Russia has joined the list of European countries that offer the Golden Visa program for wealthy international investors, permitting them to acquire residency in this country by making a financial contribution to this territory.
Despite the fact that authorities in Russia are subject to sanctions that have been considered among the harshest in the recent year, authorities in Russia confirmed that the Golden Visa program has officially been introduced earlier this year, VisaGuide.World reports.
The main purpose of Russian authorities is to attract wealthy foreign investors from China, India as well as Middle East countries, according to a report provided by Forbes.
A report by India Economic Times notes that the new Russian Golden Visa program has been summarized as follows:
“The investment amount starts from 215.000 USD for investment into social projects in Russia and goes up to 715.000 USD for the investment into real estate in the City of Moscow. But for example, real estate investment in the Far East region is only 285.000 USD, Moscow region is 360.000 USD. So, we are talking about middle to upper-class Indian investors,” the statement notes.
The same source notes that wealthy foreign investors are eligible to invest in both active stock and passive real estate in order to get a one-year temporary resident visa for investing.
It has been clarified that investors who plan to acquire residency in Russia through the Residency by Investment scheme, known as the Golden Visa Program are not obliged to reside in Russia in order to keep the residency, however, keeping the investment in Russia for a period of one year or two, is needed to keep the status of the permanent resident.
Despite the fact that Russian authorities consider the Golden Visa scheme as an effective way to attract investors from India, China, and other Middle East countries, who will potentially ignore the sanctions imposed on Russia following its invasion of Ukraine, the program is being considered risky by some investors, according to the Forbes report.
Among the main benefits of the Golden Visa Program offered by Russia is that foreign investors who benefit from this scheme are eligible to travel to a large number of countries worldwide without being obliged to apply for a visa at first, while the country has been considered among the cheapest tax territory in the world.
Still, Russia’s invasion of Ukraine led to significant losses to the country’s economy, while Russia is also dealing with a large number of sanctions, especially those imposed by EU countries, thus leading investors to think twice when planning to invest in this country.
Up to this point, several countries in Europe run the Golden Visa scheme, among them Portugal, Greece, Spain, and Montegero’s Golden Visa programs are the most famous schemes of this kind that attract a large number of international investors.
However, the Golden Visa scheme has often been criticized, following reports that it is linked to many unlawful affairs such as money laundering and corruption, thus European countries that offer such programs have continuously been called to terminate them as soon as possible.
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