these financial institutions is usually lower.

The document processing period is up to 14 days. 

When opening an account, it should be borne in mind that if it is not used — i.e. if there is no regular, transparent income and current expenses — it may be blocked. This can also happen in the event of receiving a large sum from Russia or from an unknown source.

To prevent the account from being blocked, it is important to regularly update your personal information. To go through this procedure, it is enough to come to the bank with current documents — international passport, residence permit card, long-term residence card or permanent residence card.

Other countries where citizens of the Russian Federation can open an account

Russians have recently been experiencing difficulties opening accounts all over the world. 

Besides Bulgaria, it is still possible to become the holder of a foreign account in Cyprus, Serbia, Turkey, Armenia, Montenegro, Georgia, Tajikistan, Kyrgyzstan, Kazakhstan, Uzbekistan, Egypt, the UAE and Thailand.

These accounts can be used to pay utility bills, the maintenance fee in Bulgaria, and to receive payments when selling a flat or renting it out.

If you have decided to buy or sell property in Bulgaria, contact the Bulgaria Avenue agency. We will not only help you choose an apartment or find a buyer, but will also advise you on matters related to payments and the preparation of documents.