Armenia is known throughout the world as a country of majestic mountains. The Caucasian country has an extremely beautiful nature, unique traditions, a long history, and amicable people. At the same time, Armenia is not on the list of prosperous countries thus far.
Armenia has a developing economy. Recently, the country has joined the Customs Union, which has reflected positively on the local prices. The living standards are improving slowly but surely and the customs regulations have become more favorable.
Several legislative acts aimed at stimulating economic development have been passed over the recent years. Thanks to the administrative reforms, the economy of Armenia started to revive slowly in 2010. Its current GDP is considerably higher than it used to be back then. Armenia now exports machines and technical equipment to many different countries of the world. All foreign nationals are welcome to visit Armenia as tourists. Citizens of some countries do not have to have visas stamped in their passports at all while citizens of some other countries can obtain visas on arrival. All tourists can legally stay in Armenia for 30 to 90 days depending on their nationality.
Residence permit in Armenia in 2023
A residence permit in Armenia is a document that grants legal residence in the country to a foreign national. The permit holder is free to live in Armenia, exit and re-enter the country as often as he or she wishes. The residence permit is valid for one year. It can be extended for another year an infinite number of times. Every time the permit is extended, an extension fee is due. All foreign nationals as well as stateless persons are eligible to apply for a residence permit in Armenia.
The temporary residence permit holder can be qualified for a longer-period residence permit (let’s refer to it as a ‘permanent residence permit’ here) if certain legal grounds exist for that. The application for a permanent residence permit has to be submitted to the executive authorities of the municipality where the foreign national resides. The application has to be filed at least a month prior to the temporary residence permit expiration date.
Legal grounds for applying for a longer-period residence permit in Armenia
A ‘permanent’ residence permit will be issued to a foreigner in Armenia if he or she can demonstrate that there are certain circumstances that justify his/ her presence in Armenia for more than one year. The circumstances can be the following ones:
- Study at one of the educational institutions in Armenia;
- A job agreement with an Armenian employer;
- Marriage to an Armenian citizen of a foreign citizen legally residing the Republic of Armenia;
- The applicant is a close relative (a parent, brother, sister, spouse, child, grandparent, grandchild) of an Armenian citizen;
- The applicant is engaged in business operations in Armenia;
- The applicant is a foreigner of Armenian descent.
Refugees can also become eligible for residence permits in Armenia. Longer-period residence permits are valid for 5 or 10 years. Any type of residence permit in Armenia can be extended.
Advantages that the residence permit brings to the holder
A residence permit holder in Armenia can make use of certain advantages and privileges. In accordance with the local legislation, foreign holders of residence permits enjoy the same rights and freedoms in Armenia as locals do. The main advantages that a residence permit brings to its holder include the following ones:
- The right to legally reside on the territory of the Armenian Republic while the residence permit is valid;
- The right to apply for Armenian citizenship by naturalization after three years (this is one of the shortest terms in the world for citizenship by naturalization);
- The right to exit and re-enter Armenia an infinite number of times;
- The right to invite a close relative to visit the Republic;
- Access to social security benefits (including pensions) as well as medical services;
- The right to study/ work/ do business in Armenia depending on the type of the residence permit.
The foreign holder of an Armenian residence permit also retains such rights as freedom of worship, freedom of speech, legal defense, use of native language, and so on. Holders of ‘permanent’ residence permits are allowed to invite their relatives to join them in Armenia.
Citizenship of Armenia by investment
On July 7, 2022, Parliament of Armenia amended the Citizenship Act. The amendments allow foreign nationals making ‘outstanding contributions’ to the economy and culture of Armenia to qualify for citizenship of the country. The amendments provide legal grounds for launching a citizenship-by-investment program in Armenia that is similar to such programs found in neighboring Turkey, for example, or in some Caribbean countries. An investment qualifies as a ‘significant contribution’ which means that a foreign national can obtain a second passport for investment in Armenia (dual citizenship is allowed in the country).
The process of launching the citizenship-by-investment program has only started in Armenia and no final decisions have been made so far. At the moment, the following investment options are proposed:
- A non-returnable donation of at least US$150,000 to the Science Fund;
- An investment of US$150,000 into a commercial company in Armenia for the period of 10 years;
- An investment of US$150,000 into any Government-approved investment fund for the period of 10 years;
- An investment of US$100,000 into high-tech and venture funds;
- Establishment of an IT company in Armenia with a capitalization of US$1 million or more or setting up an Armenian subsidiary of a foreign IT company with a capitalization of US$100 million. The company shall employ at least 500 Armenians;
- Purchase of Government bonds worth at least US$150,000. The bonds shall remain in the investor’s possession for 7 years or more;
- Purchase of real property in Armenia that is worth US$150,000 or more (it is still unknown of the development project has to be approved by the Government or not);
- Creation of an US$80 million venture fund in Armenia.
Living in Armenia is a bit less expensive than living in some other former Soviet Republics in the region. When the Soviet Union disintegrated, Armenia took a rather long time to stabilize the political situation in the newly independent state. Today, however, it is a liberal and democratic country that adheres to the principles of sustainable development.
