Five years after its launch, the preferential regime in the Arctic Zone of the Russian Federation has emerged as a powerful engine of economic growth, driven by comprehensive tax incentives and administrative support measures, the Ministry for the Development of the Far East and Arctic said.

The regime has already attracted over 1.1 trillion rubles in private investment. Implemented fully or partially across ten regions, it has facilitated 945 investment projects and created over 31,000 new jobs in such sectors as tourism and recreation, healthcare, industry, construction, energy, aviation, and public catering  through agreements with the Far East Development Corporation.

The Ministry emphasized that that both legal entities and individual entrepreneurs registered in the Arctic Zone and committing at least 1 million rubles to a new investment project are eligible to become Arctic Zone residents.

The support measures for investors include reimbursement of up to 75 percent of insurance expenses; preferential rates on income, property, and land taxes; deductions on mineral extraction tax; allocation of land plots without competitive bidding; and HR and legal assistance.