By Joshua Manning • Published: 27 Jul 2022 • 10:31
Russia's government working on "golden visa" scheme to attract foreign investment V.Anisimov/Shutterstock.com
To obtain the “golden visa” currently in development by Russia’s government, according to news agency Baza, foreigners would either need to invest 30 million roubles in a Russian company, hire 25 Russian citizens or purchase Russian real estate.
Russia’s latest scheme would reportedly allow foreigners to reduce the procedure for obtaining a residence permit from one and a half years to six months.
Thus, a foreigner must invest at least 30 million rubles in the Russian legal entity, working for at least three years, and paying six million roubles in taxes during the year of application.
Foreigners are also allowed to invest in a company from Crimea, Sevastopol or the Far Eastern Federal District , with a lower amount of investment, starting from 20 million roubles.
In addition, foreigners who own a company in Russia that employs at least 25 Russian citizens will be able to obtain a residence permit.
Another option for the obtention of the “golden visa” is to buy Russian real estate that is not valued at less than 30 million roubles and to own it for three years.
If the project is approved, “golden visas” will allow their holders to leave Russia and return without the need for the usual paperwork.
They will also be able to open their own business in any region, which is now only possible in the entity that issued the work or temporary residence permit.
The “golden visa” scheme will come into force in January 2023, according to reports by RZD.
There is already interest in it from investors from the Middle East and Asia, according to Dmitry Volvach, deputy head of the Russian Ministry of Economic Development.
“According to our calculations, the new law will allow to attract to Russia up to 12 billion roubles in the first year and more than 40 billion rubles in the subsequent years. These investments will help develop the construction sector, agriculture and industry,” he stated.
The news follows reports of Estonia preparing an EU proposal to stop issuing Schengen visas to Russian citizens, as reported on Tuesday, July 26.
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Originally from the UK, Joshua is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com.
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