Russia is set to lure more talented managers to the country by reducing red tape for foreign experts who earn over 2 million roubles ($65,000) per year and offering them tax concessions.
From January 2011, qualified specialists will be granted work permits within 14 days of a written request of the employer - and bypassing the quota set by the Federal Migration Service - if the bill is passed on its second reading in the Duma on Friday.
This procedure currently requires companies employing foreigners to apply from 12 to 23 months beforehand.
Together with a work permit of up to three years, experts and their families will gain permanent residency in Russia and will pay the flat rate 13 per cent tax from the start, instead of paying 30 per cent for any year in which they are in the country less than six months.
"This could radically change the bulky process of recruiting foreigners and make Russian companies more flexible hiring expats," said Irina Kurganova of the Manpower
recruitment agency. "I suppose big international players may totally reform their HR-policy from now on [and it] will also be handy for local companies aiming to work abroad."