Russia joins investment-for-citizenship trend

The Russian Federal Migration Service together with the Ministry of Economic Development have drafted a law that will allow foreigners who invest more than RUB 10 mln in the Russian economy to obtain citizenship, the Russian newspaper Kommersant reported Feb. 12.

“If the draft law is adopted, it also will allow individual entrepreneurs to get Russian citizenship after living in the country not less than three years and having an annual income not less than RUB 10 mln,” the newspaper wrote.

Additional favorable conditions were set for foreign students. Those who have obtained a diploma from a Russian university as of July 1, 2002 and have worked on the territory of the Russian Federation not less than three years also will be able to apply for citizenship.

According to the Ministry of Education, 100,000 foreign students were registered in Russia in 2013.

Russia is following the example of several European countries, which have already adopted the practice of investment-passport exchanges. These include the U.K, Belgium and Portugal.

In mid-2013 Cyprus announced that it would be granting passports to foreigners who had invested at least EUR 3 mln in the economy. Bulgaria has also adopted the strategy already common in Austria, which has stricter requirements.

The Russian government has already discussed the bill and is expected to pass it to the Duma for consideration in the near future.