Author: nerses
How to Secure Your Residency in Armenia through Investment: A Comprehensive Guide
Company Registration Business Opportunities Taxation Employment Employer of Record Outsourcing Trademark Bank Account Visa Residence Residence Residence by Investment Digital Nomad Visa Work Permit Passport Citizenship Citizenship by Investment Real Estate Citizenship and Residency Programs Updates About us Contact Us [email protected] | +374.99.00.11.67 | WhatsApp | Skype | Viber | Telegram How to Secure Your…
Navigating the Digital Nomad Visa Process: How to Become a Resident of Armenia
Company Registration Business Opportunities Taxation Employment Employer of Record Outsourcing Trademark Bank Account Visa Residence Residence Residence by Investment Digital Nomad Visa Work Permit Passport Citizenship Citizenship by Investment Real Estate Citizenship and Residency Programs Updates About us Contact Us [email protected] | +374.99.00.11.67 | WhatsApp | Skype | Viber | Telegram Navigating the Digital Nomad…
The Time Taken to Get Armenian Citizenship may be Cut in Half
Armenia’s Ministry of Justice is considering cutting the time required to get Armenian citizenship from 6 months to 3 months.The ministry notes that Armenians who file for citizenship abroad should be able to get their citizenship documents at the diplomatic missions and consular offices of the Republic of Armenia in foreign countries.According to the ministry,…
Armenian Government to Develop Space Activities with Tax Benefits
Hakob Arshakyan, High-Tech Industry Minister of Armenia, remarked that there is a need to regulate and promote space activities in order to employ space research and industry in an advantageous way for the whole Armenia economy. The solution to the issue was the approval of a draft law on space activity by the government. Currently,…
Shops Outside of Yerevan to be Free from Paying Taxes
The new implemented amendments refer to Armenia business sector outside of Yerevan, the capital of Armenia.According to the new amendments to the Tax Code, small businesses in rural areas having an annual turnover of up to AMD 24 million will be exempted from tax burdens.The author of the amendments, Mane Tandilyan, a member of Bright…
Opening Serbian Embassy in Armenia and Exempting Armenian Citizens from Visa
Armenian citizens will be exempted from entry visas to Serbia. In addition, the Serbian government approved the decision to open the Serbian Embassy in Armenia. Armenian citizens can enter and stay in Serbia for up to 90 days in any 180-day period.The decision to cancel the visa regime for Armenian citizens was made after Armenian President,…
Georgian Consulate opens in Sao Paulo, Brazil
The Ambassador of Georgia to Brazil, David Solomonia, opened a Georgian consulate in the Brazilian city of Sao Paulo on October 24. With the opening of this institution, a new phase in the bilateral relations between the two countries begins, which will promote the protection of the rights and interests of Georgian citizens and legal…
Redco and the Bank of Georgia’s Joint Offer in the Networks of Gudauri Apart-hotels
The Real Estate Development Company Redco and the Bank of Georgia announced a joint operation relating to Georgia real estate. Within the scope of the program, Redco offers its customers renovated apartments in the networks of Gudauri Apart-hotels at the value of an apartment finished to white carcass measure (which is when all of the…
Georgia Ranks 7th in World Bank’s Ease of Doing Business 2020
The Ease of Doing Business rating, being published by the World Bank since 2003, ranked Georgia 7th in regards of doing business with a simple process. According to the World Bank Report 2020, Georgia achieved 83.7 points, which allowed Georgia to still be on the top among 190 countries. The report claims that Georgia and…
Labor Safety Law Changes in Georgia
On September 1, 2019, the compressed law regarding Labor Safety in Georgia got into force. The law refers not only to the dangerous, heavy, and hazardous labor professions but to all areas of economic enterprise all over Georgia. From now on, local employees, as well as foreign employees will have secured jobs in Georgia in…
Startup Hub by Digitain to be Launched in Yerevan
WCIT2019 tech conference taken place in Yerevan, Armenia brought many developments to the country. Digitain, a gaming software company, is planning to initiate one of those. Its plan aims to set up a tech hub that will help prosper IT companies in Yerevan.According to the company, the hub, which is going to be named DigiTown,…
Developing Armenia-India Business Ties
2019 is going to be distinctive due to developing business relations between Armenia and India.On the one hand, Armen Sarkissian, President of Armenia, discusses Armenia’s ties with the Indian business sector during the meeting with Indian Economic Trade Organization President, Asif Iqbal, and his delegation which included businessmen and executives of the B.E.S.T. Innovation University…
Minimum Wage in Armenia to be Increased
Assuring that the members of the parliament would not benefit from the passed amendment themselves, Armenia’s Parliament voted for the increase of the minimum wage in Armenia by 23%.The increase of the minimum wage from AMD 55,000 per month (approximately USD 115) to AMD 68,000 per month (around USD 142) was voted for on the…
