This happens mostly due to the current political situation of Russia. Nevertheless, it opens many doors and grants numerous opportunities to its’ holder, especially in terms of visa-free travel in Asia and South America.
Advantages of holding a Russian passport
The passport of Russian Federation is ranked with 39 in the Global Passport Power Index of year 2019, which means that the Russian passport can grant visa free travels to 81 country in the world, 37 with the requirement to get visa with arrival and 80 countries with a requirement to obtain a visa. This is a relatively low score in comparison to some European Union countries and there is room for improvement.
There are some advantages of the Russian passport, like access to territory of Russia, which is huge, tax of income is relatively decent and the territories natural resources that can give chance to build a business inland.
Access to Russian territory
Russia is the largest country by territory in the world and the territory is huge. This gives plenty of opportunity to the passport holder to travel inside Russian territory and enjoy the nature of country. Building business and being an entrepreneur in Russia gives a lot of space to develop ideas in Russian large territory of 6 599 921 square miles.
Russian passport is valued in the country as it gives automatic trust in person holding it. Largest cities in the country, like Moscow and Saint Petersburg has developed in business centers that give entrepreneurs chance to grow their businesses.
Russia has the policy to collect taxes of residents in Russia for worldwide income they gain, but the non-residents have tax for Russian source income.
Income rate for tax residents is 13 percent, dividends that are received by Russian tax residents is amounted in 9 percent and for non-residents dividends are 15 percent, for working as individuals it is 13 percent.
Income is taxed in whatever form it is received to the passport holder, but the rates are higher in other countries. Corporate tax is only 20 percent and a minimum investment is 100 000 US dollars that can ensure to get a Russian passport by investment.
With a passport of Russia there is access not only to its large territory but also its natural resources. Russian Federation has the largest worlds oil reserves and it is a worlds power house. The Russian biggest cities are becoming the worlds business centers and it is often an interest for Chinese businessman and wealthy individuals. Natural resources can be used when building a new business or investing in a already functioning organization.
Russia has its charm to be on of the most valuable lands in the world and it is self-sustaining which means it supports everything that can be built to sustain its citizens inland. Country offers new, unrevealed resources as the territory is so big, it hasn’t been explored even by the locals.
Disadvantages of holding a Russian passport
The Russian passport is quite low in the ranking of the Global Passport Power Index of year 2019, which means that there is low mobility overall with having a Russian passport. Also, there is a complicated process to traveling to Russia and getting a citizenship and a passport as there are limited ways to apply to the passport. Russia has strict rules of getting the passport and submitting requires many documents.
Mobility outside the country
As the passport has a low rate in the list of strongest passports, it means, that the holder of the Russian Federation passport won’t have high mobility chances to travel around the world freely and without a hassle.
This is a disadvantage to any passport holder and therefore Russian passport is not giving a benefit of accessibility and mobility to its holders. Traveling to many countries requires visas, documents, long periods of time to process and overall gives many problems in the meantime.
Process of getting the passport
Russian Federation has relatively limited ways to get a passport, like obtaining it with birth, by marriage or ancestry. Another possibility is getting it through investment, but it requires strict rules such as having the business running in Russian territory for at least 3 years before application is submitted or having ownership of shares of a business that has been running for at least 3 years.
Getting a citizenship is a long process of few months and requires multiple background checks and in comparison, to other countries its tricky.
Russian requirements of application to citizenship
On top of the overall long and tricky process of applying to visas for traveling to other countries, people who are interested to applying to Russian passport have to submit every document in Russian and have it notarized in Russia. The application involves a proof of language knowledge levels to make sure that language is spoken well to live and work in the land. Overall, obtaining a passport is hard and takes up to 3 months.