Foreigners are now entailed to get Permanent residency in Russia as the country is planning to introduce a golden visa scheme. The scheme offers the foreigners a permanent residency permit in exchange for investing in the Russian economy, informed a new agency in its website. Economy Ministry has drafted a legislation that 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. The PR rights gives the holders a range of rights similar to Russian citizens, exclusive of full voting rights or being conscripted for military service. The taxation are same as like citizens, but is significantly lower than for foreigners. Entry and Exit can be made without visa, Russia’s visa-free schemes with other countries can be used, work without the need for a work permit, access social services and start businesses and buy property with less bureaucracy are the few benefits a PR holder can enjoy.
The proposed costs of the Russian program were relatively high compared to many other investment-for-residency schemes such as some EU countries and Caribbean islands where the scheme is more used. The requirement is investment of 10 million rubles ($130,000) and hire at least 10 Russian workers. To gain residency, n applicant would require an investment of at least 30 million rubles ($390,000) by buying property or government bonds. Russian language test pass is expected to be mandatory. Deputy head of the Economy Ministry Mikhail Babich said Russia did not want its scheme to be open to abuse adding, “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".