Syrian, Lebanese, Iraqi Citizens to be Able to Obtain Armenian Passports from Their Countries
It has become a challenging task to come to Armenia and get Armenian passport for Lebanese, Syrian, and Iraqi nationals because of the prevailing tensions in those countries, particularly the recent Turkish aggression against Syria.To overcome this, the respective officials made a decision to extend provision based on which the nationals of Lebanon, Syria, and…
No Estimated Dates on the Visa Liberalization for Armenia with EU States
Picture from schengenvisainfo.comThe Foreign Ministry of Armenia formed an inter-department delegation under the head of Deputy Chief of Police Hovhannes Kocharyan, as stated by Avet Adonts, Deputy Foreign Minister of Armenia. The delegation intends to hold visa liberalization discussions with EU member states.Avet Adonts mentioned in one of the interviews that “The delegation that is…
Jan-June 2019: Armenia Hosts 12.3% More Tourists than a Year Earlier
Picture from dreamview.netAccording to the National Statistical Committee of Armenia, the country hosted 770,055 tourists during the period of January-June 2019. The figure shows year-on-year growth of 12.3%.During this period, 684,808 Armenian tourists left the country, as mentioned in the statistical report.Tigran Khachatryan, the Economy Minister of Armenia, stated earlier that the Russian tourists grew…
Armenia and Kyrgyzstan to Exclude Double Taxation
Picture from CCIS-ExpertiseTigran Khachatryan, Armenia’s Minister of Economy and his Kyrgyz counterpart, Sanjar Muakanbetov signed the “Agreement on Excluding Double Taxation of Revenue and Preventing Tax Evasion between the Government of the Republic of Armenia and the Government of the Republic of Kyrgyzstan.”The agreement was signed on the sidelines of the session of the Eurasian…
Armenia Attracts IT Experts with Its Tax Privileges for Startups
Picture from NICEPNGThe new law regarding IT tax privileges in Armenia has given new opportunities for startups, and approximately 100 tech companies have already expressed their interest in it by applying to the Armenian Ministry of High Tech Industry.The law on State Support for Information Technologies sector, which has been active since May 18th, focuses…
Foreign Citizens Performed 10.9% of the Total of Real Estate Transactions in Armenia in 2018
A Grant Thornton’s recent analysis (read the full publication here) of the real estate market in Armenia was released in July 2019. It is an independent, objective, comprehensive, and trusted study which primary purpose is to help individuals who are searching for data and real estate market time series analysis. It also intends to assist…
17% More Tourist Spending in Armenia
Picture from PhotoduneAccording to Nikol Pashinyan, Armenia’s Prime Minister, in the first quarter of 2019, the spending of the tourists arriving in the country exceeded the amount spent during the same period of the previous year by approximately 120 million US dollars.The Central Bank of Armenia reported that around 85,000 more tourists visited Armenia from…
Global Innovation Index: Armenia is 64th; Georgia is 48th
Picture from Pro Bono AustraliaIn the Global Innovation Index ranking for 2019 released by the World Intellectual Property Organization (WIPO), Armenia improved its position by 4 compared to 2018 coming 64th with 33.98 points in the list of 129 countries. In addition, Armenia is already regarded as an upper-middle country, and the GII 2019 put…
Georgia-Nepal: Visa Regime for Diplomatic, Service Passport Holders to be Abolished
Picture from Crossed Flag PinsAccording to the Georgian Public Broadcaster, visa travel for diplomatic and service passport holders will be abolished as agreed by the governments of Nepal and Georgia.Deputy Foreign Minister of Georgia Aleksandre Khvtisiashvili will sign the agreement soon.According to the decision of the Georgian government, those Nepalese citizens who hold ordinary passports…
24.3% Growth in Real Estate Transactions in Armenia
Picture from danspapers.com46,789 transactions for state registration of the right to the immovable property took place in Armenia in the second quarter of 2019. The indicator is 24.3% higher than the number recorded in the first quarter of 2019 and 17.3% higher than in the second quarter of 2018.Real estate purchase and sale transactions have…
14.4% More Tourists Visiting Armenia (H1 of 2019)
Picture from yerevan.amSome developments are noticed in Armenian tourism industry. Nikol Pashinyan, Armenian Prime Minister, announced that the number of tourists visiting Armenia between January and June 2019 has drastically increased. The number is 14.4% greater compared to the number for the same period of 2018. Nikol PashinyanArmenian Prime Minister By the way, tourist season…
Armenia-China Relations: Mutual Visa Requirements to be Lifted
Picture from armedia.amArmenia-China Relations are improving. During the Cabinet meeting on July 11, 2019, the Armenian Government approved the draft law on lifting the visa regime with China. This law applies to the citizens of both countries.In order to check the compliance with the Constitution, the bill will be submitted to the Constitutional Court.Artak Apitonyan,…
Armenia: Heading Europe’s GDP Growth Rate and Having 2.5% Inflation in Its Consumer Market.
