Golden visa

Russian “golden visa”

From 11 January 2023, new rules for obtaining the Russian residence permit through investments in the Russian economy come into force.[1] A residence permit allows free entry, residence, working and doing business in any Russian region, as a rule, indefinitely.

It is important to keep in mind that the new regulation makes it possible to obtain a permanent residence permit without first acquiring a temporary residence permit, which is generally issued within a quota and with a limited validity period (usually 3 years). This, in turn, makes obtaining temporary residence permits for individuals without significant ties to Russia extremely difficult.

A permanent residence permit is issued both to the investor and to their family members (including parents, spouse, children, but not brothers and sisters).[2] Under the new rules, it will be possible to obtain a residence permit in the following cases.

1.   The investor acquired ownership of Russian real estate at the construction stage or within 2 years after its commissioning and owns it continuously, without restrictions on rights (mortgages and, most likely, leases) for at least 1 year before applying for a residence permit.

The total cadastral value (evaluation of the object indicated in the state register) of such real estate must be at least 25 million rubles (20 million in the Far Eastern Federal District, 50 million in Moscow).

2.   The investor has registered a company in Russia, is its sole participant and has been carrying out business activities for at least 2 years before applying for a residence permit. This company must pay taxes, fees and contributions in the amount of at least 4 million rubles annually.

3.   The investor has invested in a Russian company in the amount of at least 30 million rubles. This company must operate in Russia for 3 years, and the amount of taxes, fees and contributions paid in the last year must be at least 6 million rubles.

4.   The investor has made investments in socially significant projects in Russian regions in the amount of at least 15 million rubles in 3 years before applying for a residence permit. The Decree of the Russian Government does not define a socially significant project; however, the examples are projects for social services, social support and protection of citizens, protection of their health, and family support.

Please note that obtaining a residence permit by investment does not exempt the foreign citizen from the obligation to annually submit a notice of residence in Russia,[3] and confirm knowledge of the Russian language (at least at an intermediate level), history and fundamentals of Russian legislation.[4] However, the investment route does not require that the foreign citizen live in Russia for six months in a calendar year.[5]

After living with a permanent residence permit in Russia for (generally) 5 years, the foreign citizen can obtain Russian citizenship.[6]

Avakov Tarasov & Partners is ready to provide services related to obtaining a residence permit through investment, including:

-      representation of investors' interests before any state authorities and private persons

-      preparation and submission of an application and accompanying documents for obtaining a residence permit

-      general advice on the procedure for acquiring a residence permit, considering the specific circumstances of the client.

[1] Decree of the Government of the Russian Federation dated 31 December 2022 No 2573 on approval of the criteria that a foreign citizen who has invested in the Russian Federation must meet in order to issue a residence permit in the Russian Federation without obtaining a temporary residence permit.

[2] Art. 8(2)(17) of Federal Law dated 25 July 2002 No 115-FZ on legal status of foreign citizens in the Russian Federation.

[3] Art. 8(11) of Federal Law dated 25 July 2002 No 115-FZ on legal status of foreign citizens in the Russian Federation.

[4] Art. 15.1(5) of Federal Law dated 25 July 2002 No 115-FZ on legal status of foreign citizens in the Russian Federation.

[5] Art. 9(8.4) of Federal Law dated 25 July 2002 No 115-FZ on legal status of foreign citizens in the Russian Federation.

[6] Art. 13(1) of Federal Law dated 31 May 2002 No 62-FZ on citizenship of the Russian Federation.