Citizenship by Investment in Russia - Cost-Friendly Local Team
Citizenship by Investment in Russia
Updated on Tuesday 15th February 2022 Rate this article
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Russia continues to work on the Golden Visa program and align with various countries that offer citizenship in exchange for a certain investment. According to the latest information, citizenship by investment in Russia may enter into force in 2022 and aims to attract quality foreign investors. Find out in this article what Russian citizenship by investment entails and what international players interested in expanding their portfolios in Russia should consider in exchange for major benefits. We remind you that immigration issues can be successfully solved by our lawyers in Russia.| Quick Facts | |
|---|---|
| Nationalities accepted (EU/Non-EU) | Yes, both accepted |
| Business investment option | Yes |
| Real estate investment option | Yes |
| Other investment options (if available) | No
|
| Residence or direct citizenship option | On debate |
| Direct immigration with family members | Yes |
| Family members allowed to join the program | - spouse, - children, - parents, - grandparents |
| Timeframe for obtaining citizenship/residency by investment | Not established yet |
| Dual citizenship permitted | Only if a treaty between Russia and the foreign country of the respective citizen is recognized |
| Reasons to choose Russia | - great business conditions, - an active market, - developed economy |
| Visa free travel to other countries (approx. number of countries) |
Around 79 |
Golden Visa application conditions in Russia
Citizenship by investment in Russia is a program designed to attract foreigners who want to grow their business in this country and receive Russian citizenship in return. Although the authorities continue to work out the final details, this program has every chance of being introduced in 2022, in order to stimulate the economy and attract quality human capital, among other things. Thus, Russia will align itself with countries such as Malta, Cyprus, Portugal, Spain, and Switzerland, to give a few examples.
But let's take a look at some of the eligibility criteria proposed by the Russian authorities for foreigners that they want to apply for citizenship by investment in Russia:
- One of the conditions is that foreigners invest in real estate around USD 400,000 to access the Golden Visa program.
- Opening a company with an investment of at least USD 135,000 is another option, with the mention that the company must hire at least 10 local workers.
- Investing approximately USD 200,000 in a Russian company is another option to access citizenship by investment in Russia.
- Buying government bonds worth about USD 400,000 can be an alternative for foreign investors. However, this option may be removed from the scheme.
So, here are some of the options available to foreign investors interested in Russian citizenship by investment, a program similar to Golden Visa to be implemented. Until it is all official, you can turn your attention to other possibilities for business development in Russia, by establishing a branch or a subsidiary, for example. In addition, you can benefit from the legal advice provided by our Russian lawyers who can handle the paperwork for businesses in Russia.
Application for citizenship by investment in Russia and for the family
Another important aspect to consider for those interested in citizenship by investment in Russia is the application for family members. Investors who qualify for Golden Visa in Russia can also apply for wife, children, their spouses, parents, grandparents, and grandchildren. It can be said that citizenship by investment in Russia can involve up to 5 generations of families.
When is citizenship gained in Russia?
Once qualified for citizenship by investment in Russia, investors receive temporary residence permits, and after one year they will receive permanent residence permits in Russia. Russian citizenship can be obtained after a certain period spent in Russia, but in this case, not all the details have been established yet. In addition, applicants may need to prove that they have a basic knowledge of the Russian language. You can find out more about citizenship by investment in Russia from our Russian lawyers.
Russia, a top investment destination
Russia is known for efficient and fair businesses, but also the optimal development conditions offered to local and foreign investors. Being the 11th largest economic power in the world, Russia is truly a business destination not to be missed, especially since the country is rich in natural resources and is one of the world's leading natural gas suppliers. Economic stability, experienced and affordable labor and generous incentives are some of Russia's attributes to international investors. Here are some statistics that indicate the economic direction of the country:
- In 2020, about 24% of foreign investment was absorbed by the mining and quarrying sector in Russia. It is followed by manufacturing with 21% of the total.
- The total FDI for Russia in 2020 was about USD 447 billion.
- The 2020 Doing Business report ranked Russia 28th out of 190 world economies in terms of business conditions and climate.
Want to know more about citizenship by investment in Russia? Do not hesitate to contact our law firm in Russia and discover our legal services.
