Moving forward to opening Armenian Citizenship by Investment Program Deputy Minister of Justice Armenouhi Harutyunyan met with Nuri Katz, the founder of APEX Capital Partners, on late August 2023. Here APEX brings a wealth of experience to the table being a well-known expert who has helped other nations develop their economic citizenship programs. Including Canada’s program for investors.
The two discussed amending Armenia’s “Law on Citizenship” to offer citizenship to individuals who contribute significantly in critical sectors. Such as economics, science, culture, education, sports, healthcare. Eventually, APEX could be the linchpin that elevates Armenia’s global standing in this competitive field. By attracting not just investment but also top-tier professionals who can contribute to the country’s development.
Armenian Citizenship by Investment: work in progress
“We are at a critical juncture,” said Deputy Minister Harutyunyan, highlighting the dual intent of the initiative. “This isn’t merely an economic proposition. It’s a strategic policy overhaul to enhance Armenia’s global footprint.” While keen on fast-tracking economic gains, Harutyunyan emphasized the need for careful navigation, given Armenia’s complex geopolitical milieu. “Our task is twofold: inviting transformative contributions while meticulously evaluating any long-term implications, including potential security risks“.
Nuri Katz was optimistic about the prospects, stating, “Armenia is teeming with untapped potential. With the right legal framework, the country could become a magnet for highly qualified individuals and, by extension, multinational capital“.
The meeting between Harutyunyan and Katz suggests that Armenia is not just ready to enter the competitive arena of economic citizenship but aims to do so with strategic thoughtfulness that could set it apart from other nations.
Armenian Citizenship by Investment: how it started
Firstly, Armenian Citizenship Program was announced in October 2022. And immediately became one of the most discussed among the experts of the industry.
The draft of the local CIP looked like this: foreign citizens will be required to provide at least USD 150,000
- to a foundation created for operating in education or science sector;
- in the shares of a commercial organization for at least 10 years;
- acquire government bonds of at least USD 150,000 for at least 7 years,
purchase real estate for at least USD 150,000 for a minimum of 10 years, with a cadastral cost approximated to the market cost of real estate, per the official state news agency.
So now we will track feather development of this CIP.
Benefits of Armenian citizenship
The country allows dual citizenship and does not require a person to renounce their existing citizenship. Citizenship does not affect a person’s tax liabilities since Armenia does not have citizenship-based taxation.
An Armenian passport provides travel visa-free entry to 65 countries, including China, but holder would not be able to visit Schengen zone without visa, as that is the core benefit of Caribbean citizenship by programs with quite the same investment requirements.