In the first half of 2019, some significant changes were reported in the Armenian economy.The GDP growth rate of Armenia for the 1st quarter of 2019 amounts to 7.1%. This figure is the highest indicator among the European countries.Hungary follows Armenia having 5.2% GDP growth, and with 5% GDP growth Romania comes next.Poland and Georgia…
Huge Growth in Tourism and Wine Industries in Georgia
The Georgian National Tourism Administration has reported that Georgia saw an 8.4 per cent increase in the number of tourists visiting the country between January and June compared to the same period of 2018. More than 3,862,000 tourists contributed to having 9.2 per cent (101 million US dollars) increased revenues between January and May.In June…
More US Citizens Seek Armenian Citizenship after 2018 Revolution
Voice of America reported that the number of US citizens who have Armenian origins and who seek to obtain Armenian citizenship has been increasing after the 2018 Velvet Revolution taken place in Armenia.The government has changed its approaches to acquiring the citizenship and dual citizenship since Armenia’s independence. Armenia adopted a law on dual citizenship…
25 Companies Pledging a Total of $254 Million Investments Have Been Provided by Tax Benefits in Armenia
Nikol Pashinyan, the Prime Minister of Armenia, reported during a government meeting that it has been since the beginning of 2019, that the government initiated tax benefits in Armenia with other advantages for 25 companies, which in their turn pledged a total of $254 million investment.The one instrument the government uses to boost investments is…
Invest in Tbilisi: Georgia is among the Most Dynamic Investment Destinations
Georgia has relatively good economic stability, rating, and high quality of business regulations. These are measures that have been taken into account by Global Finance magazine to name Georgia among the countries with the most effective investment attractiveness.According to authoritative magazine Global Finance, Georgia is among the leading European countries that is noteworthy due to…
Minimum Salary to be Increased by 23.6% in Armenia
The Armenian government supported the lawmakers’ proposal on the rise of the minimum salary in Armenia from the present AMD 55.000 to AMD 63,000. Another AMD 5,000 were also added to this proposal to make the salary AMD 68,000.Gemafin Gasparyan, the Deputy Minister of Labor and Social Affairs, mentioned that according to calculations, at least…
Armenia to Have 4.6%-6.1% Economic Growth
Based on the Central Bank of Armenia (CBA) annual Inflation report, Artur Javadyan, the Chairman of the CBA, stated that Central Bank’s short-term forecast is the economic growth in Armenia to be at 4.6%-6.1% in 2019. According to Javadyan, the growth will be adapted mainly with the volumes of private spending.The CBA report reveals that…
Armenia Ranked 84th in Passport Index
Henley Passport Index ranked Armenian passport 84th in the third quarter of 2019.Citizens of Armenia currently can visit 60 countries having visa-free access to them. In 2009 the number of states to visit without a visa stood at 46, which increased to 55 in 2014.The leaders of the Passport Index continue to be Japan and…
Personal Income Tax Rates to Be Cut from 2020
Tax RatesArmenia will switch to a flat income tax rate starting from January 1, 2020. The adoption of the new tax reform package by Armenia’s parliament has been voted for by 73 MPs. Thirty-two lawmakers, among which were those of the opposition Prosperous Armenia party, voted against the government-backed amendments.The new tax code sets income…
Armenia to Sign Double Tax Treaties with Singapore and Malta, Mutual Investment Treaty with Korea
Picture from Texas ProtaxAccording to Arman Poghosyan, Deputy Minister of Finance of Armenia, an agreement eliminating double taxation between the Republic of Armenia and the Republic of Singapore shall be expected in the near future.In parallel, a Maltese delegation paid a first high-level visit to Armenia during which Foreign Affairs Minister Carmelo Abela met his…
Residence Status Fees Lowered for U.S. Nationals
On March 29, 2019, the Armenian Government (Cabinet of Ministers) resolved to reduce the government fees for temporary (one-year) and permanent (five-year) residence permits for applicants holding the citizenship of the United States. In particular, from now on the U.S. nationals will have to pay only AMD 85,000 (approx. $177) in government fees for temporary residence…
Introduction to Armenia’s IT Sector & Seaside Startup Summit
Armenia’s tech sector has been a driving force in the economy, representing close to 7% of the country’s GDP output and 15% of total exports. According to a recent EIF report the software sector grew more than 27% in 2017, employing over 17,700 professionals. Expectations are high and investors are betting on the promise of…
