Brokerage accounts, IIS-3, and foreign assets: tax logic for private investors in Russia in 2026

Fees, taxes, and inflation are an inevitable part of the investment process. They cannot be eliminated completely, but it is possible to understand how they work and avoid unnecessary payments where the law provides legitimate ways to reduce the tax burden.

That is the focus of this article. We will not examine dubious schemes or methods of tax evasion – instead, we will focus on a clear understanding of tax mechanics for a private investor in Russia: who withholds tax and at what point, which benefits are truly effective, which documents need to be kept, and where the line lies between legal tax planning and risky financial structures.

The previous version of this article, published on the Finversia portal in 2020, was written in a different tax environment. Since then, significant changes have taken place:

• IIS reform. From January 1, 2024, a new type of Individual investment account was introduced – IIS‑3. It works differently: the term has changed, the rules for granting deductions have been revised, and the scope of taxation has changed. The previous IIS types (A and B) remain only for accounts opened before December 31, 2023 – as a transitional regime. They cannot be combined with the new IIS-3 regime.

• New personal income tax rates. Since 2025, a five-step progressive tax scale has been introduced for most personal income. A separate scale applies to investment income (from the sale of securities, coupon payments, and part of dividends). These tax bases are calculated and taxed separately. According to Article 210 of the Russian tax code, tax bases must be determined separately depending on the type of income. Do not confuse the “salary” progression with the investment scale; doing so may lead to calculation errors or applying the wrong tax rate.

• Unified tax account (UTA). After its introduction, the mechanisms for refunding and offsetting overpaid tax changed. A number of approaches described in earlier publications are now governed by different rules – in particular, Articles 78 and 79 of the Russian tax code.

How to read this article. The article is structured not as a collection of isolated tips, but as a detailed map:

• when we calculate tax ourselves, and when the broker does everything for us – see Section I

• which personal income tax rates apply to dividends, coupons, and other income for Russian tax residents and non-residents – see Section II

• the three-year deduction, offsetting, and carrying forward losses – see Section III

• loss harvesting: realizing a loss as an optimization tool – see Section IV

• the old and new IIS types, and the long-term savings program – see Section V

• working with a foreign broker: form 3‑NDFL and dividends – see Section VI

• tax implications of living across several countries – see Section VII

• which documents an investor should keep and for how long – see Section VIII

This article reflects the rules in force as of June 2026.

This article is not a substitute for professional advice – especially in non-standard cases: multiple brokers, foreign assets, a change of tax residency, large capital, and complex structures.

A note on terminology. Tax resident and non-resident are two different legal statuses, with different tax rates and different rights to tax benefits.

Tax residency should also not be confused with currency residency – these are separate legal categories, each determined on its own basis and with different legal consequences.

The status of tax resident is generally determined by the number of days actually spent in Russia. In accordance with Article 207 of the Russian tax code, individuals are recognized as tax residents if they are in the country for at least 183 days during any 12 consecutive months.

In practice, for you and me – investors filing tax returns – status is determined as of December 31, based on the calendar year as a whole.

This status directly affects:

• the personal income tax rate

• the right to apply tax deductions

• the obligation to declare income received outside Russia

Currency residency is regulated by Federal Law No. 173‑FZ (Article 1) and is automatically assigned to all Russian citizens – regardless of their actual place of residence and length of stay abroad.

Unlike tax status, currency residency does not affect personal income tax rates. Its key function is to determine:

• the list of permitted transactions with foreign bank accounts

• the reporting procedure for such transactions

• the currency restrictions in force

In addition, the legislation provides for a special preferential category – the regime of “soft” currency residency (Part 7 of Article 12 of Federal Law No. 173‑FZ). It applies to Russian citizens who spent more than 183 days outside the country during a calendar year (that is, who are not tax residents of Russia).

This status allows Russian citizens to:

• freely credit foreign accounts with income received from non-residents

• carry out certain currency transactions without complying with a number of standard restrictions

• simplify reporting for certain types of transactions

Section I. Who calculates the tax: the broker or the investor?

In most cases, a Russian broker calculates and withholds the tax. It acts as a tax agent and settles the investor’s personal income tax obligations without the investor having to intervene. But this is not always the case. Ignoring the exceptions may lead to tax arrears and penalties.

When the broker calculates the tax. According to Article 226.1 of the Russian tax code, income for which a Russian broker performs the functions of a tax agent includes:

• income from transactions with securities and derivative financial instruments on the Russian market

• coupon and dividend payments from Russian companies

The broker does this at the end of each tax period (calendar year) or when funds are withdrawn from the account.

