20:21, 19 May 2020 Page views 686 views

Ministry of Economic Development offers granting RF residence permit for real estate buyers

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According to a draft law proposed by the Ministry of Economic Development, foreign entrepreneurs may obtain a residence permit in Russia after buying property in the country. The ministry is developing amendments to the Russian law “On Foreign Citizens’ Legal Status”. Alexander Razuvaev, Ph.D., Head of Alpari Information and Analysis Centre, shared his opinion on this issue with PLUSworld.ru portal.

From our point of view, priority should be given to shares and bonds of Russian companies, rather than real estate often unaffordable for most Russians. First of all, this applies to OFZ (federal loan bonds), of course. If you lend to the Russian state, you can count on some preferences on its part.

Needless to say, the minimum amount and term of investments should be agreed upon. For example, the requirement to hold OFZs or bonds of state-owned companies such as Rosneft or Gazprom until maturity. Besides, some preferences, of course, should be given to the citizens of Eurasian Economic Union member states – Belarus, Armenia, Kazakhstan, Kyrgyzstan. I would also introduce preferences for citizens of countries that are important partners of Russia in the international policy and trade. These are, first of all, Turkey, Azerbaijan, Iran, Serbia, the BRICS countries.