BAKU, Azerbaijan, February 25. The list of terms for issuing (extending) a temporary residence permit to foreigners and stateless persons in Azerbaijan has been proposed to be expanded at plenary session of the Azerbaijani Parliament, Trend reports.
In this regard, the relevant amendments were proposed to be made in the Migration Code. The amendments were submitted for discussion at the parliament.
The list includes the following terms:
- if the amount of investments by a foreigner or stateless person in Azerbaijan’s economy is at least 500,000 manat ($294,120);
- if a foreigner or stateless person has government securities with a par value of at least 100,000 manat ($58,820) or investment securities of legal entities, 51 or more percent of shares (shares) of which are owned by the state;
- if a foreigner or stateless person holds the position of the head of a legal entity whose founder or at least one of the founders is a foreign legal entity or individual, or owns at least 51 percent of the shares (shares) of this legal entity established in Azerbaijan, the paid authorized capital of which is not less than the amount, approved by the relevant executive authority.
Besides, according to the amendments, the list of persons who have received a temporary residence permit in the territory of the Republic of Azerbaijan, who have state securities or investment securities of legal entities, 51 or more percent of whose shares (shares) are owned by the state, by the relevant executive authority within three working days, is sent to the National Depository Center.
In the event of a fall in the total nominal value of investment securities, including government securities owned by persons specified in this list, below 100,000 manat ($58,820) or the alienation of these securities, the National Depository Center within three working days provides information about this to the relevant executive authority.
The requirements for the authorized capital envisaged in Article 45.1.6-1 of the Migration Code, as well as the requirements envisaged in paragraphs 1 and 2 of this Note, don’t apply to persons who have an investment promotion document or a Startup certificate, business entities, as well as to non-commercial legal entities, carrying out activities in economic regions determined by the relevant executive authority, as well as non-commercial legal entities, residents of industrial parks, industrial regions and agricultural parks.
After discussions, the amendments were put to the vote and adopted in the first reading.