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The Ministry of Economy has Developed an Analogue of the "Golden Passports"
22.11.2020 17:41
The Ministry of Economy has Developed an Analogue of the

The Ministry of Economy proposes to issue residence permits to foreigners in a simplified manner in an exchange for investments, Izvestia reports with reference to the department's bill. To do this, the one will need to fit at least one of the established criteria.


      own a Russian company, having invested at least 15 million rubles in its capital, or own a foreign company, but make an investment of 50 million. The enterprise must operate for at least three years;

      invest 15 million rubles into Russian business. The company must work for at least three years, pay taxes for at least 6 million rubles and employ at least 25 people;

      open an individual entrepreneur, investing 10 million and employing ten Russians;

      own Russian government bonds or real estate worth 30 million rubles three years before applying for a residence permit.

      The explanatory note says that in conditions of competition with developed foreign countries for investors, entrepreneurs and specialists, it is necessary to create the most favorable conditions for them. "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 a migration status," First Deputy Minister of Economy Mikhail Babich said. 

      Similar “golden passport” program operates in Austria, Germany, Malta, Ireland and the United Kingdom.
Over the past 10 years, EU countries have attracted tens of billions of investments through the "golden visa" program, according to which anyone can obtain citizenship or a residence permit in exchange for investment in the economy. Now citizenship through such a program is sold by four countries, another 12 are selling residence permits.




Author: Anna Dorozhkina

Tags: Russian laws Russian economy    

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