Iran grants 5-year residency to foreign investors
The Iranian government has accorded residency status to foreign investors as it seeks to cope with the impacts of sanctions that have affected the country’s oil-driven revenues.
In a bid to further woo foreign investment to Iran, the government approved on Sunday to allow foreigners to settle in the country for five years if they make an investment of more than a quarter of million euros or its equivalent in other foreign currencies, the semi-official ISNA agency reported.
The report said investments that trigger the residency permit are not exclusive to manufacturing activities and those with bank deposits or investments in bonds or housing sector would also be eligible.
There was no mention of other conditions and whether the residency permit can be extended at the end of the five-year period.
The report said the measure was part of new regulations approved in a Cabinet session earlier on Sunday to facilitate Foreign Direct Investment (FDI) in Iran.
Iran has been urging foreign businesses to come and invest in the country as it seeks to enrich its foreign currency resources to cope with the impacts of US sanctions.
Iran’s minister of economy and finance Farhad Dejpassand said earlier this week that FDI in Iran had more than doubled since early 2018 to reach $3.5 billion in May.
Dejpassand said the country was eyeing to meet higher FDI targets at the end of the current Iranian calendar year in March with a scheme to facilitate investments above 250,000 euros.
Iran has been trying to diversify its economy since the United States imposed a series of tough sanctions on its sale of oil last year.
The government also announced earlier on Sunday that it had allowed visa-free travels for Chinese nationals as authorities expect the arrival of some two million tourists from the East Asian country could significantly boost foreign currency revenues this year.
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