Russia aims to simplify the issuance of visas for foreign investors

Now you can get a visa for a maximum of one year, but you can actually stay in the country for three months each semester. On behalf of President Vladimir Putin, the Ministry of Economy and Economy, together with Business Russia, are already considering the issue of amending the legislation, according to which a new type of visa could be introduced: they can be obtained if an entrepreneur implements a Project investment in the Russian Federation worth more than 100 million rubles.

According to Dmitry Panov, president of the St. Petersburg regional branch of Business Russia, in 2023 investors from “friendly” countries became more interested in participating in major projects in Russian regions.

In his opinion, the current one-year visa standards are not sufficient, since from the investment phase to the commissioning of the facility takes time. The president explains the need for requests from business associations because they have information about foreign partners who are willing to conclude investment agreements.

This rule, according to Panov, will help to effectively inform entrepreneurs about the new rules for business visas, and will also reduce the burden on federal departments involved in the initial assessment of foreign entrepreneurs.

The Ministry of Economic Development, together with concerned departments and Business Russia, are already working to introduce multiple-entry business visas for foreign investors. The proposed petition is still being developed, the department said.

In 2023, almost 70% of Russian entrepreneurs began looking for investors for their business. In most cases, additional funds are allocated to areas such as IT, medicine, construction, manufacturing, financial and legal services. One in two respondents said that in the last two years it has become more difficult to find money for projects.