Blog · 2024-04-07

Relocation news digest - April 7, 2024

Cryptocurrency and sanctions

The United States and the United Kingdom are reviewing cryptocurrency transactions that passed through a Russian virtual exchange, part of a wider effort to crack down on sanctions evasion.

With a Russian passport, you could lose your crypto savings at any moment, so it is worth considering a second citizenship to feel secure.

Bulgaria: entry on a Cypriot visa

As of 31 March 2024, foreign nationals can no longer enter Bulgaria on a Cypriot visa or residence permit, which were previously treated as equivalent to national visas. Travellers will now need a Bulgarian or another accepted visa to enter the country.

Turkey: new residency requirements

The authorities have announced that foreign nationals can obtain a Turkish residence permit if they deposit a monthly sum equal to 1.5 times the Turkish minimum wage into a local bank account.

Australia: tighter visa rules

The Australian government has begun tightening visa rules for residents of several countries, including Russia. Citizens of these countries may face restrictions on entering the country.

Kyrgyzstan drops the Mir payment system

Following the lead of many other countries, Kyrgyzstan has stopped working with Russia's Mir payment system, citing the risk of secondary US sanctions.

Italy: limits on the investor visa

Italy has restricted applications for its investor visa from Russian and Belarusian citizens applying through a second citizenship. The decision took effect on 20 March 2024.

Tax number for foreigners

The IIN is the local equivalent of a Russian tax identification number. It is required to open a bank account, obtain a debit card and carry out other transactions. Foreigners will be able to obtain an IIN at embassies and consulates from 13 April.

Finland: border with Russia stays shut

Finland closed its border with Russia in November 2023 amid a sharp rise in the number of migrants. The closure had been extended in two-month increments, with the latest period due to expire on 14 April.

Italy: digital nomad visa

As of 4 April 2024, Italy has launched a digital nomad visa allowing non-EU foreign nationals to live in the country for up to 12 months, with the option to renew.

To apply, you must:

have an income at least three times the minimum wage;
provide proof of accommodation in Italy;
have at least six months of remote work experience.

FAQ

Can my crypto be frozen because I have a Russian passport?

There is no ban on holding crypto based on citizenship, but exchanges and banks run sanctions compliance and check where funds came from. If your coins moved through a platform that later fell under US or UK restrictions, expect frozen balances, document requests or blocked withdrawals. A second passport and residency in a neutral jurisdiction reduce friction, but platforms still look at citizenship, tax residency and source of funds.

Can I enter Bulgaria with a Cyprus visa?

Bulgaria has at times recognised visas and residence cards from certain EU states as grounds for a short stay, and that list was revised more than once, with Cypriot documents dropped from it. Bulgaria is now inside Schengen, so the entry logic is different again. Confirm current rules with the Bulgarian foreign ministry or your airline before flying, since carriers refuse boarding on the wrong document.

How much income do you need for a Turkish residence permit?

Turkey asks you to show financial means, usually a multiple of the national minimum wage plus funds held in a Turkish bank account. The multiplier moves whenever the minimum wage is revised, and provincial migration offices apply it differently. Confirm the figure with the migration office in the city where you will file.

Can Russians still get an Italian investor visa?

The investor visa is formally open to any nationality, but applications from Russian and Belarusian citizens get extra scrutiny and intake has been restricted at times. The real bottleneck is compliance rather than the visa: you must evidence the lawful origin of the capital and move it through a European bank. Practice shifts, so clear the route with the committee and the bank before paying any fees.

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