Financial and Legal Regulation of Foreign Citizens Remittances

Abstract

At present, the issue of financial and legal regulation of remittances of foreign citizens is not properly covered in the science of financial law. The authors of the study carry out an analysis of the legal regulation of remittance in Russia and foreign countries. The article provides for various classifications of money transfers of migrants, including transfers made by migrants in virtual and digital currencies (cryptocurrency). The work reveals a direct correlation between the GDP growth of the CIS countries and the remittances of foreign citizens from Russia to the countries in question. The authors propose a number of initiatives that will allow accumulating the funds in Russia.