Golden Visa in the former Soviet bloc: residency through investment in CIS countries for your Plan B

Today we will discover how to obtain residency through a Golden Visa in Georgia, Armenia, Kazakhstan, Uzbekistan, or Russia in order to design a Plan B outside the West.

Many find the Western world too controlling and constricting for a variety of reasons. Whether it’s growing geopolitical changes, new arms races, or increasingly restrictive EU regulations, you can actually choose for yourself which current events to base your assessment on to identify a clear trend in the West toward limiting the freedom of its citizens. So it is not surprising that more and more stateless clients are looking for alternatives far from the West to strategically relocate themselves and their families, or at least to diversify just in case.

For many Europeans, the countries of the Commonwealth of Independent States (CIS), i.e., the former Soviet republics, are obvious choices, and for quite tangible reasons. That is why it is very timely that more and more CIS countries are offering Golden Visa programs.

Unlike in the West, CIS countries are clear: those who bring value to the country are welcome. Reason enough for us to take a closer look at the possibilities.

Which countries are part of the CIS (former Soviet bloc)?

Admittedly, when you think of Golden Visa programs, Uzbekistan and Kazakhstan may not be the first countries that come to mind.

There are too many prominent examples in popular countries such as Portugal, Spain, Greece, and even Latvia, as we recently told you in our comprehensive comparison of EU golden visas.

However, as always, there are also options away from the spotlight that may be of interest to many.

The Commonwealth of Independent States (CIS) is a fairly flexible confederation of states that was founded after the breakup of the Soviet Union. Not all former Soviet republics belong to it, but the following countries are currently full members of the CIS:

• Armenia
• Azerbaijan
• Belarus
• Kazakhstan
• Kyrgyzstan
• Moldova
• Russia
• Tajikistan
• Uzbekistan

In this comparison, we also analyze Georgia due to its geographical location and interesting local conditions.

Why might you be interested in obtaining a Golden Visa in the CIS region?

The CIS countries offer an attractive combination of economic opportunities, low cost of living, a partly favorable tax policy with fixed tax options, and unique natural surroundings. From an economic point of view, you benefit above all from markets that are still largely underdeveloped and have a strong reformist momentum. Countries such as Uzbekistan and Kazakhstan are investing in infrastructure and digitalization and offer market opportunities in the energy, agriculture, and information technology sectors. Low tax pressure, often with flat tax models between 10% and 15%, also makes the region very attractive for entrepreneurs and wealthy individuals.

From a geostrategic point of view, the CIS countries also stand out for their location between Europe and Asia.

They are part of regional trade blocs such as the Eurasian Economic Union, which gives them access to a larger internal market. At the same time, immigration processes are generally straightforward and are not affected by the tightening of EU rules.

Digital nomads find affordable infrastructure, high-speed internet, and active expat communities in cities such as Yerevan and Almaty.

For retirees, the region is attractive due to its low costs, safe living conditions, and good healthcare.

Families appreciate the high standard of education and respectful social environment.

And HNWIs and individuals can find affordable luxury properties, certainty in tax planning, and a discreet quality of life away from the busiest places.

Last but not least, cultural diversity, hospitality, and nature are very appealing: from the historic cities of the Silk Road to mountainous landscapes and subtropical coastlines, the region also offers a high quality of life on a personal level.

In short: for entrepreneurs, freelancers, retirees, investors, and also for you, the CIS offers an attractive overall package, especially when classic Western programs have become saturated, expensive, or unreliable.

Citizenship and dual nationality in CIS countries

Another reason could be diversification in terms of citizenship.

In many CIS countries, citizenship can also be acquired after a certain period of residence in the country, but it should be noted that this is not always so straightforward:

On the one hand, not all visas automatically allow you to activate the calculation of residence periods for the purpose of subsequent naturalization. Especially in the case of the new golden visa programs, it is often still unclear whether and how the “residence clock” works, which must be checked in each individual case, as there is often still uncertainty about this even among the authorities themselves.

On the other hand, it should be noted that many CIS countries do not allow dual citizenship.

One example is Kazakhstan, where it is officially prohibited to hold another nationality. In practice, however, it is common for citizens, especially those with ties to Russia, to retain or subsequently acquire a second nationality, in most cases tacitly and also tacitly tolerated. This applies especially to cases where the second nationality has been obtained subsequently, for example, through naturalization.

Be that as it may, anyone wishing to obtain the nationality of a CIS country that does not recognize dual nationality will generally have to formally renounce their previous nationality, which rarely makes sense if we want to move forward with our Theory of Flags.