If, when the tax is due to be withheld, there is not enough available ruble cash in the account (for example, all assets are invested in securities or foreign currency, and the agreement with the broker does not provide for forced conversion), the broker is obliged to notify the tax authority that it is unable to withhold the tax. In this case, we must pay the tax ourselves no later than December 1 of the year following the reporting year ( Article 228 of the Russian tax code).

Until that time, the amount due to the budget can effectively be used “for free” for investment operations, which, under favorable circumstances, may bring us additional profit.

Main cases where the investor must file independently.

• Working with a foreign broker. A foreign company is not a Russian tax agent. Income from transactions through a foreign broker (sale of securities, coupon payments, dividends) is declared by the investor independently, with all amounts converted into rubles at the Bank of Russia exchange rate on the date of each transaction.

• Carrying forward losses from previous years. The broker does not apply this benefit automatically. To reduce the current year’s tax base by the amount of losses from previous periods, it is necessary to file a 3‑NDFL tax return independently – even if the broker has already withheld tax.

• Offsetting financial results across several brokers. Each broker calculates tax only on its own transactions. If we recorded a loss with one broker and a profit with another, excess tax withheld can be refunded by filing a tax return.

Deadlines:

• as a general rule, the 3‑NDFL tax return is filed by April 30 of the year following the reporting year

• tax due under the return – by July 15 of the same year

More on declaring foreign income – in Section VI.

Section II. Personal income tax rates in 2026: “salary” progression ≠ “investment” progression

Since 2025, Russia has applied a five-step progressive personal income tax scale: 13%, 15%, 18%, 20%, and 22%. However, it would be a mistake to apply it mechanically to all types of income.

According to Article 210 of the Russian tax code, there are several separate tax bases that are taxed under different rules and are not added together. For an investor, this is critically important: most investment income belongs not to the “main” base, but to special bases – with a more lenient tax scale.

Main tax base. The five-step scale (13–22%) applies to:

• salary

• income under civil-law contracts

• income of individual entrepreneurs under the general taxation system

• a number of other types of income (clause 1 of Article 224 of the Russian tax code)

The rates are as follows.

This is what I refer to here as the “salary” progression. Investment income is not included in this base – it is calculated separately.

Investment tax base. Income from transactions with securities, derivative financial instruments, and coupon payments on bonds forms a separate tax base ( clause 6 of Article 210 , clause 1.1 of Article 224 of the Russian tax code ). It is taxed under a two-step scale.

The rate on the investment base does not exceed 15%, even if the investor’s total income is more than 50 million rubles. This is a fundamental difference from the main tax base.

Taxation of dividends. Dividends form an independent tax base (subclauses 6.1, 6.2 of Article 210, clause 1.2 of Article 224 of the Russian tax code) and are also taxed according to a two-step scale with a threshold of 2.4 million rubles.

A few points are worth noting:

• the dividend base is not combined either with the main base or with the investment base

• the broker calculates tax for each base independently

• if the annual amount of dividends exceeds 2.4 million rubles, the tax agent recalculates the tax at the 15% rate at year-end – with an additional assessment of the difference

Tax rules for non-residents. When Russian tax residency is lost, the rules change. The following rates are established for non-residents:

• the basic rate for most income from sources in Russia – 30%

• the rate on dividends – 15% (clause 3 of Article 224 of the Russian tax code)

At the same time, the progressive scale does not apply, and most investment benefits (including the three-year deduction and IIS benefits) are unavailable. More on the nuances of tax residency – in Section VII.

Section III. Standard brokerage account: three-year deduction, offsetting, and loss carryforward

On an ordinary brokerage account, an investor has three legal tools for reducing the tax burden. These are not “loopholes,” but mechanisms directly provided for by the Russian tax code. It is important to clearly understand the rules for using each instrument, not confuse them with one another, and remember: all of them apply only to a standard brokerage account – not to an IIS.

Three-year deduction: the longer you hold, the less you pay

If an investor held securities for at least three full years, the profit from their sale is exempt from taxation – within the limit of 3 million rubles for each full year of ownership (Article 219.1 of the Russian tax code).