5.2% Growth in Tourist Arrivals in Armenia in Three Months
The picture from Arka.am According to the report of the National Statistical Service, there was a growth in tourist arrivals in Armenia during the first three months of 2019. During the period of January to March 2019, 364,489 people visited Armenia. Compared to the same period of last year, this number has increased by 5.2%,…
Interim Free Trade Zone Agreement Between Iran and EEU
The picture from Financial Tribune According the Minister of Economy of RA, Tigran Khachatrian, Iran is expected to sign an interimagreement on the creation of a free trade zone with the Eurasian Economic Union (EEU) later this summer. The National Assembly of Armenia approved in the first reading a draft law on ratification of the…
Real Estate Cadastre Value Revised in Armenia
The picture from SEJ According to the head of Armenia’s State Real Estate Cadastre Committee, Sarkhat Petrosyan, the agency has started revising the cadastral value of real estate across the country. The process may result in a slight increase in the property tax. Petrosyan stated that the real estate tax is now calculated based on…
Law on Prohibiting Bookmakers’ Activities
The amendments to the RA law on “Lotteries” were approved by the Armenian National Parliament. Starting from 2020, the activities of bookmakers will be prohibited in Yerevan. The amendments to the law were initiated by Alen Simonyan, as well as Sipan Pashinyan and Naira Zohrabyan. The bookmaker activities will be allowed in other cities in…
GEOSTAT: 164 GEL – New Subsistence Minimum
According to National Statistics Office of Georgia, Subsistence Minimum for an average employee in Georgia has increased to 185 GEL in April 2019. The same indicator, according to the same source, was 181,2 GEL in March. The Subsistence Minimum for an average consumer amounted 163,9 GEL in April. According to the methodology used by Geostat,…
Free Visa Regime Between China and Armenia
During the meeting on May 23, the Government adopted the draft law on the approval of the proposal to sign an agreement between the Government of the Republic of Armenia and the People’s Republic of China on free visa regime (mutual elimination of the visa requirement for persons holding regular passports of the countries). Deputy…
6% Growth in Georgia’s Economy in March
The estimated real Gross Domestic Product (GDP) growth rate in March 2019 equaled 6.0 percent y/y compared to the results of GDP for Q1 2019 which was 4.7 percent y/y. The National Statistics Office of Georgia posted the activities which played a role in the increase of GDP: Trade, Transport, Other community, social and personal…
Real Estate Development in Georgia
According to the National Statistics Office of Georgia (GeoStat) report of March 2019, there is market slowdown in construction and real estate development in Georgia. The slowdown has started in 2018, reaching 3.1% negative growth. In the Q1 of 2019, a total of 2,052 construction permits were issued for projects covering a total of 1,378,100…
Armenian Passport Ranking
The Armenian Passport Ranking is Improving/Increasing According to the Armenian Deputy Foreign Minister Grigor Hovhannisyan, the Armenian passport ranking is steadily increasing during the last 3-4 years. According to the Minister, Armenia is not far behind Georgia. The latter is ahead in view of the new preferential treatment with the EU. But I would like…
Taxation of Armenian IT Startups
Tax Breaks Given to Armenian IT Startups On the 23rd of April, the Armenian Parliament has passed a set of amendments to the law “On State Assistance to the Information Technology Sector”, which gives tax breaks to Armenian IT startups with a string of tax breaks. The Minister of Transport, Communications and IT Hakob Arshakyan…
Russian Tourists in Armenia
The Ambassador Assures that Armenia can Host up to 1.5 Million Russian Tourists Annually According to the Armenian Ambassador of RF Vardan Toganyan, Armenia is able to host up to 1.5 million Russian tourists annually. Almost half of foreign tourists visiting Armenia are citizens of Russia. Vardan Toganyan Armenian Ambassador of RF Many tourists include our…
Double Taxation Agreement between Georgia and Saudi Arabia
Double Taxation Agreement between Georgia and Saudi Arabia Came into Force on 1st of April, 2019 A double taxation avoidance deal signed between Georgia and Saudi Arabia in March 2018 has come into force on 1st of April, 2019. The enforcement of the agreement means that citizens or businesses working in either country will not…
IT Companies in Armenia
272 IT Companies Registered in Armenia in 2017 According to the Deputy Minister of Transport, IT and Communication, Gegham Vardanyan, the law on tax preferences adopted in 2014 resulted on the sharp increase of number of Armenia-based IT companies. As he stated, in contrast to 2015 when 59 information technology companies received certificates on tax…
