Armenia is known for having a business-friendly relationship with countries across the globe, and its immigrant-friendly policies have been the talk of the town in the international arena. To make conditions more favourable for business enthusiasts and to boost foreign investment in the country, the Armenian government has recently announced a “Citizenship by Investment” plan to offer citizenship to foreigners who invest in Armenian businesses.?
Foreign nationals investing US$150,000 in Armenia’s economy can obtain citizenship. However, what makes this proposition a lucrative one??
For one, Armenia has decided to allow business professionals to maintain their citizenship without living in the country!
Unlike Schengen countries, where the investment plans can burn a hole in your pocket, the eligibility criterion for Armenian citizenship seems simple. The newly proposed citizenship program aims to boost the region’s economic growth by attracting foreign investors and enhancing livelihood by creating jobs for the locals. Besides this, the policy seeks to increase trade and tourism through visa-free travel arrangements with multiple countries worldwide.
To qualify for citizenship through investment in Armenia, applicants must meet certain conditions, and it will be possible to obtain Armenian citizenship by investment/exception:
- A donation of US$150,000 to a scientific or educational foundation;
- Investment of US$100,000 in an IT company or a venture fund;
- Investment of US$50,000 in a company and hold the investment for 10 years;
- Purchase of US$150,000 worth of government bonds and hold the investment for 7 years;
- Purchase of US$150,000 value of the real estate and hold the investment for 10 years;
- Having 20+ years of work experience in a publicly traded IT company;
- Having 10+ years of work experience in science and authoring 5+ scientific articles;
- Being engaged in the dissemination and preservation of Armenian culture, heritage, and identity;
- Having a scientific title of docent or professor in the area of healthcare.
One must know that the Armenian government plans to put a quota on the number of citizenships granted under the program. The plan may also go under regulation to address national security and anti-money laundering issues.?
Officials will vet applicants through a thorough process before granting citizenship privileges. Apart from the conditions mentioned above, the applicant should have no criminal record or pending cases against them; they must also have at least US$100,000 invested in the country. The applicant must show proof of their ability to maintain that investment over time (for example, through bank statements).
With Portugal’s Golden visa scheme coming to a halt, can Armenia’s Citizenship plan act as a game changer for the Asian economy?
Armenia’s new investor program is undoubtedly a refreshing change of pace and offers tremendous benefits, especially in today’s global economic climate. The plan to offer this program has come from a strategic approach designed to create an influx of investment and promote the business environment in Armenia.?
The Armenian government hopes to promote this citizenship program as a means for foreign investors and entrepreneurs to secure business opportunities and start-ups within the country.?
The economic incentives from this program and the country’s open market initiatives may impact new and progressive legislation on private firms. This, in turn, will promote increased trade agreements with other countries and strengthen the country’s already booming business climate.
However, it needs to thoroughly review the terms offered for expats on short-term employment contracts and adjust them to fully cater to western investors and attract the highest quality candidates. Besides that, Armenia has set the bar high for investor programs with its attractive opportunities and entrance into the global economy. Will this program find takers? only time will tell.
Where do we fit in?
In conclusion, Armenia is headed on a straight road towards development. As an investor, it would be in your best interest if you would start making moves to attain citizenship in Armenia. Here at Healy Consultants, we can help you in attaining that.