Russia is preparing a Golden visa scheme. It hopes the scheme will attract investors from Africa, the Middle East, and across Asia. Draw legislation will offer foreign citizens the right to invest in the Russian economy.
Foreigners can get permanent residence in Russia with an investment of ($130,000).
Russia, or the Russian Federation, is a transcontinental country located in Eastern Europe and North Asia. It is the largest country in the world, the ninth most populous country, and the most populous country in Europe.
Golden Visa Scheme
Russia is introducing the Golden Visa Scheme, which allows foreigners to obtain permanent residency permits if they invest in the Russian economy, according to the Izvestia news site.
Holders of a Russian permanent residence permit have a number of rights as Russian citizens, either with full voting rights or by joining the military. Permanent residents are taxed at the same level as Russian citizens. They can enter or leave without a visa to Russia, using Russia’s visa-free schemes with other countries. They can work without a work permit and can obtain social services. They can also purchase property with less bureaucracy.
Anyhow some suggest the proposed costs of the Russian program are relatively high compared to many other EU countries and many other schemes for investment in disputed jurisdictions, such as the Caribbean.
Merit for Golden Visa
To obtain a golden visa, the minimum amount to run a company by a foreign investor is 10 million rubles ($130,000) with 10 Russian workers in Russia. To obtain residency by purchasing a building or government bonds, the candidate will invest 30 million rubles ($390,000) according to the Economy Minister. The golden visa may also demand foreign bank accounts declaration and to pass the Russian language test.
Deputy Head of the Economy Ministry Mikhail Babich said, “issuing a residence permit should be an incentive for foreign nationals interested in investing in our economy, but should not create the wrong conditions for obtaining relocation,”
The country has in recent years stepped up a controversial push to attract Russian investors to repatriate. Russian authorities have overlooked other gold passports and visa schemes, which have helped wealthy Russians and their cash leave the country. Titova list Promises tax exemptions for those who bring the capital back to Russia.
Mikhail Babich, deputy head of the Ministry of Economy, said Russia did not want its scheme to be kept open for abuse
The proposed costs of the Russian program are relatively high compared to many other EU countries, for example, to obtain residency by purchasing a building or government bonds, the candidate will invest 30 million rubles ($390,000), A similar program in Greece, which provides permanent residency in the European Union, requires only 250,000 Euros ($ 300,000) in property investment.
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