Calculation of the maximum deduction:

• 3 years of ownership → deduction of up to 9 million rubles

• 4 years of ownership → deduction of up to 12 million rubles, and so on

Key conditions for applying the deduction:

• Only core securities held in a standard account and units of open-end mutual funds qualify. The deduction applies to shares, bonds, and units of exchange-traded mutual funds admitted to trading on a Russian exchange, as well as units of open-end mutual funds when redeemed through the management company. Units of interval and closed-end funds, as well as derivative financial instruments (futures, options), do not qualify for the deduction. Transactions on an IIS of any type do not either.

• Coupons are included, dividends are not. The deduction applies to profit from the sale of securities and to coupon income as part of this result. Dividends are taxed separately and do not fall under the three-year deduction (clause 7 of Article 214.1 of the Russian tax code).

• Acquisition date. The deduction is available only for securities acquired in 2014 or later.

• FIFO method. If there are several lots of the same security purchased at different times, the first lots accounted for upon sale are those purchased earlier. The broker applies this automatically, but understanding the principle is important for assessing the potential benefit.

• Non-transferability of unused balance. If there is no profit in the current year or the profit is smaller than the deduction amount, the unused balance is not carried forward to the next year.

• Keeping the holding period intact. Transfer of securities between depositories and exchange of fund units within one management company do not interrupt the holding-period count.

Offsetting: gains against losses

As Peter Lynch said: “If 6 out of 10 stocks I pick go up, I am satisfied.” In an investment portfolio, there are always positions trading at a loss. The good news is that losses from some transactions can be combined (offset) against profits from others – and tax is paid only on the final financial result.

However, offsetting is subject to strict limits. According to Article 214.1 of the Russian tax code, instruments are divided into three groups, and the rules for mutual offsetting between them are clearly regulated:

• Group A – exchange-traded securities: shares, bonds, fund units

• Group B – exchange-traded derivative financial instruments (DFIs) whose underlying asset is securities or stock indices: futures and options on shares, indices, etc.

• Group C – other exchange-traded DFIs: futures on oil, metals, currency, wheat, etc.

The loss-offset rules are as follows.

There are several limitations:

• IIS and ordinary accounts are not offset against each other. The financial result on an IIS is calculated separately (Article 214.9 of the Russian tax code).

• When working with several Russian brokers, offsetting is possible by filing a 3‑NDFL tax return at year-end. Each broker calculates tax only on its own transactions.

• Securities not traded on an exchange are accounted for separately and are not offset against exchange-traded instruments.

Carrying forward losses from previous years

A loss realized in a given year does not simply disappear. Taxable profit can be reduced by the amount of such a loss during the following 10 years (Article 220.1 of the Russian tax code).

Here are the main rules.

• Only losses on exchange-traded securities are carried forward. Losses on non-exchange-traded instruments are not.

• Losses can only be carried forward, not carried back: a 2026 loss may reduce profit in 2027 or subsequent years, but not vice versa.

• If there are several loss-making years, offsetting is carried out sequentially: first the earlier loss, then the later one.

• Losses on an IIS are not carried forward – neither to profits of future periods on the IIS nor to ordinary accounts.

• Loss carryforward is not automatic. To use it, the investor must file a 3-NDFL tax return, even if the broker has already withheld tax in the current year. Supporting documents will be required (broker certificates for loss-making years), which are recommended to be kept for at least 10 years.

Section IV. Loss harvesting: realizing a loss as an optimization tool

In international practice, this is known as tax-loss harvesting: at the end of the year, an investor sells loss-making positions, realizes the loss, and immediately buys the same or similar securities back. The loss reduces the current year’s taxable profit, while the position in the portfolio effectively remains the same.

Under Russian tax accounting (FIFO method, calculation based on executed transactions according to Article 214.1 of the Russian tax code), this technique is also permissible – there is no direct prohibition.

Note:

• Russian legislation has no analogue of the American wash sale rule – a ban on recognizing a loss when repurchasing within 30 days. At least for the time being. Similar rules may be introduced into the Russian tax code in the future.

• Selling and buying back resets the holding period of the security for purposes of applying the three-year deduction. Before realizing a loss on a position you have held for several years, calculate which option is more beneficial for you.

Section V. IIS after the reform: old accounts and the new IIS‑3

Until the end of 2023, Individual investment accounts (IIS) existed in two formats:

• Type A – gave investors the right to an annual deduction on contributions within 400 000 rubles

• Type B – exempted all investment profit from tax, except dividends

From January 1, 2024, the rules changed: new IIS accounts are opened exclusively in the IIS‑3 format, which is a fundamentally different structure, not just an update of the previous versions.