Georgian Passport (GIR)
Georgian Passport Improved Its Rank in Global Index Rating According to 2019 Global Rating of Henley & Partners, Georgian passport has increased its rank, taking 49th place. The results of the index state that the citizens of Georgia can visit 114 countries without a visa or through simplified procedures. Georgia’s neighboring countries, Armenia, Azerbaijan, Turkey…
Georgian Embassies in the UAE and Vietnam
According to the Prime Minister of Georgia, Mamuka Bakhtadze, Georgian embassies will be opened in the United Arab Emirates and Vietnam. As far as you know, Georgia’s strategic and foreign policy priority is to make more effective integration of Georgia into the global economy. We see special potential in cooperation with Gulf countries, as well…
Dual Citizenship to Georgian immigrants
Promise to Facilitate the Acquisition of Dual Citizenship to Georgian Immigrants Georgian immigrants living abroad still have problems obtaining Georgian citizenship. During her first speech in parliament as president Salome Zourabichvili stated this and said that this should be corrected. For immigrants, especially for the generation born abroad, the status of a citizen is important…
Why Citizens of Iran and India are often not Allowed to Enter Georgia
Areshidze Explained Why Citizens of Iran and India are often not Allowed to Enter and Visit Georgia Political analyst Mamuka Areshidze explained the reasons of what Iranian and Indian citizens want to visit Georgia for and why they are often not allowed to enter the country at the border by employees of the country’s interior…
Indian Investors in Armenia
EDI deputy minister of Armenia meets with Indian businessmen Deputy Minister of Economic Development and Investments of RA, Avag Avanesyan met a group of Indian businessmen. As stated in the report of the Ministry of Economic Development and Investments to NEWS.am, the Indian investors emphasized that they aim to invest in several sectors in Armenia,…
Yerevan as One of the Rising Startup Cities
Yerevan Ranked 6th among World’s 25 Up-and-Coming Startup Cities According to a report by Valuer, a Danish matchmaking tool for startups and corporations, Yerevan, the capital of Armenia, has been named one of 25 up-and-coming startup cities projected to grow into the hubs of the future. Armenia’s capital has been ranked 6th on the list.…
Georgia and Fiji Visa Agreement
Georgia and Fiji Sign a Visa-Free Travel Agreement According to the report of the Embassy of Georgia in Australia, Georgia and Fiji signed an agreement, enabling the visa-free travel for the citizens of the two countries on March 6. The Deputy Minister of Foreign Affairs of Georgia, Aleksandre Khvtisiasvhili and the Minister of Defense, National…
Consumer Basket in Armenia
Minimum Consumer Basket in Armenia Increased by 6.4% According to the National Statistical Committee the cost of the minimum consumer basket in Armenia increased by 6.4% in annual terms for the fourth quarter of 2018, reaching 733,363 drams. According to the NSC, the minimum consumer monthly basket in the current average prices in Armenia was…
Unemployment Rate in Georgia
The Unemployment Rate in Georgia Reached the Lowest Point for the Last 15 Years The annual unemployment rate in Georgia equaled 12.7% in the fourth quarter (Q4) of 2018. It is worth mentioning that Georgia reached the lowest unemployment rate since 2003. The decrease of the unemployment rate in Georgia has been in trend for…
Georgia and Rule of Law
Georgia Rankings by WJP – 41 Out of 126 Countries on Rule of Law The World Justice Project (WJP) released the WJP Rule of Law Index® 2019, an evaluation of rule of law adherence worldwide. The results are based on more than 120,000 household and 3,800 expert surveys in 126 countries. Featuring current, original data, the WJP…
EU-Armenia Trade
EU-Armenia Trade Turnover Increased by 19% European Union – Armenia trade turnover recorded a considerable growth last year, comprising to 1 billion 830 million 74 thousand dollars, with export growth of about 8%. The GSP+ privileged trading regime and the electronic product certification system has also contributed greatly to the intensification of trade-economic relations and…
Travel for Ukrainian and Georgian Citizens
Ukrainian and Georgian Citizens Travel by ID Cards to Either Country Starting from March 1, the initiative of Georgian and Ukrainian governments for passport-free regime for the citizens between the two countries comes into force. The citizens of Ukraine and Georgia can travel to either country using only their ID cards and stay in the…
The Growth of Armenian Economy
The Growth of Armenian Economy will be 4.5% in 2019 – IMF Forecast In 2019, the growth of Armenian economy will become slightly more restrained and will make 4.5%, said the head of the Armenian mission of the International Monetary Fund (IMF) Hossein Samiei. Hossein Samiei The head of the Armenian mission of the IMF.…
