With the recent re-election of Vladimir Putin and a quickly growing upper class, huge numbers of Russian millionaires are taking advantage of the EB-5 investment immigration visa and moving to the United States. Many Russian families moving to America through this investment visa are also buying luxury real estate in major cities.
The influx of Russians, especially into large cities like New York, has business people, investors, and real estate agents talking. After Putin’s re-election, the controversial president has made statements about ending the trend of privatization that swept the nation two decades ago.
Now many wealthy Russians are looking to leave the uncertain future of Russia and make homes in America. For those with money to invest, the EB-5 investment visa program gives them the best opportunity to secure permanent residency while also investing their money overseas.
The Russian government reported that $84 billion in private funds left Russia last year alone, with five percent of the sum going to real estate purchases in the United States.
One example of a high-rolling Russian is Dmitry Rybolovlev, a billionaire who made his fortune from potash fertilizer. The man, who has an estimated net worth of $9 billion, purchased a $100 million property from Donald Trump in 2005 and bought his 22-year-old daughter an 88 million dollar apartment. Another Russian millionaire, composter Igor Krutoy, bought a $48 million penthouse, while former deputy finance minister Andrei Vavilov spent $37 million on a new home.
Realtors note that billionaires from across the world have been buying in the United States, many times in connection with the EB-5 visa program, including those from Brazil, China, and India.