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Russia: Simplification of the procedure for obtaining a residence permit for foreign investors

On April 27, 2021, the draft law “On amendments to the Federal Law “On the legal status of foreign citizens in the Russian Federation” aimed at simplifying the procedure of obtaining residence permits for foreign investors was filed to the State Duma (the lower house of the Federal Assembly of the Russian Federation).

 

The above mentioned draft law was drawn up in execution of the Russian Federation’s migration policy plan for the period from 2019 to 2025 and is aimed at creating additional favourable conditions for investments and business development.

 

This initiative is one of a series of acts aimed at attracting foreign investors to the Russian Federation, as among others, for example, the Investment protection and incentives reform and the creation of Special economic zones.

 

It is expected that a foreign citizen who makes investments in the Russian Federation, as well as his family members, will have the possibility to obtain a residence permit in the Russian Federation for an indefinite period without having previously obtained a permit for temporary residence.

 

Following the adoption of the amendments proposed by the draft law, the Government of the Russian Federation will draw up the necessary execution acts regulating the criteria to which the foreign investor must comply in order to use the abovementioned facilitation.

 

The draft law is in line with the provisions of the Agreement on the Eurasian Economic Union of 29 May 2014, as well as with the international agreements of the Russian Federation.

 

In Italy, a similar facilitation for foreign investors was introduced by Law no. 232 of 11 December 2016 (Budget Law) and further amendments.

 

 

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