Foreign investors investing in development of Russian Far East will be able to acquire Russian citizenship through simplified procedure

Russian ID passport
Russian ID passport

Russian President Vladimir Putin has prepared a number of instructions to the government based on the results of the working visit to the far Eastern Federal district.

The appropriate Ministries before the end of this year are required to study the issue of further simplification of the procedure of granting Russian citizenship to foreign investors, carried out on the territory of the Fareastern Federal district in the amount of investment of $10 million as above. Corresponding bill is submitted to the Ministry of Russia for public commentting, which was closed on October 12th. It is expected that for the acquisition of citizenship of Russia investments must be made not later than two years prior to the date of application for admission to citizenship, and after acquiring the status of a citizen, the investor will have to own the asset which is the object of investment for not less than three years. In case of violation of the requirements for the simplified procedure for granting citizenship, the decision on acquisition of citizenship may be canceled. Also the document assumes that the right to apply for Russian citizenship in a simplified manner can also be used by the investor’s spouse, minor children and parents.

Not later than December 31st of the current year the Ministries have to ensure that legislative changes guarantee stability of the legal and tax environment for residents of territories of advanced socio-economic development (hereinafter – the TOR) and residents of the free port of Vladivostok, within 10 years from the date they received the appropriate status.

In addition, the government will need to make changes to the legislation with the purpose of granting to legal entities of TOR, located on the territory of the Fareastern Federal district, the lowered tariffs of insurance premiums:

– compulsory pension insurance;
– compulsory social insurance against temporary disability and maternity;
– OMS.

Such entities will include residents of TOR and residents of the free port of Vladivostok that received the corresponding status and opened a new production until December 31, 2025 – the minimum investment as a condition of providing state guarantees will be set for them individually.

Earlier the Russian President also instructed the government to develop measures to support ecotourism in Siberia and the far East by November 1, and approved the Concept of demographic policy of the Far East for the period up to 2025.

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