VLADIVOSTOK, September 7. /TASS/. Russia will simplify the procedure for granting the citizenship to foreigners who invested over $10 mln in the economy of Russia’s Far East, Russian President Vladimir Putin said at a plenary session of the Eastern Economic Forum.

"It is planned to ease citizenship rules for foreign investors who will invest ten or more million dollars in Russia’s Far East," Putin said.

Profits tax benefit to be extended to 19 years

Benefit on profits tax for investment projects larger than 100 bln rubles ($1.74 bln) will be extended from 10 to 19 years, Putin said.

"For large investment projects over 100 bln rubles ($1.74 bln) benefit on profits tax will be extended from 10 to 19 years. We take into account the fact that these are the projects of a long cycle, and those who invest resources should understand how the economy of these projects will be built," Putin said.

Putin added that investors-residents of the Free Port of Vladivostok priority development area will have a 10-year premium exemption period on insurance payments until 2025.

"For example, any investor who has become a resident of the Free Port of Vladivostok priority development area will have a 10-year grace period for paying insurance premiums until 2025," Putin said.

This measure, introduced within the framework of actions of the Russian authorities to increase investment attractiveness of the Far East and its competitiveness, offers more favorable conditions for foreign investors who become residents of the Free Port of Vladivostok priority development area, the president noted.