Armenia Investment Opportunities

Why Armenia?

Clear Value Proposition

Visible Yield Premium

10-year AMD government bonds are ~9.7–9.8%, versus ~4.2% (US) and ~2.7% (Germany)—a 500–700 bps spread.

Open, Investor-Friendly Rules

Equal treatment, 100% foreign ownership, free repatriation of capital/dividends; apartments/commercial fully open to foreigners (agricultural land via local company/lease).

Modern Access

Policy rates are stable, inflation is in target, and AMX/CBA infrastructure plus bank onboarding make bonds/deposits practical for non-residents.

Three Practical Avenues

Government & corporate bonds, bank deposits (AMD top retail high-single digits), and primary-market real estate (off-plan, staged payments).

Macro Snapshot

Growth

Real GDP +5.9% (2024); outlook ~4–4.5% (2025–27) as post-shock drivers normalize.

Inflation & Policy

Inflation ~3.4–3.9% mid-2025; policy rate 6.75% (Aug 5, 2025) → positive real rates.

FX

AMD broadly stable in 2025 with healthy reserves and disciplined policy.

Investor Protections & Openness

National treatment + 100% ownership, strong constitutional/property safeguards.

Treaty & arbitration access: BIT network and ICSID/New York Convention participation.

Profit repatriation: No FX transfer caps (after taxes).

Deposit insurance: Up to AMD 16m (AMD) / AMD 7m (FX) per bank.

Comparative Advantage

Metric (latest) Armenia US EU (DE) Georgia
10Y Gov't yield ~9.74% (Aug 2025) ~4.2% (Aug 2025) ~2.7% (Aug 2025) ~9%* (2025)
Top retail deposit AMD high-single digits ~4–5% ~1–3% ~8%
Policy rate 6.75% (Aug 5, 2025) 5.25–5.50%† 2.00% (ECB deposit) 8.00% (Jul 2025)
CPI YoY ~3.4% (Jul 2025) ~3% ~2% ~4%

10-Year Government Bond Yields Comparison

Practical Access

Banking & Deposits

Non-residents can open accounts (in-person or supported remotely by some banks); deposit guarantee in place.

Bonds

Primary via auctions; secondary on AMX (liquidity varies; buy-and-hold common).

Real Estate

Foreigners can buy apartments/commercial; off-plan with staged payments common; central Yerevan new-builds often ~$2,000–2,300/m².

Balanced Risk Note

Currency & Liquidity

AMD can move; secondary markets are thin, so early exits may require discounts.

Execution/Policy

Off-plan delivery timelines can slip; mortgage/tax incentives can phase down over time.

Geopolitics

Aug 8, 2025 White House peace signing/initialing reduced near-term conflict risk; implementation is ongoing—monitor updates.

Data as of Jul–Sep 2025; subject to change. Informational only. We are licensed attorneys, not investment advisers.

Armenia is located between Asia and Europe and occupies a land area of 29,800 sq km, with a population estimated to be around 3 million. The country is bordered by Turkey to the west, Georgia to the north, Azerbaijan to the east, and Iran to the south.

According to international rankings, Armenia is a relatively easy country where one could invest and establish a business. The World Bank study Doing Business 2014 ranked Armenia as the 37 easiest country with which to do business, out of the 189 surveyed. Furthermore, Armenia’s economic freedom ranks 41 among 178 countries, as stated within the 2014 Index of Economic Freedom.

Armenia is a member of the World Trade Organization, United Nations, Council of Europe, Commonwealth of Independent States, and other international organizations promoting economic cooperation.  As of 2014, negotiations have panned out with the expectation of joining the Eurasian Economic Union comprised of Russia, Kazakhstan, and Belarus on January 1, 2015, a single economic market of 170 million people and a GDP of 2.7 trillion dollars.

Armenia has a continental climate with dry, sunny summers and cold, snowy winters. The country has a well-developed road and transportation network, alongside telephone, internet, and postal services. The international airport is located 12km away from the center of Yerevan. In terms of security, the country’s crime rate is quite low. There are both public and private schools, while the populace has an official literacy rate of 99.6%. Russian is the most popular foreign language at present, with English flanking at its heels. The capital city of Yerevan is home to over 1.1 million of the country’s population, with a wide array of choices in dining, entertainment and shopping. Malls cater to the populace with both local and international brands.

The banking system is well-regulated. There are strict bank secrecy laws which make it a crime to disclose information on bank accounts. HSBC Bank Armenia, as well as 20 other local and international banks offer a wide range of banking services that pay up to 8-9% in annual interest for deposits in US dollars.

Image of Nerses Isajanyan, an expert in Armenian passport and citizenship law

Nerses Isajanyan

Managing Attorney

LL.M., Georgetown University

Licensed Attorney, Armenia (License no. 903)

Licensed Attorney, New York (License no. 5148945)

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


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


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


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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.

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.

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