Golden Visa programs in the CIS region

Next, we will take a look at the different Golden Visa programs in Uzbekistan, Kazakhstan, Russia, Moldova, Tajikistan, Turkmenistan, Georgia, Armenia, Azerbaijan, Kyrgyzstan, and Belarus.

Golden Visa in Uzbekistan

In Uzbekistan, it was already possible to obtain a residence permit in the country through investment. Since June 2025, another Golden Visa option has been added through a one-time donation. The amount: US$250,000 for the applicant and US$150,000 for each additional family member. In return, a five-year residence permit in the country is obtained. It remains to be seen how competitive this golden visa is, especially when compared to the clearly cheaper programs in Asia or South America. However, those who have direct ties to Uzbekistan or the region, or who need to reside in the country for other reasons, now have one more option in addition to the two existing possibilities for residence, which, in principle, can be considered a positive development.

However, it also quickly becomes clear that, especially for families, the other routes are more economical. Specifically, there were previously two ways to obtain a residence permit:

Through investment in an Uzbek company:

• 3-year visa (renewable): approx. USD 250,000 in shares or capital in an Uzbek company
• 10-year visa (renewable): USD 3 million in manufacturing companies

Family members (spouse, parents, children) can be included at no additional cost and there are no restrictions based on nationality.

Through investment in real estate:

These are divided into investment amounts according to region:

• $300,000 in Tashkent and surrounding areas (previously $400,000)
• $200,000 in cities such as Samarkand, Bukhara, Fergana, etc.
• $100,000 in regions such as Karakalpakstan

Until now, this route allowed for a permanent residence permit to be obtained. Since family members can also be included at no additional cost, it is clearly considered the best option for obtaining a residence permit. By way of comparison: for a family of three, the new donation route costs $550,000. This can be achieved for less than a fifth of the price with real estate in a peripheral area of the country through the real estate route.

The only drawback: this route limits Uzbekistan to around 85 eligible nationalities, which are currently being debated again.

Golden Visa in Kazakhstan

Kazakhstan also introduced a new golden visa program in May 2025, joining the global trend of facilitating the immigration of investors and wealthy foreigners, either through golden visas or through citizenship-by-investment programs, which are becoming increasingly popular around the world. Kazakhstan’s golden visa program is much clearer and simpler than that of its neighbor Uzbekistan.

In the country of the steppes, a residence permit valid for up to ten years can be obtained by investing $300,000 in the share capital of Kazakh companies or in locally traded securities. The application procedure is expressly promoted as being fully digital.

With the new visa program, the Kazakh government is pursuing the clear goal of attracting fresh capital to the country, promoting technology transfer, and strengthening connections to international economic networks. According to the Ministry of Foreign Affairs, the model aims to create a stable and transparent legal environment that inspires confidence in the reliability of the Kazakh market.

Golden Visa in Russia

The Russian golden visa program has been in place since January 2023 and has fallen well short of its targets in recent years, achieving only about 5% of application and investment targets. Of the 300-400 applications initially expected annually, only 40 investors have been attracted since the program’s inception. Applications fell from 24 in 2023 to 14 in 2024, and by early 2025 only two investors had submitted applications.

The government attributes the low demand to geopolitical tensions, sanctions, and investor caution.

The Russian program offers permanent residence once approved and a path to citizenship after five years of legal residence. The minimum investment is 15 million rubles (about US$150,000), but it requires a physical presence of 183 days per year.

The Russian Golden Visa program is currently undergoing reform. For example, the minimum stay requirement will be eliminated and language skills will no longer be required. This is intended to significantly increase the program’s appeal.

Eligible pathways to permanent residence in Russia

The program distinguishes between three main pathways, depending on how the capital is contributed:

1. Donation to social projects

Minimum contribution: 15 million rubles (approximately $170,000)

Type: non-refundable donation to socially relevant projects, such as schools, sports facilities, or infrastructure

2. Investment in companies or real estate
3. Participation in a company

Minimum investment: 30 million rubles (approximately US$340,000)

Objective: a company with at least three years of commercial activity that pays more than 6 million rubles per year in taxes or fees. The advantage: even if the capital is subsequently withdrawn, residency status is maintained.

1. Purchase of real estate (staggered by region)

Investment amount:

• 20 million rubles (~$230,000 USD) for the Far East regions
• 25 million RUB (~$280,000 USD) for cities such as St. Petersburg, Sochi, or Lake Baikal
• 50 million RUB (~$570,000 USD) for Moscow and the surrounding area

Requirements: new buildings (less than 2 years old), the property must be fully paid for and kept for at least 1 year, but can then be sold.

