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Foreigners will not be allowed to buy or rent apartments without permission

October 15, 2013, 11:52 UTC+3
The “certain category of persons” will include both foreign individuals and legal entities
1 pages in this article

MOSCOW, October 15 (Itar-Tass World Service). — The government is determined to resist the emergence of ethnic enclaves with the use of economic methods. The Economic Development Ministry is drafting a bill stipulating there must be a special authority empowered to issue permissions to sell or lease real estate to foreign nationals. Economic Development Ministry official Vladimir Zatomsky has told the daily Izvestia the proposed legal act may take effect in the first quarter of 2015.

The Economic Development Ministry’s accompanying memorandum says that the existing legislation poses no obstructions to the emergence of ethnic enclaves and the establishment of foreigners’ control of Russian territories. The bill proposes a special term “certain category of persons.” All transactions with those included in this group will require authorization procedures.

The “certain category of persons” will include both foreign individuals and legal entities. Also, special procedures will be applied to persons without citizenship and Russian companies as well, if 50% or more of their charter capital is foreign-owned.

According to the bill the permission will be given by a body of state power or other authorized agency at its sole discretion. The Economic Development Ministry did not explain what kind of authority or agency will have the right to issue or deny permissions to sell or lease real estate to foreigners, the daily says.

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