The Iranian government has decided to grant five-year residency permits to foreigners who invest in the capital market of the country with a minimum amount of $250,000.
The announcement comes following a string of recent reforms to residency rules in Iran in an effort to bolster investment.
The government has finalized laws and regulations on granting residency to foreigners with long-term investments in the financial markets in Iran, particularly in the capital market.
The Iranian government approved a by-law that grants five-year residency to foreign investors if they invest 250,000 dollars or equivalent in other currencies, accepted by the Central Bank of Iran (CBI).
The by-law was proposed by the Ministry of Economic Affairs and Finance to give incentives to foreign investors and secure forex revenues for the national economy.
The new law authorizes foreign investment to be in the form of deposits in Iranian banks, purchase of any kind of securities, stocks, bonds or units of investment funds in the local equities market in addition to investment in production or real estate.
The visa would be valid for the investors and their family of five excluding sons above the age of 18.
According to Bahador Bijani, who serves as international affairs advisor to the chairman of Securities and Exchange Organization (SEO), the investors would receive the same visa for other members of the family if they increase their investment by $50,000 for each extra member.
According to Bijani, investors are supposed to agree to a series of rules and regulations before they can become eligible to receive the residency visas.
Since the internationalization of Iran capital market is among the top agenda among SEO and other market players, Bijani expressed hope that this regulation would absorb foreign investors.
Chairman of the Securities and Exchange Organization of Iran, Ali Dehqan Dehnavi, has said, “The Supreme Council of Economic Coordination of the government approved a decision in February 2016 to grant “three-year” residency permits to foreigners who invest in the country with $250,000. However, based on the new by-law approved by the Council, the residence permit has now exceeded to up to five years only in return for investment in the securities market.”
The Iranian government launched a scheme for granting residency visas to foreign investors in June 2019. However, the law had excluded financial market investors on the grounds that investments might be short-term and not beneficial to the general economy in Iran.
The applicants for getting the five-year Iranian residency will be able to take action via the Organization for Investment, Economic and Technical Assistance of Iran, and accordingly receive the permit. The OAITAI is responsible for providing the “style guide” and the “form” for 5-Year Residence Permit.
The hopefuls must submit the filled out application form and the attached documents to one of the following entities:
The documents required include completed application form, copies of identity and residence documents of the applicant and his/her family members, and evidence and documents of the applicant for the type of investment they intend to make, for instance whether it is long-term foreign currency deposit, amount of deposit and type of transaction (cash or check).