3. Setting up your own business

Requirement: setting up a business as the sole owner (e.g., GmbH, AG, farm, or similar). Criterion: payment of at least 4 million rubles (~$47,000) in taxes/fees per year for two consecutive years. In this case, it is also not necessary to retain ownership of the business after obtaining permanent residence.

There are currently other requirements

Language and knowledge test: Applicants and members of your family (!) between the ages of 18 and 65 (men) or between 18 and 63 (women) must take a test in Russian language, history, and law.

Particularly interesting in all ways of obtaining a golden visa in Russia: not only you yourself, but also up to five generations of your relatives can participate in the procedure. After five years of legal residence in the country, the path to naturalization is also open in principle.

Golden Visa in Moldova

Moldova has a turbulent history when it comes to investment programs. In 2018, the government initially introduced a citizenship by investment program (MCBI) that granted Moldovan citizenship to foreigners in exchange for an investment. However, this program was suspended in 2019 due to concerns (among others, from the EU) and was eventually abolished entirely.

Since then, Moldova has focused on attracting investors, at least through the route of residency. The law on foreigners allows foreign entrepreneurs to obtain a temporary residence permit based on investment. Thus, a temporary residence permit can be obtained by setting up a company and investing a certain amount of capital or creating new jobs.

The barriers are relatively low: a stake in a company or an investment equivalent to 30 average monthly salaries in Moldova (roughly equivalent to US$20,000) or the creation of a single new job meet the basic requirements for obtaining a two-year residence permit. Higher investments result in longer authorization periods: for example, three years of residence for investments starting at 200 average salaries or eight new jobs, up to five years for very large projects (more than 2,000 average salaries or more than 25 jobs), and a maximum of eight years for investments exceeding 4,000 average salaries or the creation of more than 50 jobs.

In addition to these general rules based on the economy, Moldova also defined explicit areas of investment at the time: for example, it was announced that a deposit of €100,000 in a state development fund or an investment of €250,000 in strategic development sectors could grant a foreigner a permanent residence permit. These sums initially corresponded to the requirements of the citizenship program, which has now been suspended, and would probably apply in a modified form to the investment residency program. In practice, however, the focus is on business creation and compliance with the criteria mentioned above (capital/income or jobs).

Golden Visa in Tajikistan

Tajikistan does not have a formal golden visa program. In fact, Tajikistan has little international demand as a destination for investor migration. The formal barriers are relatively low in comparison, but the economic conditions and opportunities in the country do not currently attract many people. However, for many, that is precisely the appeal. Due to low demand, there are also no known cases of major golden visa initiatives by the government.

Nevertheless, the country allows foreign investors to enter, provided they contribute a sufficient amount of capital and develop an economic project. A minimum investment of US$50,000 is required to obtain a special investor visa or residence permit. The investment must be approved by the Tajik authorities; in particular, the investor is expected to submit a business plan that is beneficial to Tajikistan and approved by the relevant authorities. To this end, the investment must also be made in certain economic sectors.

If this requirement is met, a visa may be granted that allows the holder to remain in the country for a longer period (beyond the normal 90-day visa duration). However, specific details on the procedure and length of stay are only vaguely covered in the law or are difficult to access. In any case, for our comparison of golden visa programs, Tajikistan is not relevant due to the absence of such a program.

Golden Visa in Turkmenistan

The situation is similar in Turkmenistan, one of the most closed countries in the CIS, which does not have a golden visa program. Foreign investors are generally scarce and often have to overcome major political obstacles to operate in the country. There are indications that, in theory, residency rights can be obtained with a very high investment volume; unofficially, the sum of around US$500,000 is mentioned. This figure (equivalent to approximately 1.75 million Turkmen manat) appears in some summaries as the minimum investment required to obtain an “investor residence permit” in Turkmenistan. However, the specific legal provisions in this regard have hardly been made public, and the decision on whether to grant a visa is only known on an individual basis.

In practice, this means that a foreigner who finances a major project in Turkmenistan (e.g., in the gas or construction sector) could obtain residence privileges as part of the contract negotiations. In Turkmenistan, there is no normal residence visa in exchange for the purchase of real estate or similar, as in many other countries. The real estate market is also highly regulated for foreigners.