Old IIS types A and B

If you opened an IIS before the end of 2023, the existing rules remain in force for the entire remaining term ( Article 219.1 of the Russian tax code , Federal Law No. 600‑FZ). The main features of each type are as follows:

Type A:

• annual deduction on contributions – 13% of the contribution amount, but no more than 52 000 rubles per year

• if the personal income tax rate on the main tax base is above 13%, the deduction amount may be increased proportionally

• investment profit is taxed in the ordinary manner

Type B:

• profit from the sale of securities, coupons, and other income are exempt from personal income tax when the account is closed

• dividends do not fall under the deduction

General conditions for both types:

• the minimum period during which IIS Types A and B cannot be closed while retaining the benefit is 3 years from the date of opening

• early closure requires repayment of previously claimed deductions, plus penalties

Holders of old IIS accounts should carefully assess the consequences of any decision to close or transform the account. Voluntary transformation into IIS‑3 is possible, but the holding period is reset, and the previous deduction regime ceases to apply.

The previously common practice of transferring securities from an IIS Type A to an ordinary brokerage account for subsequent application of the three-year deduction is no longer permitted: the law directly prohibits using this deduction for securities previously recorded on an IIS (subclause 6, clause 2 of Article 219.1 of the Russian tax code).

New IIS‑3: key features

IIS‑3 combines the advantages of the previous deduction types within a single account ( Article 219.2 of the Russian tax code , Article 10.2‑1 of Law No. 39‑FZ , Federal Law No. 58‑FZ dated 23.03.2024).

Number of accounts. It is permitted to have up to three IIS‑3 accounts at the same time – either with one broker or with different brokers.

Deduction on contributions. Each year, it is possible to claim a deduction on contributions of up to 400 000 rubles (in total across all IIS‑3 accounts and long-term savings agreements). The refund amount depends on the personal income tax rate for the main, “salary” tax base:

Deduction on profit. When the account is closed, the income received is exempt from personal income tax within the limit of 30 million rubles in total across all IIS‑3 accounts. This is an analogue of the former IIS Type B, but with a much higher limit (previously it was 1 million rubles).

There are several nuances:

• both deductions are available on the same account, but they operate on different grounds and are not combined into one benefit

• the deduction on contributions is annual and is granted upon contribution of funds to the account

• the profit deduction is a one-time benefit and applies when the account is closed

Minimum term. For agreements concluded in 2024–2026, the minimum term for receiving the benefit is 5 years. From 2027, the term will increase by 1 year annually and will reach 10 years by 2031.

Early closure without loss of benefit. One of the key innovations of IIS‑3 is the possibility of withdrawing funds when special life circumstances arise (expensive medical treatment, loss of a breadwinner, etc.) without losing the right to deductions already received. The list of such situations is determined separately.

Tax perimeter. The financial result on an IIS is not offset against an ordinary brokerage account, and losses are not carried forward to future periods (Article 214.9 of the Russian tax code).

Article 219.2 of the Russian tax code is scheduled to be amended from September 1, 2026. As of publication, the final wording of the amendments is not yet known. Before making decisions about opening or closing an IIS‑3, I recommend checking the current version of this legal provision.

LTS and NPP: similar logic, different operator

The long-term savings program (LTS) and non-state pension provision (NPP) are not IIS accounts, but they function within the same system of tax incentives. Their deductions are regulated by Article 219.2 of the Russian tax code and are included in the overall limit of 400 000 rubles per year.

Key differences from IIS‑3:

• the operator is a non-state pension fund (NPF), not a broker; funds are invested by the fund, not by the participant personally

• LTS provides for state co-financing – up to 36 000 rubles per year during the first 10 years; funds are insured by the Deposit insurance agency up to 2.8 million rubles

• term: under LTS – usually 15 years or until retirement age; under NPP – according to the terms of the agreement

• the deduction on profit in LTS is granted for a term of at least 10 years and income within 30 million rubles – structurally, this is close to IIS‑3, but it is implemented through a different financial product

LTS and NPP are optimal for investors focused on long-term retirement savings and interested in state co-financing. IIS‑3 is suitable for those who prefer to manage a securities portfolio independently or with the help of an investment advisor. These instruments can complement one another in a comprehensive financial planning strategy.

Section VI. Foreign broker, 3‑NDFL, and foreign dividends

When an investor works with a foreign broker or issuer, or receives income directly from abroad, there is no tax agent – declaring and paying the tax becomes the investor’s responsibility. Conceptually, the process is not complicated, but it requires care, procedural compliance, and attention to many nuances, which makes it quite labor-intensive and, frankly, tedious. I do not even handle my own personal taxes myself – I delegate this to colleagues. Client cases, all the more so, are handled by specialists. Still, the general logic is straightforward enough to describe.

