Foreign citizens will be able to obtain residence permit for purchasing real estate property in Russia.

According to the statement of Ministry of economic development a draft law on amendments to the Federal law «On the legal status of foreign citizens» is being developed at the moment. In accordance with the proposed amendments it is planned to legalize the residence permit obtainment by foreign citizens on the following economic grounds:

• purchasing real estate property in Russia;
• investments in Russian companies;
• doing business in Russia.

That list is not final since other grounds of residence permit obtainment by foreign citizens are being discussed and may include different kinds of contributions to national economy.

The criteria of considering a foreign citizen as an investor for the purpose of obtaining a residence permit in Russia will be approved by Russian Government

As noted, such practice is widely spread in the European countries and its establishment in Russia will allow to attract more foreign investors to the country, what will positively affect the development of Russian economy.

Such legislation amendments are being made due to the statement of the Russian president who has charged the relevant state authorities to carry out a reform in the field of migration relations and the institution of citizenship.

It is assumed that the draft law can be submitted to the Government or to the State Duma at the end of the year. If the draft law is passed its provisions can come into force in July 2021.