Historically, Turkmenistan is one of the countries with the strictest entry rules and is as isolated as North Korea. For Christoph, co-founder of denationalize.me, it was the last UN-recognized country he visited before having visited them all. But even these countries are changing with the generational shift. Currently, Turkmenistan plans to grant visas online and eliminate the requirement to visit the country with an authorized guide.

Golden Visa in Georgia

Let’s move on to much more pleasant programs. Georgia has been a little-known destination for decades, and in recent years, it has become an attractive place for investors who want to obtain a residence permit through capital investments.

We ourselves have made a substantial investment in Georgia with our walnut plantation, which has already yielded its first successful harvests. As part of its Golden Visa program, the country offers both short- and long-term residence permits to foreign investors, depending on the amount of the investment, between $150,000 and $300,000.

In addition to a relatively quick procedure (processing usually takes only a few weeks), Georgia stands out for its favorable conditions for investors: low taxes, low cost of living, security, and political stability. Georgia continues to have excellent territorial taxation, which does not concern itself with the assets of foreign companies.

There are basically two ways to obtain a residence permit through investment: the purchase of real estate or participation in companies. To invest in real estate in Georgia, a minimum value of US$150,000 applies (non-agricultural land or housing). If this amount is invested in real estate in Georgia, the buyer initially receives a one-year residence permit, which can be renewed annually as long as the property is maintained. If the real estate investment exceeds US$300,000 or if other investments are made in the local economy, immediate permanent residence is obtained. However, this long-term investor residence permit must be renewed every five years and is linked to the continuity of the capital investment, so it is not equivalent to an unconditional permanent residence permit. This permit, which could previously be applied for after six years, can now only be applied for after ten years of temporary residence permits, for all types of visas.

Business investments can also lead to a right of residence in Georgia.

Those who invest at least $300,000 in a Georgian company (either by setting up a new company or participating in an existing one) directly obtain a residence permit for investors with a limited duration of five years.

After those five years, the permit can be extended provided that the company has achieved certain economic indicators, specifically a minimum annual turnover of US$100,000 in the first year and US$120,000 in each subsequent year.

A special advantage of the Georgian system is that the spouse and children under the age of 18 of the main investor always benefit and can obtain a residence permit together with the applicant.

However, Georgia’s Golden Visa program also includes a pathway to permanent residence and citizenship. After six years of uninterrupted residence in the country — “uninterrupted” means that no more than 90 days have been spent outside Georgia in each of the last five years — investors can apply for a permanent residence permit. Continued legal residence then opens up the prospect of obtaining Georgian citizenship: after a total of ten years of residence, it is possible to apply for naturalization. However, additional requirements must be met: the applicant must demonstrate basic knowledge of Georgian in an official interview and answer questions about the country’s culture (Georgian history and culture).

In recent years, especially with a legislative amendment in 2019, Georgia has significantly tightened and professionalized its golden visa program.

On the one hand, the minimum investment in real estate has been increased considerably: instead of obtaining a temporary residence permit with a real estate value of US$35,000, as before, at least US$150,000 is now required, after having been US$100,000 for a long time. On the other hand, the threshold for obtaining a residence permit for investors (the so-called Investment Residence Permit) has been raised from the previous US$110,000 (300,000 GEL) to US$300,000.

However, Georgia remains a very open country: many Western citizens can still easily obtain a 365-day residence permit upon entering the country and can formalize it temporarily by setting up a company. Currently, it is only necessary to generate 50,000 GEL, or just under €15,700, through a local company to do so.

In addition to Georgian capital companies with a deferred tax rate of 15% based on the Estonian model, they can also be sole proprietorships with only 1% tax up to GEL 500,000 (i.e., a turnover limit of €157,000). This already entitles you to a temporary residence permit that can be renewed annually. Of course, denationalize.me can help you with this process.

Golden Visa in Armenia

Armenia has a permanent residence program for investors that is, in effect, equivalent to a golden visa. It is relatively easy to obtain permanent residence through business activities in Armenia or share ownership. The interesting thing is that Armenia does not have fixed fees, so you can usually convince the local authorities of your investment with just a few thousand dollars. Those who meet the requirements obtain a permanent residence card that is initially valid for five years but can be renewed without any problems.

Armenian investor residency offers several advantages: there are no strict capital requirements, the cost of living and taxes are low, and you can even obtain citizenship relatively quickly. After three years of residency, an investor can apply for naturalization in Armenia. It is therefore the fastest option for obtaining a second passport through naturalization in the CIS region.

