The dangers for Russian's working abroad
Bitcoin collapse, earthquakes, invasions, what could really go wrong for expats?
Last Monday the earthquake hit Turkey. we came into the ProACT serviced office centre to find our office neighbours had got a bit of experience over the weekend as well when the Earth moved beneath their feet.
These guys were Russian expats who left Russia in 2022 to avoid conscription by Putin.
Over the weekend, the Russian company who they worked for collapsed, meaning they didn’t get their January pay nor the rent for their office paid for the month ahead.
This leaves them in a vulnerable position. Without work they could potentially lose their resident permit and may have to re-locate back to Russia where they face possible conscription.
The crypto industry has been suffering for over a year with Bitcoin falling from a record high of $68,000 in November 2021 to as low as $10,000 in 2022 leaving many investors losing huge sums with exchanges struggling to keep up with withdrawals.
This led to FTX collapsing and its owner Sam Bankman-Fried being arrested on charges of fraud with accusations of funnelling client funds out of the company.
Similarly, the Russians Bitcoin exchange collapsed where the Russians were working in financial services trading Bitcoin.
Things can go wrong for expats, often in ways you cannot foresee, we at ProACT Partnership work to support and protect families and businesses across borders.
Contact us for help protecting your overseas assets, property and business.