Arctic resident status to become more accessible

Arctic resident status to become more accessible

December 09, 2020

Entrepreneurs will no longer be required to invest in real estate.

#ARCTIC. #SIBERIA. THIS IS TAIMYR. The Ministry for the Development of the Far East and the Arctic has developed a bill that makes it easier for small and medium-sized enterprises to obtain the status of the Arctic zone resident. According to the proposal, they want to exclude the requirements for capital investments in real estate for such entrepreneurs.

The project was prepared after the working trip of prime minister Mikhail Mishustin to the Murmansk region. Then one of the entrepreneurs drew the prime minister’s attention to the criterion for selecting potential residents of the Arctic zone, namely, the need for investments in real estate.

As a result, the ministry came to the conclusion that such a condition narrows the range of potential residents significantly, since many companies, for example, medical ones, are ready to invest in the purchase of equipment, but not in the real estate they rent, in particular, for the location of medical centers.

“However, in this case, they were deprived of the right to apply for the resident status, and hence for the tax benefits established by the law, state infrastructure support, subsidized loans. It is planned to exclude such a requirement for capital investments in real estate for the types of activities determined by the Russian government”, the ministry explained.

As a reminder, the acceptance of applications for the Arctic zone resident status started in August. In September, the first five residents were determined, they could take advantage of all the benefits and preferences.

Text: Mikhail Tuaev, Photo:

December 09, 2020

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