Russian Government has reduced the immigration requirements for foreigners that want to live in the country.
The new changes will make it particularly easy for wealthy investors to relocate in the country given the fact that new investor visa with five-year validity will be introduced.
In addition to that, there will be good chances for less affluent immigrants since the Russian Government has announced that the three-year temporary Russian visa will count as the first step towards a five-year permanent residence visa.
Russia wants to attract foreign talent, bit the country struggles because it has a reputation for high bureaucracy and corruption.
This puts off many expats from relocating there. The reason for the new changes is that Russia wants to improve its image among potential immigrants and meet its increasing skilled migration and foreign labour needs.
Under the new rules, wealthy investors will no longer need to wait for a letter of invitation but will be able to apply directly to a Russian consulate for an investor visa.
With regard to the new changes Stuart Moir, a former British expat who worked in Russia, said: “In the past, it was very complicated to live and work in Russia and not many people would have considered it.
But it sounds like that could all be about to change which is good news as the country has a lot to offer expats.”
Meanwhile, many of the European expats, who already live in Russia, are downgrading their accommodation.
During the last year, many of the expats in Moscow named the top price for an apartment at 15 000 USD. During the current year, the number shrunk to 10 000 USD.
The changes reflect the austerity measures undertaken by many Western European companies due to the European debt crisis.
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