However, the requirement for this is to pass a citizenship test in the notoriously difficult Armenian language on general culture, as well as to prove that you have lived in the country for at least 183 days a year. Overall, Armenia has created a very open system that offers good options with minimal obstacles. Currently, Armenia does not have a separate Citizenship by Investment program, although ideas have been discussed but not yet implemented. Therefore, the investment residency program described above remains the primary option for interested immigrants.

Golden Visa in Azerbaijan

Although Azerbaijan does not have an official “golden visa” program in the strict sense either, it also offers residency rights to investors through investments.

Specifically, a minimum investment of 500,000 Azerbaijani manats (approximately $295,000) in the national economy is required. Alternatively, you can also opt for the purchase of real estate worth at least 100,000 manats (approximately US$59,000), a bank deposit of more than 100,000 manats, or the possession of government bonds worth 100,000 manats.

If one of these requirements is met and the application is approved, a foreign investor can obtain a temporary residence permit, usually for a maximum of three years, for example, in the case of a large investment of 500,000 manats. In the case of smaller real estate investments (around 100,000 manats), in practice, a residence permit that is renewable annually is usually granted first. In addition, there are more favorable conditions for company founders and directors: anyone who founds a company in Azerbaijan or acts as a company director can also obtain a residence permit (among other things, proof of position and minimum length of service in the company is required).

Golden Visa in Kyrgyzstan

Kyrgyzstan has also introduced a special visa for investors, which can be classified as a golden visa. Since 2017, it has been possible to obtain a Type I investment visa. From March 2023, this investor visa can be issued for 5 or even 10 years, depending on the amount of the investment. Specifically, an investment equivalent to approximately US$115,000 (10 million som) entitles the investor to a visa valid for 5 years, while an investment of approximately US$230,000 (20 million som) entitles the investor to a visa valid for 10 years. This change is intended to make Kyrgyzstan more attractive as an investment destination and offers investors much longer periods of stay without the need for renewals.

The Kyrgyz investor visa covers not only the main applicant but also their family members (spouse, minor children, and dependent parents). The investment must be directed towards the Kyrgyz economy; according to the Ministry of Economy, eligible areas include, for example, manufacturing, industry, agriculture, banking, energy, education, healthcare, and information technology. The application is submitted in collaboration with the Ministry of Economy and the Ministry of Foreign Affairs, and proof of the investment made must be provided. However, there have not been a large number of applications so far, but the extension to 5 or 10 years could make the program more attractive in the future.

Golden Visa in Belarus

There is no official golden visa program in Belarus, but foreign investors can obtain permanent residence directly under certain conditions. The law states that foreigners are immediately entitled to permanent residence if they make a sufficiently large investment. Specifically, Belarusian immigration law sets a minimum threshold of 15,000 basic units that must be invested. A “basic unit” is a fixed monetary value that is adjusted periodically. Currently, 15,000 basic units are equivalent to an investment of around €150,000.

This sum can be contributed, for example, in the form of setting up a company or purchasing real estate in Belarus. Thus, for example, the purchase of real estate worth around €150,000 is sufficient to obtain a permanent residence permit. If this condition is met, investors can directly apply for an indefinite residence permit in accordance with the law.

It should be noted that, unlike many other countries in the region, Belarus does not offer temporary “investor visas,” but instead offers the possibility of obtaining permanent residence directly. However, the appeal and demand for this offer are quite limited. So far, Belarus does not really attract foreign investors, among other things due to the political situation and the relatively few advantages in terms of freedom of travel. In addition, Belarus is currently subject to sanctions similar to those imposed on Russia, making it almost mandatory to have another fictitious residence that is free of sanctions.

In conclusion

For those seeking alternatives to the Western world, the CIS countries offer interesting prospects, some of which are very timely: increasingly attractive opportunities for residence and immigration through golden visa programs. Some of these countries specifically attract with easy ways to obtain permanent residence permits or even citizenship, which is an opportunity for those who feel connected to the region to position themselves more independently, both geopolitically and personally. Those who invest there not only gain tax advantages, but also freedom of movement outside Western spheres of influence, along with diversification that can be valuable in times of geopolitical instability. Precisely now, when state interventions and restrictions are increasing, a well-thought-out configuration of “golden visas” in countries such as Armenia, Kazakhstan, Uzbekistan, or Russia becomes a strategic option. For both motivated young entrepreneurs and established investors, this offers extraordinary opportunities in emerging countries that could be linked to geostrategic backing.

If you would like more information about the options available worldwide, not just in the CIS region, please contact us and let us advise you. We will be happy to help you achieve more freedom and prosperity with your personal configuration.