Armenia plans to issue passports to foreigners based on special merits or investments in 2023

On October 12, 2022 the state website of legal acts of the Republic of Armenia published a bill that regulates obtaining citizenship of the country under a simplified procedure. Special merits in the field of sports, science, culture, education, as well as investments in the state economy will be the basis for issuing the passport. The draft which is authored by Armenian police is at the stage of public vote and will come into force after the approval of the Cabinet.

Currently 13 countries in the world, including Malta, Austria, Turkey and Montenegro, grant citizenship for investments. Such programs are often called "Golden Passport". The amount of investment varies depending on the state and start from 250,000 EUR. Many countries also have an accelerated procedure of naturalization (obtaining a passport) for exceptional merits. For example, in 2018, President Emmanuel Macron granted French citizenship to a migrant from Mali for saving a child. States' laws do not precisely define the term "exceptional merit," so national governments grant the status at their own discretion on a case-by-case basis.

If the Armenian authorities decide to approve the new bill, foreigners will be able to quickly obtain a passport of the country by investing at least 150,000 USD. There are various investment options available to applicants, such as:

• an educational or scientific foundation;
• shares of a commercial organization for a minimum term of 10 years;
• government securities for a minimum term of 7 years;
• any investment fund (approved by the government) for at least 10 years;
• real estate with a cadastral value close to the market value for a period of 10 years.

There are also other investment options, such as:

• contribution of at least USD 1,000,000 to companies operating in the hi-tech or IT market (if the center of the founder's vital interests is in Armenia);
• a high-tech or venture capital fund ( capitalization of USD100,000 or more);
• a branch of a foreign IT organization with capitalization of at least USD 100,000,000 (if the founder has at least 500 employees in the Republic of Armenia);
• creation of a venture capital fund in the country with assets of 80 000 000 USD.

Armenian citizenship can also be obtained by persons who have worked for at least 20 years in high-tech/information technology companies listed on the New York, Frankfurt or London stock exchanges. In addition, it is possible to immigrate quickly through long-term work in international structures of the postal sector (from 5 years) or investing in this area of the amount of 250,000 USD.

The government will have made the final decision on approval of the bill in early 2023. In case the document is approved, Armenia will become the first CIS state with the functioning "Golden Passport" program. By obtaining the citizenship of the country, foreign applicants will be able to cross the borders of more than 60 countries without visas, open investment visa E-2 in the United States and enjoy other benefits of permanent resident

If you are interested in getting Armenian residence, please contact our specialists at the phone numbers listed on the website.

Source: Imidaily