Foreign broker: basic algorithm

Income received through a foreign broker (from the sale of securities, coupons, dividends) is subject to self-declaration (Article 228 of the Russian tax code). Simply having an account does not in itself require a tax return – the trigger is the receipt of income.

Conversion into rubles is performed at the official Bank of Russia exchange rate on the date of each transaction:

• income from the sale of securities – at the exchange rate on the sale date

• acquisition expenses – at the exchange rate on the purchase date

• dividends and coupons – at the exchange rate on the date they are credited to the account

The final tax base is determined as the difference between income and expenses in rubles. Because of this currency revaluation, a tax obligation may arise even with a zero or negative result in foreign currency – and vice versa: a stronger ruble may reduce income when measured in rubles.

The financial result from transactions through a foreign broker is calculated by the same groups (A, B, C) as for a Russian broker. Losses recorded through a foreign broker can be offset against profits with a Russian broker and carried forward to future periods (Article 220.1 of the Russian tax code).

Deadlines:

• the 3‑NDFL tax return is filed by April 30 of the year following the reporting year

• tax payment – by July 15 of the same year

The tax return must be filed using the current form approved by an order of the Federal tax service dated 20.10.2025 No. ЕД‑7‑11/913@. The easiest way is usually to complete it using the official software . The tax return can also be completed directly in the personal account on the Federal tax service website .

Foreign tax credit on dividends

When paying dividends, a foreign company usually withholds tax at source under the rules of the issuer’s jurisdiction. A Russian investor is obliged to declare this income in Russia. To avoid double taxation, the law allows foreign tax to be credited (Article 232 of the Russian tax code). It is possible if two conditions are met simultaneously:

• A double taxation treaty (DTT) is in force between Russia and the country of the payment source and provides for a credit.

• The tax has been paid abroad and is documented.

If at least one condition is not met, no credit is granted – the tax will have to be paid twice.

Credit algorithm:

1. The foreign broker or issuer withholds tax at source.

2. The investor reports the dividends in the 3-NDFL tax return, indicating the amount of tax withheld.

3. Russian personal income tax is calculated at the rate of 13% or 15%, depending on the size of the dividend base.

4. The foreign tax is credited against the Russian tax – but not more than the amount of the Russian tax:

The credit applies within the limit established by the DTT for this type of income. For example, if the treaty provides for a 5% rate, no more than 5% can be credited – even if more was withheld abroad.

The following documents will be required for the credit:

• brokerage report with details of payments, dates, and amounts of tax withheld

• document confirming tax withholding (for US securities – Form 1042‑S; for other jurisdictions – similar documents certified by an authorised person)

• notarized translation of all foreign documents into Russian

• brokerage service agreement with the foreign company (upon first filing of the tax return or when changing broker – also with notarized translation)

The tax return can be filed through the taxpayer personal account on the Federal tax service website or through “Gosuslugi” (if a qualified electronic signature is available).

Section VII. Tax residency: living across several countries changes the picture

Tax residency is not tied to citizenship or registered address – as a general rule, it is determined by the number of days spent in the country. According to Article 207 of the Russian tax code, we are recognized as Russian tax residents if we spent 183 days or more in the territory of the state during 12 consecutive months. Otherwise, we are treated as non-residents. The main consequences for an investor living across several countries or one who has changed his or her place of residence are as follows:

A non-resident pays 30% on most Russian investment income – without the right to deductions, long-term holding benefits, or the use of an IIS. This means that an investor who spent most of the year abroad and sold securities through a Russian broker risks facing a year-end a year-end tax recalculation at rates that may be very different from what they expected.

The broker, as a tax agent, tracks the client’s status during the year. If the data has changed by the time of the next calculation, it is obliged to recalculate the tax. The final status is fixed on December 31 – this is the date used to check whether tax rates were correctly applied during the year.

This creates two possible scenarios:

• Loss of residency. If the investor left at the beginning of the year and by December 31 accumulated fewer than 183 days of stay in Russia, the broker is obliged to recalculate personal income tax for the entire year retroactively. The difference will be withheld from available ruble funds in the account or reported to the Federal tax service as impossible to withhold.

• Regaining residency. If the investor returns and has accumulated 183 days by December, the tax is recalculated in their favor – at the resident rate from the beginning of the year.

