Russia could limit real estate deals for foreigners - newspaper

The Russian Ministry of Economic Development is drafting a bill, in accordance with which an authorized agency will decide on selling or renting real estate to foreign citizens, the Izvestia newspaper reported on Tuesday citing representative of the Ministry of Economic Development Vladimir Zatomsky.

The Russian Ministry of Economic Development is drafting a bill, in accordance with which an authorized agency will decide on selling or renting real estate to foreign citizens, the Izvestia newspaper reported on Tuesday citing representative of the Ministry of Economic Development Vladimir Zatomsky.

"The bill will be drafted within two weeks. It is planned that it will come into effect in Q1 2015," the newspaper quoted Zatomsky as saying.

The purpose of this bill is to prevent the formation of ethnic enclaves, the newspaper reported.

The document being drafted by the ministry proposes to introduce the term "certain category of individuals" and real estate deals of this category will be considered in the framework of "regulatory approval system," the newspaper reported.

The bill suggests referring foreign citizens and legal entities to this category, the daily said.

It is also proposed to take under special control people without citizenship and Russian companies, whose charter is owned by 50 percent or more of the abovementioned individuals.

"The regulatory approval system" refers to an administrative procedure, in accordance with which a permit is issued by a state or another authorized agency at its discretion, the newspaper reported.

The ministry has not elaborated which agency would decide on selling or renting real estate to foreigners in Russia to the newspaper.

All rights reserved by Rossiyskaya Gazeta.

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