Golden visa scheme
Russia’s Golden visa scheme Image by Steve Buissinne from Pixabay

Russia’s golden visa for foreigners: The Russian government is planning to introduce a golden visa scheme, which will offer foreigners around the world to get a permanent residence permit in exchange for investing in the Russian economy, Report Source.

Rights and Benefits of Russia’s Residence Permit

Russian permanent residency permits give holders rights similar to Russian citizens, with the exception of full voting rights or being conscripted for military service. Permanent residents are taxed at the same level as Russian citizens — which can be significantly lower than for foreigners. They can also enter and leave Russia without a visa, use Russia’s visa-free schemes with other countries, work without the need for a work permit, access social services and start businesses, and buy properties with less bureaucracy.

Draft legislation drawn up by the country’s Economy Ministry would seek to woo foreign investors by offering residency rights for investments in the Russian economy starting at 10 million rubles ($130,000). Russia hopes the scheme will attract investors from “problematic” jurisdictions in Africa, the Middle East and across Asia.

READ: Russia plans to create a biometric database for citizens, stateless person’s and foreigners

Although, experts argued that the proposed costs of the Russian golden visa program were relatively high when compared to many other investment-for-residency schemes in some EU countries and the Caribbean islands. 

Meanwhile, the Deputy head of Russia’s Ministry of Economy Mikhail Babich said Russia does not want its golden visa program to be prone to abuse.

“The granting of a residence permit should be an incentive for foreign citizens interested in investing in our economy, but not create false preconditions for obtaining migration,” Mikhail Babich said.

What is Expected from Foreigners in the Russia’s golden visa scheme

Foreigners are required to start a company in Russia, worth of 10,000,000 rubles ($130,000) and hire at least 10 Russian workers. Foreigners can also gain residency in Russia when they buy a property or government bonds, an applicant would require an investment of at least 30 million rubles which is about ($390,000).

Applicants also is required to pass a Russian language test to be successful.

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