At the end of December 2015, the Bank of Russia sent to foreign credit institutions representative offices explanation and recommendations on registration of work permits for their foreign employees.
The Bank of Russia confirmed the need of work permits for foreign employees of credit institutions representative offices on the grounds stipulated in the Federal Law as of July 25, 2002 N 115-FZ "On the Legal Status of Foreign Citizens in Russia".
The only exception is the procedure of employing foreign workers based on reciprocity - in accordance with international treaties of Russia, suggesting mutual exemption of the accredited representatives and (or) their accredited professionals from obtaining permits for work. Such professionals include highly qualified specialists as well.
Moreover, foreign citizens coming for work in Russian representative offices of foreign commercial organizations, registered in WTO member countries, may obtain work permits disregarding quotas for the period of such work (but not more than 3 years - with the possibility of multiple prolongation).
The Bank of Russia recommends chiefs of foreign credit institutions representative offices accredited by the Bank of Russia, to process work permits for their foreign employees and inform the Bank of Russia on obtaining these documents in the statement of the representative for the I half of 2016 within the shortest possible time.
More information is available here.
For additional information, please contact consultants of Confidence Group.
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