BAKU, Azerbaijan, April 4. Terms of granting temporary residence permit to foreigners and stateless persons in Azerbaijan have been expanded, Trend reports.
In this regard, amendments were proposed to be made in the Migration Code of the Republic of Azerbaijan.
The changes were submitted for discussion at the plenary session of the Milli Majlis (Parliament of Azerbaijan) held on April 4, 2023.
According to the relevant amendments included in the list of cases of granting temporary residence permit, the foreigners will get temporary resident permit:
- if the amount of investments by a foreigner or stateless person in the country's economy is at least 500,000 manat ($294,117).
- if a foreigner or stateless person has government securities with a nominal value of at least 100,000 manat ($58,823) or investment securities of legal entities, 51 percent or more of shares belonging to the state.
- if a foreigner or stateless person holds the position of the head of a legal entity, the founder or at least one of the founders of which is a foreign legal entity or individual, or owns at least 51 percent of the shares of this legal entity established in the Republic of Azerbaijan, the paid-up authorized capital of which is not less than the amount approved by the relevant executive authority.
According to the amendment, the list of those, who have received a temporary residence permit in the territory of the Republic of Azerbaijan and who have state or investment securities of legal entities, 51 or more percent of shares belonging to the state, and the relevant executive authority, is sent to the National Depository Center (NDC) of Azerbaijan within 3 working days.
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 voted on and adopted in the first reading.