10% Average Annual Increase in Property Prices in Armenia
According to the Cadastre Committee, 16,270 real estate transactions were registered in Armenia in April 2019. This is 28.9% more than in the same month of the last year. The largest number of transactions was registered in Yerevan (35.1%). Compared to the same period last year, the average market price of one square meter in…
The Most Sought-After Properties are in Kentron, Davitashen and Arabkir Districts of Yerevan
The Most Sought-After Properties are in Kentron, Davitashen and Arabkir Districts of Yerevan The prices of Armenian properties, especially in the capital Yerevan, are steadily increasing. The absolute record of prices is set by the “expensive” center, where the average price increased by US$211 (or 22%). Next are the districts of Davitashen (US$79 or 15%),…
Apartments in Yerevan Grew in Value by 7.2% in 2018
Apartments in Yerevan Grew in Value by 7.2% in 2018 The average market price of one square meter of living space in multi-apartment buildings in Yerevan increased by 7.2% in 2018, according to the report of the Real Estate Cadastre Committee of Armenia. The highest prices were registered in the capital’s Central district – 529,200 AMD/sq.…
In 2018, Armenia’s Economy Grew by 5.2%
In 2018, Armenia’s Economy Grew by 5.2% Armenian economic growth in 2018 was at 5.2%. According to preliminary data of the National Statistics Committee, the size of Armenia’s GDP over the past year amounted to 6,002.7 billion drams or about US$12.4 billion. The GDP growth in the first quarter was 9.9%, in the second – 7.4%, in…
IMF Expects Armenian Economy to Grow by 4,5% in 2019
IMF Expects Armenian Economy to Grow by 4,5% in 2019 According to Reuters, Armenia’s economic growth forecast by the International Monetary Fund is 4.5%, lower than the 5.2% in 2018, reflecting the weaker global environment and lower copper prices. The Armenian government expects the growth rate to be 4.9 percent in 2019. According to Yulia…
Yerevan Offers the Highest Quality of Living in the Region, ahead of Tbilisi and Baku
Yerevan Offers the Highest Quality of Living in the Region According to a study conducted by Mercer, Yerevan was ranked 170th in the 2019 Quality of Living ranking, leaving behind many cities in the region. Tbilisi, Georgia’s capital, ranked 187th and Azerbaijan’s capital Baku was the 190th. According to the study, the best city for living was…
Number of Property Transactions in Armenia Grew by 15% in March 2019
The Number of Property Transactions Grew by 15% in March 2019. Prices Continue to Rise According to the official statistics, 15,213 property transactions were registered in March 2019. This number increased by 15.0% compared to February 2019, and by 6.7% compared to March 2018. According to the Real Estate Cadastre Committee, the average market price for…
EDB. Economic Growth in Armenia will Reach 5.3% in 2019
Eurasian Development Bank (EDB) predicts 5.3% economic growth in Armenia for 2019. Andrey Petrosyan, Head of the Center for Integrated Research of the Bank, told journalists during the second Eurasian Media Congress. According to him, in 2015 when Armenia and Kyrgyzstan became members of the EAEU, the conditions for economic development were not favorable in…
More Than 1,000 Applicants for Georgia Visa/Residency Used Fraudulent Documents
More Than 1,000 Applicants for Georgia Visa/Residency Used Fraudulent Documents The State Security Service (SSS) of Georgia identified up to 1,200 people, who attempted to obtain visa or residency status in Georgia based on fraudulent documents, the SSS stated in its 2018 report to the Parliament. The SSS worked closely with the Ministry of Justice and…
Property Prices Increase in Tbilisi and Other Cities in Q4 2018
Property Prices Increase in Tbilisi and Other Cities in Q4 2018 Tbilisi Residential Property In Q4 2018, the Average Sale Price (ASP) in Tbilisi varied between $871 and $913 per m2 (monthly average), and Average Rent Price (ARP) was between $7.1 and $8.1 per m2 (monthly average) for the same period. The quarterly averages are…
Buying Property in Tbilisi Suburbs
Buying Property in Tbilisi Suburbs More and more dwellers of Tbilisi move from the center of the city to the outskirts. There are many advantages of buying property in Tbilisi suburbs. The central part of Tbilisi is overpopulated with no sufficient green zones. Parking is also a big issue; there are many new high-rise buildings…
Minimum Salary & Business Turnover Requirements to Be Introduced for Work Residence Permits
Minimum Salary & Business Turnover Requirements to Be Introduced for Work Residence Permit in Georgia Under current regulations a foreign employee may qualify for a work residence permit in Georgia if he/she provides an employment agreement showing his monthly salary, which must be at least twice the amount of average consumer living subsistence (currently GEL…
