Armenian premiere instructs cabinet members to help push through parliament bill granting residence permit to foreign investors

Armenian premiere instructs cabinet members to help push through parliament bill granting residence permit to foreign investors

YEREVAN, February 13. / ARKA /. Armenian prime minister Tigran Sargsyan instructed his ministers today to accelerate the passage of  amendments to a procedure granting residence permits to foreign investors through the parliament .

Speaking at a Cabinet session he said many other countries apply this incentive to attract investors. He said in Armenia a residence permit can be granted to a foreigner buying a property here worth $100,000 and more or investing that much into economy.

He said the government had long submitted a corresponding bill to parliament, but the document was not discussed yet there.

According to the National Statistical Service, total foreign investment in Armenia’s real economy sector in the first 9 months of 2013 slashed by almost 32 percent from the year before to $395.6 million. Foreign direct investments plunged by 62.1 percent to $155.1 million.

The leading foreign investor in January-September last year was Argentina- $89.7 million - an increase of 6.1 times. Other major foreign investors were Cyprus, Russia, Canada and France. -0-

15:45 13.02.2014

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