Yandex’s founder buys EU citizenship for himself and his family

Arkady Volozh, the founder and co-owner of Yandex, bought European Union citizenship for himself, his children, and his parents sometime in 2016.

By obtaining citizenship in the Mediterranean archipelago of Malta, the tech wizard joins several other wealthy Russians, including ICT Holding Ltd co-owner Alexander Nesis (42nd on Forbes’ list of richest Russians), O1 Properties owner Boris Mints (72nd), and Alexander Mechetin, the co-owner of Beluga Group, Russia’s biggest vodka producer.

Spokespeople for these entrepreneurs have refused to comment on their foreign citizenship.

Volozh obtained Maltese citizenship through a program that grants it to individuals who invest at least €880,000 ($1.1 million) into the local economy.

As of September 2017, roughly 1,500 people had gained citizenship through Malta’s investment program, which was designed with just 1,800 spots, though the country has the power to extend the program.