Reprinted from a Forbs article originally published here: https://www.forbes.com/sites/andyjsemotiuk/2023/02/10/russia-introduces-new-investor-immigration-program-despite-war-and-sanctions/?sh=57813bd5240c
I write about investor immigration and about Immigration issues.
Russia recently launched a new investor immigration program largely designed to attract foreign investors from India, China, and countries in Africa and the Middle East
Russian Golden Visa Program
The India Economic Times summarized the new Russian Golden Visa program as follows:
“The investment amount starts from 215.000 USD for investment into social projects in Russia and goes up to 715.000 USD for the investment into real estate in the City of Moscow. But for example, real estate investment in the Far East region is only 285.000 USD, Moscow region is 360.000 USD. So, we are talking about middle to upper class of Indian investors.”
Some Attractive Aspects
There appear to be some relatively attractive aspects to the program. Investors are offered both active (stock) and passive (real estate) ways of investing to get residence. Apparently, the foreign investor gets a one-year temporary resident visa for investing. The investor then qualifies for permanent residence at the one-year mark. There is no need to reside in Russia to keep the residency in this Golden Visa scheme. But keeping the investment in Russia for a year or two, depending on the investment, is required to maintain permanent resident status. After that, the conditions are waived. What is more, the investor can qualify for Russian citizenship after five years of residence.
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It is interesting that the program offers residence not only to the investor but also to family members such as a spouse, children, parents, grandparents, and grandchildren. This is more lucrative than most other comparable programs. There are no restrictions on repatriating profits.
Those are the relatively attractive features of the program. Now let us consider the problems with it. They are serious.
Let’s start with full disclosure. Not long ago, my name was added to a Russian sanctions list, along with some other names far more prominent than mine such as Hollywood actor Jim Carrey and Canadian author Margaret Atwood. In my case, I was sanctioned for being “a lawyer” and “a former member of the Canadian Human Rights Commission.” Guilty as charged about being a lawyer but actually I was only on the Tribunal Panel of the Canadian Human Rights Commission. Be that as it may since this article is about the newly created Russian Golden Visa program readers need to be aware of this background in considering my comments.
Problems With The Russian Program
It is no secret that Russia is in the midst of a brutal war of invasion against Ukraine. True, no bombs are falling on Moscow or Russian territory, although they are falling on Crimea where, incredibly, the Russian program is also inviting investors to invest. Almost any serious book about Putin published these days decries his rule as dictatorial and Russian society as completely devoid of any rule of law. Indeed, the Russian war effort is seen in the West as a seminal attack on the international rules-based order.
In her review of “Invisible Trillions,” a book by anti-corruption activist Raymond Baker, Canadian journalist and author Diane Francis describes Russia as, “a monstrous kleptocracy and military dictatorship which is now a threat to global security.” She adds, “The Russian dictatorship was built by Putin and others after they stole the country’s corporations and resource endowment. They corrupted its institutions, including the church, and hid their personal ill-gotten gains offshore.” This depiction of Russia is in line with many similar depictions contained in other books previously mentioned, including those by authors like historians Timothy Snyder and Anne Applebaum, political leaders like Garry Kasparov and Alexei Navalny, investors like Bill Browder and journalists like Masha Gessen.
Not A Serious Option
Russia imagines that countries like India and China as well as others in Africa and the Middle East will ignore the sanctions imposed on it by the United States, NATO, and others. To the degree Russia serves as a kind of financial brothel to launder money from individuals who have illegally usurped it from countries that have not joined the Western boycott, it may succeed. But otherwise, for the reasons mentioned, few normal investors would seriously consider putting their money at risk in such a society.
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I am a U.S. and Canadian Immigration attorney and have helped over 10,000 clients with various legal problems. I am a member of the New York and California bars in the US and Ontario and BC bars in Canada. I am a former UN Correspondent, a published author, a professional speaker and work for Pace Law Firm in Toronto.
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This article was first published in the Forbes online on Feb 10, 2023,03:50pm EST and is now being republished here.