Russian Golden Visa Falls 95% Short of Target

Russia’s Golden Visa program has attracted 40 investors since January 2023—considerably fewer than its 300-400 annual application target, according to RBC. Over the two years, the program has generated ₽2.66 billion (US$30 million) and achieved approximately 5% of its cumulative application and investment target.

The government has cited geopolitical tensions, sanctions, and investor caution as reasons for the modest demand.

Applications to the Russian Golden Visa declined from 24 in 2023 to 14 in 2024. In early 2025, two investors applied.

The government's initial plan was to receive around 600 applications in the Golden Visa's third year of activity, according to Ilja Belobragin, Managing Director of MovetoRussia.com, meaning it would have to attract 50 applications per month in 2025, an objective that seems highly improbable now.

The 40 investors that applied hail from 14 countries, including the U.S., Germany, and South Korea. The government has approved 23 of the investors so far.  

Premium investors or pre-qualified pool?

While the Russian Golden Visa has faltered in terms of applicant numbers, Belobragin emphasizes quality over quantity. He notes that the average investment amount per application of ₽115 million (US$1.2 million) "far exceeds the minimum threshold of US$160,000," indicating investors "see Russia as an attractive place for long-term investment."

He argues that investors in publicly traded Russian companies report returns "exceeding 30% from market appreciation and ruble strengthening," which may justify the high investment amounts.

Thirty of the 40 applicants chose business investments—21 in existing companies and nine in new ventures—while seven selected real estate options valued between ₽20-50 million. One investor chose regional social projects.

This business-heavy distribution diverges from typical Golden Visa patterns where real estate usually dominates. It does, however, mirror Jordan's Citizenship by Investment Program (CIP), which experts argue is dominated by pre-qualifying investors who already have investments in place that make them eligible for the program.

Belobragin says the government "is actively consulting on potential improvements, including dropping or postponing the language requirement and reducing the mandatory residency period" from the current 180-day requirement.