OREANDA-NEWS  The Ministry of Economic Development has recorded more than 20 applications for a simplified residence permit (residence permit) in Russia from foreign investors, Deputy Minister of Economic Development Dmitry Volvach told Izvestia. According to him, appeals were received from citizens of China, the United States, Germany, Serbia, Georgia, Turkey, Algeria and other countries. Investors are ready to invest at least 1.2 billion rubles in the Russian economy.

The agency reviewed most of the applications and sent positive conclusions to the Ministry of Internal Affairs, Dmitry Volvach added. The registration procedure takes about four months.

As positive experience accumulates, interest in the program will grow, Boris Kopeikin, First Deputy Director General of the Center for Strategic Research (CSR), is confident. For Russia, this is an opportunity to receive not only investments, but also highly qualified personnel, he noted.

In the process of economic recovery in Russia and deteriorating conditions in Europe, investors will increasingly seek to obtain residency in the Russian Federation to reduce their tax burden, says Denis Perepelitsa, Associate Professor of the Department of Global Financial Markets and Fintech at Plekhanov Russian University of Economics.

The Ministry of Energy plans to come up with initiatives to improve the program as business offers come in, Dmitry Volvach noted.