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4/3 Pirumyanner, Suite 12, Yerevan, 0054, Armenia



Term Deposits and Bonds in Armenia; Navigating Changes in Military Service

1. Investments in Armenia: Term Deposits and Bond Opportunities

Armenia's Economic Performance in 2023:
• GDP Growth: The economy is expected to grow by an impressive 7%.
• Inflation Rate: Maintained at a moderate level of 2%.
• Currency Fluctuations: The Armenian Dram (AMD) experienced a depreciation of 2.85%, with the exchange rate moving from 393.57 for 1 USD on January 1st to 404.79 on December 31st, 2023.

Term Deposit Rates in Armenian Dram (AMD) and U.S. Dollars (USD):
AMD Term Deposits:
• Fastbank: 11%
• Evocabank: 10.75%
• Byblos Bank: 10.75%
• Araratbank: 10.25%
• AMIO: 10.2%

USD Term Deposits:
• Evocabank: 5.25%
• Artsakhbank: 5%
• Byblos Bank: 4.75%
• Fast Bank: 4.5%
• Araratbank: 4.5%

Interest Rates on Bonds Issued by Armenian Banks:
AMD Bonds:
• Armswissbank: 10.65%
• Evocabank: 10.6%
• Armeconombank: 10.55%
• Unibank: 10.35%
• Inecobank: 10.3%

USD Bonds:
• Fastbank: 5.71%
• Armeconombank: 4.95%
• Unibank: 4.9%
• Araratbank: 4.8%
• ACBA Bank: 4.77%

Government Bonds in AMD:
• Current yields are as high as 10.8%, presenting another attractive investment avenue.

Tax Considerations:
• For term deposits, a 10% tax on interest income is withheld at the time of payment.
• Notably, interest income on bonds is generally not subject to the 10% withholding tax, making them a potentially more tax-efficient investment option.

Deposit Insurance Scheme in Armenia:
• Armenia has a robust deposit insurance scheme in place since 2003, providing a safety net for investors.
• Deposits in AMD are insured for a maximum amount of AMD 16 million (around $40,000), while deposits in foreign currency are covered up to AMD 7 million (around $17,000).
• Notably, this insurance system has not been tested in practice, as there have been no bank runs to date.

Practical Considerations for Foreign Investors:
• No legal restrictions exist for foreigners in making term deposits or purchasing bonds.
• Banks may require proof of ties to Armenia, like a residence permit, due to anti-money laundering policies.

Legislative Amendments to Armenia's Law on Military Service:

Recent amendments to Armenia's Law on Military Service, effective from February 12, 2024, introduce significant considerations for male citizens aged 27-37 aiming to acquire Armenian citizenship post-27.

Key Points of the Amended Law:
• Eligibility: The law applies to male individuals aged 27-37 who become Armenian citizens post-27 and have either not completed military service or have completed less than 12 months of service or have completed less than 18 months of alternative military service in a foreign country prior to • acquiring Armenian citizenship.
• Mandatory Service: There is now a requirement to complete a 12-month mandatory military service period or an alternative service.
• Opt-Out Payment Option: Individuals may choose to opt out of this mandatory service by contributing AMD 2,500,000 (approximately USD 6,200).

Regarding Retroactive Effect:
The Ministry of Defense of the Republic of Armenia has clarified, in response to our formal inquiry, that this law does not have retroactive effect.

Options for Citizens Who Evaded Military Service Before Age 27:
These amendments also address male citizens who were Armenian nationals before turning 27 and have illegally evaded military service. The law now offers the following options for legalizing their status:

Full 24-Month Enlistment.
• 12-Month Service plus AMD 2,500,000 (approximately USD 6,200) Payment.
• 6-Month Service plus AMD 5,000,000 (approximately USD 12,400) Payment.
• 1-Month Service plus AMD 8,000,000 (approximately USD 19,900) Payment.
• Complete Exemption: Achievable through a contribution of AMD 15,000,000 (approximately USD 37,000).

Our Services

Visa & Residency

  • Visa application
  • Visa extension
  • Invitation letter
  • Residence permit
  • Work permit
  • Citizenship

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  • Address registration
  • Social security number
  • Tax ID number
  • Tax residency certificate
  • Tax compliance services
  • Health insurance


  • Personal bank account
  • Corporate bank account
  • Company registration
  • Real estate
  • Stocks and bonds
  • Bank deposits

Contact Us for Assistance

Whether you have a specific concern or just need some preliminary advice, our team is here to help. Fill out the form below, and one of our experts will reach out to you shortly. No strings attached, and absolutely free.

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Rest assured, any information you provide will be treated with the utmost confidentiality. We firmly believe in the principle of data privacy. That means we will not sell, rent, or lease our contact lists to any third party, and your personal details will never be handed over to individuals, government agencies, or companies.

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What Clients Say

Why Choose Us

Decade of Excellence

Over 10 years of specialized experience in immigration and business setup.

Tailored Solutions

Our team of locally licensed, English-speaking attorneys specializes in immigration, incorporation, and compliance matters, providing bespoke legal strategies for each client.

Fast & Fluent Communication

We prioritize your concerns with a 24-hour response policy and communicate effectively in both English and Russian.

Client-Centered Approach

At Vardanyan & Partners, client care is paramount. Our emphasis on honesty and transparency ensures that you are always informed and confident in your legal journey.

Secure Transactions

Benefit from our secure online payment system without the worry of hidden charges.

Reputable & Reliable

Established in 2012, Vardanyan & Partners has built a reputation for excellence and reliability. With our team, you are not just hiring attorneys; you are partnering with insured legal experts committed to your success.

What Makes Armenia a Good Choice for Residency

No Stay or Visit

Maintaining residency in Armenia does not require physical presence; remote application is possible.

Fast and Easy

The residency application usually takes about 80 days and only a valid passport is required. 

Family Covered

Residents can sponsor extended family for residency (parents, siblings, grandchildren, etc.) 

Citizenship Path

After living in Armenia for three years, citizenship can be obtained. Dual citizenship is allowed.

Nerses Isajanyan

Managing Attorney

LL.M., Georgetown University

Licensed Attorney, Armenia: License no. 903

Licensed Attorney, New York: License no. 5148945

Our firm's reputation rests on more than just legal expertise. We pride ourselves on the values of honesty, transparency, and an unwavering commitment to client care. We recognize the unique opportunities and challenges Armenia presents, and we are here to guide you through them.

For inquiries or to schedule a consultation, you may contact us at [email protected] or +374. I look forward to collaborating with you on your journey in Armenia.

Where to find us

Nestled in the heart of the Davtashen district in Yerevan, our office is a stone's throw away from the Migration Service building, ensuring seamless coordination on immigration matters. If you refer to the map above, you will pinpoint our exact location. For those journeying from the city center, anticipate a brief 20-30 minute taxi ride to reach us. We look forward to welcoming you and addressing your legal needs.


4/3 Pirumyanner, Suite 12, Yerevan, 0054, Armenia



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