Armenia to overhaul residency requirements and fees

Armenia is implementing significant changes to its residency system effective November 1. The new regulations introduce financial thresholds for foreign entrepreneurs, requiring individual entrepreneurs to show at least 1 million drams (approximately $2,600) in their business account or turnover. Those seeking residency through company participation must invest at least 2 million drams (approximately $5,200) in charter capital or hold equivalent securities.

The overhaul includes the digitalization of the application process and the introduction of new biometric identity documents. State fees for residency will also increase: temporary residence status fees will rise from 105,000 drams ($300) to 150,000 drams ($420), while permanent residence fees will increase from 140,000 drams ($390) to 250,000 drams ($700). Additionally, a non-refundable 15,000 dram ($40) fee will be applied to work visa applications.

These administrative shifts coincide with ongoing discussions regarding visa liberalization with the European Union. EU Enlargement Commissioner Marta Kos noted that Armenia is moving toward Europe, highlighting the country as a unique partner in these discussions. The new rules may particularly impact foreign nationals, including Russians, Ukrainians, Iranians, and Indian workers, who have utilized Armenia's previously less restrictive residency processes.