The bill on a simplified procedure for issuing residence permits (residence permits) in the Russian Federation (the so-called “golden visas”) to foreign investors has been approved by the authorities concerned, and the procedure for its adoption will be launched in the near future, said the head of the Ministry of Economic Development Maxim Reshetnikov. “With regard to the initiative to provide a residence permit for foreign investors, the proposal prepared by the Ministry of Economic Development and Trade was supported by our colleagues in the federal authorities. And this is an important step for creating favorable conditions for those who invest in the Russian economy”, the minister said speaking at a round table with the participation of representatives of the Association of European Businesses in the Russian Federation. “We hope that in the near future a procedure for amending the legislation will be launched, which will enable investors to permanently reside in the country, move, of course, cooperate with any Russian companies. This will be a significant step in creating more comfortable working conditions here for those who are active invests in the Russian economy and develops it”, he added. In November, the Ministry of Economic Development and Trade posted on the portal of draft regulatory legal acts a draft law aimed at simplifying the procedure for issuing a residence permit to foreign investors in the Russian Federation. So, in order to obtain a residence permit, a foreign investor must invest at least 10 million rubles in opening a business in Russia and employ at least 10 Russian citizens or own for at least three years Russian government bonds or real estate for at least 30 million rubles.