Russia is on its way to joining a slew of other countries that have implemented residency schemes with the goal of granting citizenship in exchange for a financial commitment. The so-called “Golden Visa” scheme is planned to be completely implemented by mid-2022, with the goal of stabilizing immigration population growth while recruiting high-quality human capital.
Golden Visa program have been established in a number of nations across the world to encourage foreign investment and enhance local economic development. For years, a number of smaller countries have successfully implemented this method, and Russia is considering how to implement its own program.
Given Russia’s lackluster economic growth over the last decade and the current negative perception among investors around the world about the country’s investment environment, the Golden Visa program may arrive just in time. It would be the first time that Russia offers permanent residence and naturalization visas to the world’s most populous country. a successful application
Successful applicants are expected to gain a number of rights similar to those enjoyed by Russian citizens, as well as simplified procedures for working and living in the country.
The implementation of the Golden Visa program is expected to draw a large number of investors from the Middle East and Africa, but interest from Mainland China is also expected to be considerable. The new incentive is likely to attract Chinese investors who may aim to expand the amount of business prospects in the country, given the two countries’ already close relationship on a number of levels. Participants in the program would be able to take advantage of a streamlined process for launching a firm, which would eliminate the need to initially get employment and residency permits, as well as access to national medical and other benefits.