If you are planning a long stay abroad, it is important to consider the tax consequences in advance, at the planning stage, rather than at the end of December, when the day count can no longer be changed.

In addition, a change of residency may create tax obligations in another country. If tax is levied there on the same income, a credit under a DTT (Article 232 of the Russian tax code) may be possible, but only if there is an applicable treaty and supporting documents. More on DTTs – in Section IV.

IIS and non-resident status. Only a Russian tax resident can open an IIS of any type. If residency is lost, opening a new IIS‑3 becomes impossible. What happens to an already opened account when the status changes should be clarified with the broker:

• technically, the account continues to operate

• however, the right to deductions tied to resident status ceases

“Managing tax residency” purely for tax savings is legally ambiguous. The consequences depend on a number of factors: the composition of assets, the specific situation, and the DTTs in force. In such cases, individual advice is necessary, not generalized recommendations.

Section VIII. Investor documents: what to keep to preserve the right to deductions

The three-year deduction, loss carryforward, foreign tax credit, confirmation of expenses when changing broker – all of this requires supporting documentation. Without it, the benefit cannot be claimed.

One of the most common and costly mistakes is transferring securities from one broker to another without transferring information about expenses. The new broker does not know the original acquisition cost of the assets. If you do not provide this information with supporting documents, upon sale the tax will be calculated on the full amount of proceeds – as if the acquisition cost were zero (Article 214.1 of the Russian tax code). Excess tax withheld can be refunded, but only through filing a tax return, and only if the documents have been preserved.

What to keep and for how long

Annual brokerage reports. The broker’s annual report (Russian or foreign) is the basic document for tax purposes: confirming expenses, calculating the financial result, carrying forward losses, and crediting foreign tax. Keep reports for all years in which transactions were made.

Retention periods depend on the purpose:

• for refund of excess tax withheld – at least 3 years from the date of payment (Article 78 of the Russian tax code)

• for carrying forward losses – at least 10 years after the loss-making year (Article 220.1 of the Russian tax code) – for example, a 2026 loss may be needed in 2036

Do not assume the broker will store your reports indefinitely and providing them on request several years later. Download and save the documents yourself.

Documents on expenses for acquiring securities. When transferring securities between depositories, the new broker must be given confirmation of the original expenses. A report from the previous broker or an extract from the depository indicating the acquisition price and transaction date should be sufficient – in paper form or certified electronic form (Article 226.1 of the Russian tax code). Provide the documents before the new broker begins calculating tax.

Depository statements for the three-year deduction. For every transfer between brokers, keep a depository statement recording the movement of assets: from where, to where, when, and in what quantity. This document confirms continuity of ownership – which is important for applying the three-year deduction.

Documents on foreign tax. For a foreign tax credit (Article 232 of the Russian tax code), a document confirming the fact and amount of withholding will be required. For example, Form 1042‑S for US securities or its analogue for other jurisdictions. The document must be translated into Russian and notarized.

3‑NDFL tax returns with attachments. Keep every filed tax return together with all attachments: broker certificates, expense confirmations, foreign tax documents. The minimum retention period is 3 years, and if loss carryforward is claimed in the return – 10 years.

The principle is simple: “no document, no right.” The broker is not obliged to remind you about expenses for which it has no data. The Federal tax service will not restore a benefit if you failed to confirm it. Creating and maintaining an up-to-date document archive is the investor’s responsibility. It is better to do this systematically, not only once the document is urgently needed.

Conclusion: good order is tax optimization

Legal tax savings do not require complex schemes. They are built on a clear understanding of the rules, timely filing of tax returns, and systematic storage of documents. An investor who takes tax consequences into account when choosing instruments and accounts is not “gaming” the system, but competently using the opportunities provided by law.

Most of the benefits mentioned do not require special actions:

• the three-year deduction naturally follows from long-term ownership of assets

• IIS‑3 becomes an effective instrument when this account format is chosen consciously

• loss carryforward is possible thanks to document retention and filing a tax return

If your investment situation is relatively straightforward – one Russian broker, a basic portfolio, stable tax status – it is perfectly realistic to handle it yourself. But if the picture involves:

• foreign assets

• several brokers

• a change of tax residency

• IIS accounts of different generations

• large capital and complex structures

– it makes sense to seek individual advice. The cost of a mistake rises with the size of the capital.

The article is current as of June 2026. A number of rules concerning IIS‑3 and the long-term savings program will change from September 1, 2026. Other legal rules are also updated periodically. Before relying on this information, check the current rules and revisit the conclusions.