The Russian government’s attempt to entice international investors to Russia through the residency programme, the Russian Golden Visa programme, which was introduced in January 2023, is being extended to Indian nationals.
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The Russian Golden Visa program can be advantageous for Indian investors who want to move and live in Russia as well as those who want to invest but not necessarily live in Russia but benefit from the potential investment income, according to Timur Beslangurov, managing partner, Vista Immigration, whose firm will facilitate this program.
Could you clarify the Russian Golden visa programme for Indian citizens and list its benefits?
The Russian government is attempting to entice international investors to Russia through the residency programme with the introduction of the Russian Golden Visa programme in January 2023. It is no secret that several nations have comparable programmes, each with advantages and disadvantages. Instead of contrasting the many programmes offered, we’ll concentrate on the Russian programme.
Prior to the implementation of the new Golden Visa programme, there were several legal avenues for foreign nationals to apply for permanent residency in Russia, including quotas (which are extremely hard to obtain due to the limited number of quotas), marriage to a Russian, having a child who is Russian, graduating from a Russian university with honours, and employment. It was quite challenging to gain residence in Russia for someone who has a family of his own and is not old enough to enrol in school. For the following reasons, the new Golden Visa scheme is excellent for Indian investors:
Long-standing amicable relations between Russia and India have become even stronger as a result of international sanctions on Russia.
Under the Golden Visa Scheme, a lifetime residency is granted not only to the investor but also to his or her family members, such as a spouse, children, parents, or grandpa.
The scheme also offers active investment, such as establishing a company in Russia, as well as passive investment that may offer good returns on the investments made, such as investing in real estate and the Russian stock market, which has lost half of its value since February 24, 2022.
To maintain residency under the Golden Visa Program, there is no need for you to live in Russia.
Which Indian population groups are being targeted by this programme?
We think that both Indian investors who want to relocate and live in Russia and those who want to invest but may not want to live in Russia but still benefit from the possible investment income may find the Russian Golden Visa programme to be advantageous. The investment value ranges from 215.000 USD for real estate in the City of Moscow to 715.000 USD for investments in social initiatives in Russia. However, whereas investing in real estate in the Moscow region costs 360.000 USD, it costs just 285.000 USD in the Far Eastern region. We are thus discussing middle- to upper-class Indian investors.
Does the programme now solely target Indian investors?
Not just foreign investors in India may gain from the program. Under this scheme, investors may come from any country. But it goes without saying that, for the time being, using this programme in practise will be more difficult for investors from Western nations due to sanctions and limitations. Although it is commonly known that Chinese investors use residence and citizenship through investment programmes the most frequently worldwide, analysts and experts predict that Indian investors will overtake them in the next three to five years.
How does this programme assist Indian investors in remitting profits to India smoothly?
The program itself is more of an investment product than a scheme geared for profit repatriation. However, there are no limitations on Indian investors returning profits to India.
Would Indians be eligible for this programme if they can help strengthen connections between Russia and India?
The programme is highly specific about the kind of investors it accepts and essentially solely covers the terms of investments. Indians who support the expansion of India-Russia relations but do not invest themselves are not eligible for this programme, although they may be able to request special recognition from the Russian president.
Will this visa provide any difficulties?
Indians for going to the West I don’t believe that having a residence in Russia will present difficulties for Indians travelling to the West, but Indian investors should obviously exercise caution when choosing their investments to avoid breaking any potential secondary sanctions that may be applicable when doing business with Russian-sanctioned companies.
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