Minimum Investment for Investor Residence Permit to Be Raised to US$300,000 from US$112,000
Minimum Investment for Investor Residence Permit in Georgia to Be Raised to US$300,000 from US$112,000 Under current regulations, a foreign investor may qualify for an investor residence permit in Georgia if he/she invests GEL 300,000 (US$112,000) in the economy of Georgia. Investor residence permit is permanent. These regulations are likely to be changed by upcoming…
Minimum Investment for Property Owner Residence Permit to Be Raised to US$100,000 from $35,000
Minimum Investment for Property Owner Residence Permit in Georgia to Be Raised to US$100,000 from US$35,000 Under current regulations, a foreign investor may qualify for a short-term (one-year) renewable residence permit in Georgia if he/she acquires property worth US$35,000 and higher, except for agricultural land. These regulations are likely to be changed by upcoming legislative…
Hong Kong Passport Holders Visiting Armenia
Visa Free Visits to Armenia for Hong Kong Passport Holders On January 24, 2019, the Government of Armenia has made a decision to establish a visa-free regime for the holders of the passports of Hong Kong Special Administrative Region of China. The new decision reassures the progress of Armenia-China relations and cooperation on an annual…
Georgia Ranked 51st in Henley Passport Index
Georgia Ranked 51st in Henley Passport Index Georgian passport is ranked 51st place in Henley Passport Index, a ranking of all the world’s passports based on the number of states the passport holder can visit with visa free regime. The index ranked 199 different passports and included 227 destinations. The way the Index calculates is…
Georgia Residence
Radical Changes in Georgia Residence Permit Rules are Expected Changes to the Law on Legal Status of Aliens and Stateless Persons were confirmed by the Legal Affairs Committee of the Georgian Parliament. This was the second reading of the amendments in the Committee and the changes will be discussed at the plenary session of…
Record Number of Visitors to Georgia in 2018
Record Number of Visitors to Georgia in 2018 Georgia has achieved another record in tourism industry. In 2018, international visitors crossed the country’s border about 8.7 million times (increase of 10%). Among them about 4.8 million visitors were tourists, which is an increase of 17% over the past year. Georgia is visited mostly by the…
Georgia Ranked Highest in the Region by Global Indexes
Georgia Ranked Highest in the Region by Global Indexes Ranking (2018) Armenia Azerbaijan Georgia Turkey Doing Business 47/190 57/190 6/190 60/190 European Chamber 39/46 45/46 18/46 38/46 Global Competitiveness 68/140 69/140 66/140 61/140 Open Budget Index N/A 76/115 5/115 32/115 Human Freedom Index 54/159 128/159 40/159 84/159 Global Law and Order 69/142 …
CIT and PIT Rates to Be Reduced in Armenia
Tax Rates CIT and PIT Rates to Be Reduced in Armenia According to the proposed amendments, Armenia will shift to a single averaged payroll tax rate of 23%, after which it is to gradually drop to 20% by 2023. Concurrently, the proposed changes would bring back the social payments (pension contributions) of 5%. The changes…
Georgia Visits by Iranian Nationals: Problems & Statistics
Georgia Visits by Iranian Nationals: Problems & Statistics On December 10, 2018, the Foreign Ministry of Iran advised Iranian citizens to refrain from traveling to Georgia, unless absolutely necessary. The Ministry explained that several citizens of Iran were treated ‘disrespectfully’ at the Georgian border. Earlier, on December 3, 2018, the Ministry stated that nearly 200 citizens…
Thailand Offers 15-Day on Arrival Visas to Georgian Nationals
Thailand Offers 15-Day on Arrival Visas to Georgian Nationals Visa on arrival will be available to Georgian citizens traveling to Thailand starting from April 2019. Georgian nationals will be able to travel to Thailand, obtain a visa on arrival and stay in the country for up to 15 days (Georgia, Thailand simplify visa procedures, Agenda.ge…
India to Get 10 New Georgian Visa Centers
India to Get 10 New Georgian Visa Centers Ten new Georgia visa centers will be opened in Indian cities, according to the announcement of Georgia’s Ministry of Foreign Affairs. An official agreement was signed by Georgian Ambassador to India, Archil Dzuliashvili, and Regional Head for South Asia of VFS Global, Alok Singhal. VFS Global Services…
Moldovan Citizenship
Two Applications for Obtaining Moldovan Citizenship by Investment Two applications were submitted within two months of the official launch of the Moldova Citizenship-by-Investment Program. They are being considered by the Public Services Agency. So far only one agent, Henley & Partners, has been accredited, one potential agent from Moldova is now being tested for reliability,…
