The authorities estimated the investments of foreigners with “golden passports” at 12 billion rubles per year.

The Ministry of Economic Development expects that in the first year of the launch of the golden visa program, it will be used by 300-400 foreign investors, and in three years - no more than 600-650 annually, writes Forbes, citing the materials of the Department.

According to the authorities, the new law will make it possible to attract up to 12 billion rubles to Russia in the first year and more than 40 billion rubles in subsequent years.

The Ministry of Economic Development said that investors from EAEU and CIS countries, the Middle East and Asia are showing interest in the program. The law is expected to attract money to the construction industry, agriculture and industry.

What does the new law change?

• Currently, registration of a residence permit takes one and a half years, according to the new law, the procedure can be reduced to 6 months.
• Spouses and children of foreign investors, spouses of children, parents, spouses of parents, grandparents and grandchildren will be able to use the simplified procedure.
• Holders of "golden passports" can travel out of state and return without additional documents.
• You can work or open your own business in any region. Now foreigners can work only in the region where they received a work permit or temporary residence permit.
• The law will come into force in January 2023 and all the necessary statutes are being developed.
• The amount of investment required to obtain a "golden visa" - 30 million rubles, can be reduced for regions such as Crimea and the Far East.