Email

Address

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

Phone

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Foreign Ownership

Foreign nationals are allowed to own real estate in Armenia. There is no need to have a residence permit or otherwise show any links to Armenia. On the other hand, owning property in Armenia can be a legal basis for obtaining a temporary or permanent residence permit. Foreigners can acquire, hold, lease, sell, bequest and otherwise dispose of their property.

The only restriction applies to foreign ownership of agricultural land. In order to own agricultural land in Armenia a foreigner will have to set up a legal entity and acquire land in the name of that entity. Agricultural land can also be owned by foreigners who have special residency status in Armenia.

Buying/Selling Process

The transfer of ownership is done by signing a written contract of sale with detailed description of the property and purchase price. Normally the contract must be reviewed and authenticated by a notary public. In certain cases an employee of the Cadastre (the Registry) can authenticate the contract. The buyer then has 30 days to register his ownership rights with the Cadastre. The failure to register these rights within 30 days will result in invalidation of the transaction.

It is customary to sign a preliminary agreement by which the seller agrees to take the property off the market for an agreed period of time in return for a small advance payment. If the buyer then fails to sign the main contract the advance payment will be forfeited. If the seller defaults he will be required to return the advance payment and pay a penalty.

Buyers and sellers can be represented by attorneys, their physical presence in Armenia is not required to complete the formalities.

Armenia ranks very high – the 13th – among 190 countries on the World Bank’s “Registering Property” index which measures both the efficiency and the quality of the property registration system. By way of comparison, the U.S. ranks 36th, the U.K. – 47th, , France – 100th.

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Managing Legal Risks

Because all deed records are kept in a single database and in computerized format title search and title insurance are not common practices in Armenia. However, the sales contract can be authenticated only after a certificate is issued by the Cadastre confirming that the property in question is not mortgaged, under arrest or otherwise encumbered by third party rights.

Several banks offer escrow account services which enable the buyer to deposit the funds with the bank and have them transferred to the seller only after the transaction is completed and a new ownership certificate is issued to the buyer.

The risks involved in buying property in Armenia normally relate to one of the following factors:

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Claims by third parties, such as creditors, former owners, their spouses, ex-spouses, children and heirs