Russia to introduce 'golden passports' for wealthy foreigners

08:29, 20 November 2020
Russia to introduce 'golden passports' for wealthy foreigners Photo: Nikolay Gyngazov/Global Look Press

Russia's Ministry of Economic Development and Trade is developing 'golden passports' for wealthy foreigners, as has already been introduced in Cyprus, Britain, and Singapore. Russia currently provides only a residence permit.

Russian authorities want to attract thereby wealthy foreigners who are ready to invest in the country's economy. 'Golden passports' are designed not to form 'false preconditions' for obtaining a migration status, Izvestia reports.

Foreigners must meet at least one of four conditions to be eligible for the 'golden passport': to own a Russian company, having invested at least 15 million rubles in it, to invest 15 million rubles into a Russian business or establish his own business with an authorized capital of at least 10 million rubles, own a real state or government bonds in the amount of 30 million rubles in Russia for at least three years.

The Ministry of Economic Development believes that the project will be a 'good stimulus' for attracting money from foreigners and creating jobs. It is yet unclear which countries this initiative is intended for. The previous year saw 184,000 foreigners, mainly from the CIS states, receive a residence permit in Russia. reported earlier that Russia might introduce sanctions against foreign internet platforms.