First three international personal funds register in Kaliningrad SAR

MOSCOW. April 5 (Interfax) - Three international personal funds have become residents of the special administrative region (SAR) on Oktyabrsky Island in Kaliningrad, data from the Kaliningrad Region Development Corporation showed.

Funds M1, M2 and M3 were included in the registry of SAR residents on April 4, the data showed. The registry does not provide further details.

Russians were given the option to create personal funds to manage assets, including international personal funds in SARs, in the spring of 2022. In the former case, the minimum contribution to the fund is 100 million rubles, while the latter type of fund must have at least 5 billion rubles in assets. International personal funds can redomicile to an SAR from a foreign jurisdiction or be newly incorporated in an SAR.

Regular personal funds have already been registered in Russia. There are now about 30 such funds in the country, data from the SPARK-Interfax showed.