Wealthy Russians Find Loophole to Continue Visiting Switzerland Amid Sanctions

Affluent Russian nationals have reportedly uncovered a loophole allowing them to maintain their visits to Switzerland, despite facing sanctions. This revelation comes after a notable decline in Russian tourists visiting Switzerland in 2022, while the country observed an increase in visitors from Malta and Cyprus. This shift has raised suspicions regarding the use of alternative pathways, such as the "Golden Passes" program offered by Malta and Cyprus, which grant dual citizenship in exchange for investments.

Prior to the pandemic and the conflict in Ukraine, Russians accounted for 350,000 overnight stays in Switzerland in 2019. However, this figure plummeted to approximately 100,000 in 2022, marking a significant 71% decline. Nonetheless, it appears that affluent Russians may still be visiting Switzerland through avenues like the "Golden Passes" scheme available in Malta and Cyprus.

The appeal of these "golden passports" among wealthy Russian nationals is evident, despite Malta and Cyprus discontinuing the program for Russians. Between 2011 and 2019, EU states received a staggering €21.4 billion from such citizenship investment schemes, indicating their popularity among affluent individuals, including those facing sanctions.

Obtaining a Maltese passport required a substantial investment, reaching nearly €1.6 million in 2021. However, for financially privileged individuals, including those subject to sanctions, this was a viable option. Nevertheless, accessing Switzerland has become more arduous for non-sanctioned Russian citizens since September 2022, with the implementation of visa requirements and the suspension of direct flights.

Despite these impediments, statistics reveal ongoing interest among Russians in Schengen visas, with 32,156 visa requests in the first quarter of 2023, ranking 15th overall. In 2022, Russians submitted a total of 687,239 visa applications, placing them second only to Turkish nationals.

These developments underscore the resourcefulness of affluent Russian individuals in navigating changing travel regulations and leveraging alternative routes to reach desired destinations, despite geopolitical tensions and sanctions.

By fLEXI tEAM