Russia Considering ‘Golden Passport’ Investment Scheme to Attract Foreign Investment

The Russian Government Commission has approved the draft law of the Ministry of Economic Development on a simplified procedure for issuing residence permits to foreigners in exchange for investments, according to two sources close to the Cabinet.

The proposal will also include an extension to family members of the applicant. The draft law must now be approved by the government, then the State Duma will consider it before passing it onto the statute. The Russian lower house of parliament is apparently prepared to support the “Golden Passport” initiative but wish to include mechanisms for checking foreigners’ criminal records and associations. There has been no specific required investment figure mentioned in the draft law yet, however it has previously been stated that to obtain a Residence Permit, foreigners would be required to invest at least 10 million rubles (US$132,000) in a Russian business, or to purchase real estate valued at 30 million rubles.

The Ministry of Economic Development and Trade has said that the proposal would help create conditions for staying in the Russian Federation attractive for foreign investors. It is assumed that the economic criteria for the acquisition by foreign citizens of a residence permit in the Russian Federation will be determined by the government of the Russian Federation after the adoption of the bill. The current version of the document states that in relation to obtaining a residence permit, family members of the applicant will have the same rights.

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