The former Soviet republics have taken sharply different approaches to investment migration since the collapse of the USSR in December 1991. Some now offer EU-linked residence routes, others focus on low-friction residency, and several have launched or proposed investor programs only recently.
Baltic states: EU-linked residence with conditions
Estonia, Latvia, and Lithuania restored statehood in 1990–91, joined the EU and NATO in 2004, and later adopted the euro. Their investment migration routes reflect integration with Europe rather than fast or passive citizenship.
Estonia
Estonia does not offer citizenship by investment or a passive golden visa.
Its Residence Permit for Major Investors requires at least €65,000 invested in the share capital of an Estonian company. A €1 million tier offers expedited processing and exemption from the annual immigration quota.
The investment must genuinely contribute to the economy. Shell structures are rejected.
Citizenship requires eight years of residence and Estonian-language proficiency. Estonia does not recognize dual nationality.
Latvia
Latvia offers one of Europe’s more affordable golden visa routes.
The Latvia Golden Visa includes a headline option of €50,000 into the share capital of a qualifying Latvian company, subject to company tax contribution requirements and a one-off state fee.
Other routes include:
- Real estate
- Subordinated bank capital
- Government bonds
The permit has limited physical presence demands: one entry per year is required for re-registration. Permanent residence may be available later, and citizenship is possible after ten years. Naturalization requires renouncing other nationalities.
Latvia tightened the program after 2014 and again after 2022, especially as scrutiny of Russian applicants increased.
Lithuania
Lithuania has no golden visa and no citizenship by investment.
Its capital-linked route is the Lithuania Startup Visa, a temporary residence permit for founders approved by Startup Visa Lithuania to build innovation-driven businesses.
There is no minimum investment requirement, but applicants must show means of subsistence of roughly €12,000 for the first year. The permit can run for up to five years in total.
Citizenship usually requires ten years of lawful residence, a state-language exam, a constitutional test, and renunciation of any existing passport, as Lithuania does not recognize dual nationality.
Caucasus: low-friction residence and tax efficiency
Georgia and Armenia offer comparatively accessible residence routes, with light presence requirements and tax advantages. They do not provide quick citizenship shortcuts.
Georgia
Georgia offers investor residence through real estate and higher-value investment.
The Georgia Investor Visas framework includes a property route granting a renewable one-year residence permit for real estate holdings of at least $150,000. This threshold was raised from $100,000 on March 1, 2026. Holdings can be combined across multiple properties.
A $300,000 commitment grants an immediate five-year permit covering the applicant, spouse, and minor children. It can be converted to indefinite stay after five years.
Naturalization requires ten continuous years. Permanent residence opens after six years for those substantially present.
Georgia taxes residents only on Georgian-source income, leaving foreign earnings outside the tax base.
Georgia received EU candidate status in December 2023, but relations with Brussels have deteriorated since 2024, leaving its European trajectory uncertain.
Armenia
Armenia’s Permanent Residency route for business owners and investors can be applied for entirely remotely. It has no minimum investment and no physical presence requirement.
Permit holders who stay under 183 days per year remain non-resident for tax purposes. Those who become tax resident face no capital gains tax and no tax on gifts, inheritance, or net worth.
Armenia is not an EU candidate and remains in the Eurasian Economic Union. Armenian passport holders have free movement across that bloc and visa-free access to markets including China, Iran, and the UAE.
A caveat is financial privacy: Armenia began exchanging financial-account data under the Common Reporting Standard in 2025.
Central Asia: new golden visa programs
Kazakhstan and Uzbekistan launched golden visa routes in 2025, marking Central Asia’s entry into the investment migration market.
Kazakhstan
The Kazakhstan Golden Visa took effect on May 10, 2025. It grants residence for up to ten years in exchange for a minimum investment of US$300,000 in the charter capital of Kazakh companies or locally listed securities.
Real estate does not qualify.
Applications are processed fully electronically. The permit covers spouses and dependent family members. Citizenship becomes possible after five years of residence.
Kazakhstan also offers an Astana International Financial Centre Investment Tax Residency Programme, requiring US$60,000 in securities listed on the Astana exchange for a five-year visa. Tax residency is available after 90 days of presence.
Uzbekistan
Uzbekistan considered a US$1 million citizenship by investment bill in 2022, but it did not materialize. The country later chose residency instead.
The Uzbekistan Investor Visa framework has three tracks:
- A donation-based golden visa, effective June 1, 2025, granting a five-year permit for a US$250,000 contribution to a state account, plus US$150,000 per family member
- An investor route offering a three-year renewable permit for roughly US$250,000 in a locally registered company
- A ten-year permit for US$3 million in productive enterprises, with dependents included at no extra cost
A real estate route grants permanent residency at regionally tiered thresholds, from US$100,000 in the regions to US$300,000 in Tashkent.
Citizenship requires five years of permanent residence, Uzbek-language proficiency, and renunciation of all other nationalities. Uzbekistan does not permit dual citizenship.
Russia and Belarus: Union State-linked options
Russia and Belarus are tied through the Union State, share open borders, and are both members of the Eurasian Economic Union. Since 2022, both have operated under extensive Western sanctions.
Russia
Russia launched its Golden Visa in January 2023.
The program grants permanent residency outright for a minimum investment of RUB 15 million. Routes include:
- Business investment
- Regionally tiered real estate
- Socially significant projects
The program allows five-generation family inclusion and offers a five-year path to citizenship. A late-2025 amendment removed the physical presence requirement.
Applicants must pass a Russian-language test. Uptake has been limited: 40 investors in three years, compared with a target of 300 to 400 annually. Sanctions limit accessibility for much of the traditional investor migration market.
Russia’s Shared Values Visa launched in August 2024 and requires no investment. It grants temporary residence to foreigners who declare alignment with Russia’s traditional values. By May 2025, it had drawn more than 1,150 applications, led by Germans, Latvians, and Americans.
Belarus
The Belarus Investor Residence permit grants permanent residency for a minimum investment of 15,000 basic units, approximately US$200,000 at current rates.
Qualifying routes include:
- Establishing a business
- Acquiring intellectual property rights
- Participating in public-private partnerships
Maintaining status requires genuine presence, with holders expected to spend at least half the year in Belarus. Naturalization becomes possible after seven years of continuous residence.
Belarusian status also carries practical access to Russia through the Union State, while EAEU membership extends free movement across the bloc.
In January 2026, Belarusian lawmakers advanced a draft law that would grant citizenship to qualifying foreign investors. Thresholds remain undisclosed. If enacted, it would become the first citizenship by investment program in the former Soviet space.
How the programs compare
The nine countries form different categories rather than one direct ranking.
Investors seeking a possible EU passport may look to the Baltics, but must accept long timelines, language requirements, active investment conditions, and, in Estonia and Lithuania, restrictions on dual nationality.
Those prioritizing low entry costs, speed, and tax efficiency may consider Georgia or Armenia, while weighing more limited passport mobility and geopolitical uncertainty.
Russia and Belarus offer generous terms on paper, but practical access depends heavily on nationality, banking access, and sanctions exposure.
Kazakhstan and Uzbekistan offer newer regional footholds in economies seeking foreign capital, but their programs are recent and do not yet have long operating records.
Source article: www.imidaily.com
