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- Few are enrolled: only 10 foreigners have received "golden visas" in the Russian Federation
Only 10 foreigners have received "Golden visas" in Russia for almost two years of the program, Izvestia found out. Such residence permits are issued to those who invest at least 15 million rubles in our economy. As specified in the Ministry of Energy, the applications were submitted by businessmen from China, USA, Turkey, Germany, Iran. They may be interested in investing in the energy sector, agriculture, and IT. The figures are very modest, even considering that the mechanism was launched recently, and even under sanctions, experts say. For example, in some European countries, over 30 thousand people have received golden visas in 10 years. What are the prospects of our program and how it will develop if the geopolitical warming in relations with the United States continues? — in the Izvestia article.
How many people have received "golden visas" in Russia
By the end of the third quarter of 2024, 10 foreigners had received golden visas. This was told to Izvestia in the press service of the Ministry of Economic Development, referring to the data of the Ministry of Internal Affairs. The editorial board sent a request to the Ministry of Internal Affairs.
The mechanism itself started working two years ago, in January 2023. During this time, according to the Ministry of Economic Development, foreigners have submitted 40 applications. At the same time, the agency sent a positive opinion to only 23 of them, and only 10 have already received the document. Citizens of Azerbaijan, Algeria, Germany, Georgia, Israel, Iran, China, Mongolia, Serbia, the United States, Turkey, Uzbekistan, Croatia, and South Korea have expressed interest in applying for golden visas, the ministry said.
The total amount of investments attracted in Russia over two years to obtain "golden visas" exceeded 2.6 billion rubles, the Ministry of Economy said. Previously, the agency оценивалоThe likely investments under this program are 12 billion rubles in 2023, and then up to 40 billion rubles annually.
You can obtain a residence permit in a simplified manner for investments in Russia if one of the conditions is met:
— invest at least 15 million rubles (more than €166 thousand) in socially significant regional projects three years before submitting the application;
— register a legal entity and pay taxes, fees and insurance contributions to state extra-budgetary funds in the amount of at least 4 million rubles for two years (from €44 thousand) annually;
— invest from 30 million rubles (from €332 thousand) in a Russian legal entity (must work for at least three years and pay taxes and contributions in the amount of 6 million (from €66 thousand) a year before applying for a residence permit;
— one year before submitting the application, own real estate in the Russian Federation from a certain cadastral value, which varies depending on the region: for example, in In Moscow - from 50 million rubles (from €553 thousand), in the Far East — from 20 million (€221 thousand).
Who issues "golden visas" in Russia
The authorities do not disclose what areas foreigners who want to get a "golden visa" in Russia are investing in. However, we have sectors that are of interest to foreign business.
— In particular, the oil and gas sector, where projects for the extraction and processing of energy resources are relevant. The agro—industry is also of interest, especially among investors from Europe," Venera Shaidullina, Associate Professor of the Department of Global Financial Markets and Fintech at Plekhanov Russian University of Economics, said.
She added: business services and the IT sector, which are actively developing in our country due to highly qualified specialists and lower costs compared to the West, are not left out. As well as projects in the field of bioengineering, for example, at the same Skolkovo Institute.
According to Vladimir Eremkin, a senior researcher at the IPEI Structural Research Laboratory of the Presidential Academy, foreigners may be interested in real estate, in particular, in Moscow. Since the cost of housing will increase in the long term, such an investment can bring income. The Russian Federation also has priority development territories and special economic zones (SEZs) with tax benefits, added Yaroslav Kabakov, Director of Strategy at Finam IC.
The main advantage of Russian "golden visas" is the ability to freely visit and reside in the country, using social services such as medicine and pension savings, he is sure. In addition, Yaroslav Kabakov continued, this allows you to apply for citizenship in the future.
The program is also attractive for those who plan to permanently reside in Russia, move their relatives here and send their children to schools and universities, Vladimir Eremkin added.
Which countries still have the Golden visa mechanism in place?
The simplified residence permit program in exchange for investments is a fairly common global practice that allows attracting foreign capital on mutually beneficial terms. However, the threshold amounts in many countries are higher than in Russia.
For example, Portugal launched the program in the fall of 2012. In 10 years, about 30 thousand "golden visas" have been issued in this country, said Venera Shaidullina from Plekhanov Russian University of Economics. To obtain a residence permit there, a foreigner can invest over 500,000 euros in science and research, transfer funds from 250,000 euros to support art and cultural heritage, or open a company and invest over 500,000 euros in a business, creating five jobs.
Greece opened accepting applications in mid-2013, and the following year the country attracted hundreds of investors. By 2022, the number of residence permits has increased to 12 thousand, said Venera Shaidullina. To obtain a "golden visa" of the country, a foreigner can buy real estate from €250,000 to €800,000, depending on the region and facility, or invest from €400,000 in government bonds, stocks or investment funds.
The program has also been in effect in Spain since 2016, during which time over 10,000 "golden visas" have been issued there for the purchase of real estate. However, starting from April 2025, the mechanism will cease to operate. The authorities of Greece and Portugal have repeatedly talked about curtailing such programs.
10 thousand "golden visas" in two years is a lot or a little
According to Yaroslav Kabakov from Finam Research Institute, Russia is lagging behind in the popularity of golden visa programs. Although the amounts abroad are higher, the conditions are more comfortable. And also, the benefits of a residence permit in these countries may be more noticeable — for example, the document will open free travel in European countries.
The reasons for such low figures in Russia are hidden in the high requirements and rather lengthy verification of non-residents by law enforcement agencies, the expert believes. In addition, according to him, geopolitical factors and limited advertising of the mechanism influence.
The program is still in its infancy and requires a large-scale information campaign to attract foreigners, says Vladimir Eremkin from the Presidential Academy.
10 "golden visas" is not so much for the opportunities that are open to non—residents in the Russian market, according to independent expert Andrey Barkhota. At the same time, it cannot be ruled out that the market for so-called non-gilded visas is growing, where ideological considerations have more weight than material interest, he added.
Investments from foreigners are necessary for our economy, they help to develop Russian entrepreneurship. Despite the withdrawal of some foreign businesses from the local market, the demand for goods and services is being met through parallel imports or new non-resident entrepreneurs, independent expert Andrei Barkhota believes.
However, the warming of relations with Western countries, which is now maturing against the background of negotiations between Russia and the United States, can raise the level of investment attractiveness of our country for foreign businessmen. However, this can happen through different channels, not only through "golden visas", Barkhota is sure.
According to Venera Shaidullina from Plekhanov Russian University of Economics, the investment citizenship and residency programs will remain, but their nature will change: they will cover not only the financial situation of a foreigner. There may be additional requirements for active participation in the country's economy, job creation, or the development of innovative projects.
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