MOSCOW, May 29, 2024 /PRNewswire/ — At the end of 2023, 68 thousand Russian citizens notified the Russian migration authorities of holding a second passport or residence permit of a foreign country. This was twice as much as in 2022. The data was provided by the Ministry of Internal Affairs of the Russian Federation.
Most often, Russian citizens obtain citizenship or residence permits in Israel, Turkey and Armenia. Passportivity experts explain where else Russian citizens can apply for a second passport or residence permit and how much it costs.
5 reasons for Russian citizens to obtain a residence permit and second citizenship by investment
1. “A backup choice”. Investors and their family members are free to move to the country of second citizenship at any time.
2. Access to European banks. With a second passport, accounts can be opened in American and European banks.
3. Broader opportunities. Investors from Russia with a Turkish or Vanuatu passport can obtain a “golden visa” to Greece.
4. Visa-free entry into the Schengen area. With a residence permit from an EU state, foreigners can visit the countries of the Schengen area and spend up to 90 days there within a total period of 180 days without a visa.
5. Fast procedure. A passport or residence permit can be obtained by investment in a matter of just a few months. It can take as much as 6 months to get a citizenship in exchange for investment in real estate in Turkey. This is faster than the repatriation procedure.
The best citizenship and residence permit by investment programs for Russian citizens
The fastest country to issue a second passport is Vanuatu. A second passport can be obtained within two months. The minimum investment threshold is $130,000.
Vanuatu is popular with applicants from Russia due to the relatively small investment and remote application procedure: investors do not need to travel to Vanuatu to submit and receive the documents. They are not required to actually live in Vanuatu to maintain their passport.
Other options popular with Russian investors are Turkey and the UAE.
In the European Union, a 10 years’ residence permit can be obtained by investment in Hungary. In the summer of 2024, the country will start to issue investment residence permits, or the so-called “golden visas”.
According to the “Act on the General Rules for the Entry and Residence of Third Country Nationals”, the Hungarian residence permit by investment program will include three options:
1. Purchase of investment fund units (investment threshold €250,000)
2. Purchase of residential real estate (investment threshold €.500,000)
3. Donation to a Hungarian university (investment threshold €1,000,000)
Russian citizens can also obtain a residence permit by investment in other EU countries.
How Passportivity helps in obtaining a second citizenship
Passportivity is a law firm. We help the clients with choosing a program, buying a property and collecting the necessary documents.
Passportivity experts know about all the challenges associated with obtaining the status. We never leave our clients to face the tasks and problems alone, but offer them legal support every step of the way.
After the status has been received, Passportivity helps the clients to start a new life, e.g. to obtain a driver’s license in the new place.
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