Armenia to award citizenship in exchange for investments from $150 thousand to $100 million

YEREVAN, October 17. /ARKA/. The Armenian government has been proposed to amend the citizenship law to grant it through a simplified procedure in return for hefty investment and for contributing to the development of its economy, science, culture, healthcare and sports.

According to a draft decision, developed by the Armenian Police and posted on e-draft.am website, Armenian citizenship can be granted to foreign investors, prominent athletes, representatives of culture, medicine and science who meet a number of criteria. Thus, the citizenship can be granted in return for

1) gratuitous provision of not less than $150 thousand to the untouchable fund established to develop education or science;

2) investment of at least $150,000 in the charter capital (through (acquisition of shares) of a commercial entity for at least 10 years,

3) acquisition of government bonds to the tune of at least $150,000 for at least 7 years,

4) purchase of real estate worth not less than $150 thousand for a period of not less than 10 years at cadastral value,

5) investment in any fund (approved by the government ) in the amount equivalent to $150 thousand for a period of not less than 10 years,

6) establishment in Armenia of a company in the field of high technology and/or information technology with a capitalization equivalent to $1 million or more, provided that the center of vital interests of the founder is located in Armenia,

7) establishment in Armenia of a branch of a foreign IT company with capitalization equivalent to $100mln or more, having 500 or more employees in Armenia,

8) creation of a venture fund in Armenia with capital equivalent to $80 mln and more,

9) investing the equivalent of $100,000or more in high-tech companies or venture capital funds;

Citizenship can be granted also to:
10) persons with at least 20 years of work experience in high-tech and/or IT companies listed on the New York, Frankfurt or London stock exchanges,

11) who has a long-term (not less than 5 years) experience of active cooperation in international structures in the postal industry, as well as in implementation of financial and material-technical investments in the sphere with a sum equivalent to not less than $250,000.

12) persons with at least 10 years of experience in scientific or scientific and technical activities, a scientific degree, a patent for invention, state awards or honorary titles in the field of science, and also authors or co-authors of at least five published scientific articles in authoritative international scientific information databases in the last ten years,

13) persons who have made significant contributions to the dissemination and development of Armenian culture, engaged in public and charitable activities, internationally renowned who can contribute to the strengthening and popularization of Armenian culture across the globe

14) those who are actively involved in Armenian studies, charity, make considerable contributions, win prizes at renowned international competitions and festivals, implement innovative and experimental projects or are acting in the best interests of the Republic of Armenia.

15) persons who have academic titles of assistant professor, professor in the field of health care; state orders or medals for active charitable activities in the field of health care, as well as other distinguished services,

16) persons providing medical assistance and service in medical organizations in Armenia or Artsakh under martial law.

The draft will come into force only after the approval of the Armenian government. Voting is available at e-draft.am. --0—