Georgia Dual Citizenship
Georgia Will Soon Allow Dual Citizenship Georgian citizenship will not be terminated in case of acquiring a second citizenship. In September 2018, the Parliament of Georgia adopted amendments to the Constitution, according to which holders of Georgian passports will no longer be deprived of their citizenship if they acquire the citizenship of another country. However,…
Georgian Passport Improves Its Global Ranking
Georgian Passport Improves Its Global Ranking Over the last two years the demand for Georgian citizenship has increased as the Georgian passport improved its place in different international rankings. The European Union introduced a visa-free regime for Georgian citizens on 28 March, 2017. Georgian citizens can visit Schengen countries without a visa for tourism, business,…
Tax Benefits for IT Companies in Armenia
Tax Benefits for IT Companies in Armenia According to the government approval of a set of amendments to the law on state assistance to IT sector government, startups and branches of foreign IT companies will be granted tax breaks. Armen Pambukchyan, deputy Minister of Transport, Communications and Information Technology claimed that the tax benefits will…
Armenia’s Hospitality Ranking Is the Highest in the Region
Armenia’s Hospitality Ranking Is the Highest in the Region Passport Index has rated countries on hospitality, based on the number of states the nationals of which can visit the country without a visa. Armenia holds the 29th place as it allows nationals of 132 countries (including India and China) to visit the country without a…
Property Prices Grow by 23% in Downtown Yerevan (Sep-Oct. 2018)
Official: Property Prices Grow by 23% in Central Yerevan Investments in real estate in Armenia are becoming more attractive. The prices for housing in downtown Yerevan, when compared to September-October last year, rose by 23%. According to the head of the Real Estate Cadastre Committee, Sarhat Petrosyan, the reasons behind the rise may be different.…
Visa-Free Travel between Georgia and Serbia
On March 8, 2018, Serbia exempted Georgian passport holders from visa requirements. Under the new rules Georgian nationals can enter and stay in Serbia without a visa for up to 30 days in a year. Ministry of Foreign Affairs of the Republic of Serbia, Abolished Visas for Citizens of Georgia, Holders of Ordinary Passport (Mar.…
Georgian Citizenship Granted to 3,000 Foreigners in 2017
In 2017 the President of Georgia granted citizenship to 3,000 foreigners who applied under regular procedure for naturalization. Moreover, 8 foreigners acquired citizenship by exception for outstanding contribution to Georgia. Out of these 8 foreigners 3 were citizens of Russia and another 3 were German citizens. 3,000 Foreigners Receive Georgian Citizenship in 2017, GeorgiaToday (Jan.…
Georgian Passport Ranks 53rd in the World
With the visa-free regime with the European Union/Schengen zone, which came into effect on March 28, 2017, the Georgian passport has made 15 steps forward from the previous ranking. Georgian citizens can now travel visa-free to 99 countries. Georgian Passport Takes 15 Steps Forward in International Henley & Partners Ranking, Agenda.ge (Jan. 9, 2018).
Passport-Free Travel Between Georgia and Ukraine
The governments of Georgia and Ukraine are working to make is possible for their citizens to travel between the two countries without a passport. Currently, Georgian citizens can stay in Ukraine visa-free for 90 days in a 180-day period but they do need a passport to cross the border. Under the new initiative, travelers will only…
Armenia Allows Indians to Get E-Visa and Visa on Arrival
Getting E-Visa and Visa on Arrival On Nov. 22, 2017, Armenia became the easiest country for Indian nationals to visit in Europe. As they can get visa on arrival or a visa online (e-visa) before their arrival to Armenia. Alternatively, they can simply buy tickets, come to Armenia and get a visa on arrival at…
Property Prices in Armenia (2002-2017)
Armenian real estate market grew exponentially between 2002 and 2008 with prices going up by 570%. In 2009 the country’s economy was hit by the global financial crisis and real estate prices went gradually down over the next few years. They remained generally unchanged during 2014-2017 and only a minor growth (2%) has been recorded…
Review of Armenia and Georgia Business Visas
Armenia and Georgia are small neighboring countries in Caucasus. Both countries welcome foreign investors and entrepreneurs and offer immigration benefits such as short-term and long-term business visas and residence permits. [table id=4 /] Business Visas for Business Owners Armenia and Georgia are small neighboring countries in Caucasus. Both countries welcome foreign investors and entrepreneurs and offer immigration…
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