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Property Rent/Purchase Restricted For Foreigners
19.10.2013 12:22
Property Rent/Purchase Restricted For Foreigners
Photo Credit: http://lifestyle.allwomenstalk.com

Russia’s bid to lure foreign investors and set up a financial centre in Moscow may be under a threat if the national parliament passes a new bill on real estate purchase limits.

      According to the draft law, foreigners would not be allowed to buy or lease property in Russia without a special permit, says Rossiyskaya Gazeta.

      The move is likely to put off investors and foreign specialists operating in Russia rather than attract them.

      It’s strange that the bill is being drawn up by the Ministry of Economic Development which is supposed to be working on measures to kickstart the economy and enhance the investment climate.

      If the bill is adopted, the new rules will be effective starting from 1 August 2015.

      Experts have questioned the effectiveness of the future bill, saying it would be hard to enforce since the rental market is, to a large extent, a shadow industry.

      According to newsru.com, there are already a number of restrictions applied to property transactions done by foreigners.

      These include the purchase of land near borders, agricultural lands, plots in the port areas, land designated for transport infrastructure, defense and security, says an official statement issued by the Ministry of Economic Development.

       




Author: Mikhail Vesely

Tags: Russian rental market expats    

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