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Russia’s Attempt to Attract Foreign Investors With “Golden Visa” Falls Flat

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Vlad Litnarovych
Vlad Litnarovych
Author
Russia’s Attempt to Attract Foreign Investors With “Golden Visa” Falls Flat
Russia’s leader Vladimir Putin attends a plenary session of the VTB Investment Forum “Russia Calling!” in Moscow on December 4, 2024. (Source: Getty Images)

Russia’s attempt to lure foreign investors through a “golden visa” program —similar to those in Europe—has failed spectacularly, with just 40 applicants in two years, Russian media The Moscow Times reported on February 19.

Despite initial government projections that the program would bring in hundreds of wealthy investors and billions in capital, interest has dwindled. In 2023, 24 people applied, followed by just 14 in 2024, and a mere two in the first months of 2025, according to Russia’s Ministry of Economic Development.

The program, launched in 2023, was expected to attract 300-400 foreign investors in its first year and up to 650 annually thereafter. The Kremlin had forecasted an influx of $572 million (52 billion rubles) over two years. In reality, it has drawn just $29.2 million (2.66 billion rubles).

The ministry reported that applicants have come from 14 countries, including China, the U.S., Turkey, Germany, and South Korea.

Russia’s version of the “golden visa” allows foreigners to obtain residency by investing a minimum of $275 thousand (25 million rubles) in real estate ($550 thousand (50 million) in Moscow), $165 thousand (15 million) in regional projects, or $330 thousand (30 million) in existing Russian businesses.

Alternatively, investors can open a company that must operate for at least two years and contribute at least $44 thousand (4 million rubles) in taxes.

However, economic experts point out that Russia’s offer pales in comparison to similar programs in Europe or the UAE.

Senior researcher Vladimir Yeremkin from RANEPA’s Institute of Economic Policy notes that investors in Spain, for example, gain access to the EU’s advanced infrastructure, while those in the UAE benefit from a favorable tax environment.

In Russia, by contrast, investors face severe risks, including sanctions, asset confiscations, and an increasingly hostile business climate.

Since Russia’s full-scale invasion of Ukraine, direct foreign investment in the country plunged by $262 billion, hitting a 15-year low.

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For example, the U.S. has two main investor visa programs: the E-2 and EB-5 visas. The EB-5 visa program is administered by the U.S. Citizenship and Immigration Services (USCIS). Successful applicants and their families can apply for a green card. The EB-5 visa program, which is also called the Golden Visa program, requires applicants to invest between US$900,000 and US$1.8 million, depending on the location of the project, and requires at least 10 jobs to be either created or preserved. There is an annual cap of 10,000 applications under the EB-5 program.