The Central Asia region is composed of countries that were once part of the Soviet Union. With the Russian invasion of Ukraine and the recent Russian military conscription, many Russians have been seeking alternative places to live, while taking into consideration the standards of living, political stability and fiscal incentives of a particular country. Some countries in Central Asia are taking this opportunity to improve their economic situations by offering citizenship by investment programs, like the existing solutions available in Europe and the Caribbean.
Uzbekistan’s new president Shavkat Mirziyoyev is considering offering the citizenship by investment program with the hope of bringing the economy up to speed. It is requiring a hefty minimum investment of US$1,000,000 with its targeted audience being high net worth Russians, who are desperate to avoid sanctions and evade military conscription.
However, Uzbekistan still must put several incentives in place. For example, there is no conceivable privilege or real freedom of movement. Outbound flights are mostly to Russia, and direct flights to other destinations are limited to only 25 countries and attract low passenger traffic.
Armenia’s citizenship by investment program has been greatly overlooked. Its eligibility criteria have been explicitly outlined, and it has established its fast-track naturalization process for foreign investors. The government requires a minimum donation of US$150,000 to a scientific or academic institution, or an investment in government bonds, real estate, private company or venture capital fund. They can also invest in or contribute to a broad scope of sectors from information technology to arts and culture to healthcare. This amount is competitively priced and similar to the European or Caribbean citizenship by investment programs. Armenia is included in the list of the European Union’s Annex II states that allows visa-free travel to the Schengen area.
Kazakhstan has already attracted much capital from Russia when at least 100 Russian companies worth $27 billion having relocated to Kazakhstan. Their citizenship by investment program requires a minimum investment of US$300,000 for a long-term residence permit of up to ten years.
Georgia has been a sanctuary for Russian emigrants since the invasion thanks to its open-door immigration policy, and since the invasion of Ukraine, it has experienced a mini-economic boom. However, Georgia has to yet formalize its existing residence program.