Russian "Golden Visas"
Together with the experts, we will tell you who and under what conditions will be interested in a residence permit in Russia
In late April, the government approved a draft law on "golden visas" for foreign investors, developed by the Ministry of Economic Development. The Ministry of Economic Development hopes that the law will be adopted by the State Duma in the autumn session and that the mechanism will begin to operate by next summer.
Program conditions
The press service of the Ministry of Economic Development of RBC-Real Estate reported that various conditions of the Russian program of "golden visas" are currently being considered, but so far there are two key ones in the work:
· Invest at least 30 million rubles. to Russian companies and create at least five jobs for Russian citizens;
· Invest at least 30 million rubles. in real estate in Russia, which will provide tax residency.
“We are not planning to set any restrictions on investors from any states. We hope that the law will be adopted in the autumn session and the mechanism will start operating by the summer of next year, ”the ministry said.
To obtain a residence permit, a potential investor must make sure that they meet the criteria, apply for a business or private visa, come to Russia in order to personally apply. “As for the criteria, we will prepare them separately in the form of a government decree. The Ministry of Economic Development has already begun to discuss the future document with the interested parties - the Ministry of Internal Affairs, the Ministry of Labor, the Association of European Businesses, the Chamber of Commerce and Industry, the Russian-German Foreign Trade Chamber, ”commented the press service of the Ministry of Economic Development.
The Ministry of Economic Development has decided to offer foreigners a residence permit in exchange for investment right now for several reasons. “The bill solves two parallel tasks - we are developing migration legislation and increasing the investment attractiveness of the country. Foreign citizens who are ready to invest in the Russian economy and their relatives are entitled to obtain a residence permit on a preferential basis. This approach is used in more than 20 countries, ”the ministry explained.
Today, obtaining a residence permit takes at least a year and a half. It takes six months to obtain a temporary residence permit, another year you need to live in this status in order to apply for the next stage (registration of a residence permit). The adoption of the document will help reduce the time frame for the procedure to six months, the Ministry of Economic Development explained.
The number of foreign buyers of residential real estate (especially in the business class, premium and elite segments) with the adoption of a new procedure for obtaining a residence permit may grow, predicts Nadezhda Korkka, Managing Director of Metrium (a member of the CBRE partner network). She clarified that the profitability of apartments in the capital for 30 million rubles. (the threshold for entering the program) can be estimated at 10%, and for the most popular lots it can exceed 15%, said Korkka. However, according to her, this parameter depends on the specific project and its demand among potential clients.
“For 30 million rubles. now you can buy a three-room apartment with an area of 90-100 sq. m in a business class building located in a prestigious location in the west (Ramenki) or south-west (Obruchevsky) of the capital. If the location within the boundaries of the Central Administrative District is important, then the lots (two-, three- and multi-room apartments) in business-class projects in Presnya and in the Basmanny District fall into this budget, ”said Metrium analyst.
Author Vera Lunkova
RBC Service
Abridged translation from Russian
https://realty.rbc.ru/news/60aba1539a794705ffff3f2e