The government of Iran has passed certain regulations in the summer of 2019, under which now Foreign investors would soon be able to apply for a five-year residency in Iran. The news has been confirmed by Iranian Deputy Interior Minister on May 13.
Under the legislation, the Iranian government will allow foreigners to settle in the country for five years, if they make an investment of more than 250,000 euros or its equivalent in other foreign currencies. It will facilitate the country’s Foreign Direct Investment in the midst of the economic slowdown because of extensive sanctions and the COVID-19 pandemic.
The application forms to apply for the five-year residency in Iran would be available in three languages through platforms run by the Iranian Foreign Ministry, the Interior Ministry, Iran’s department on foreign investment, and the Central Bank of Iran.
Investments that are eligible for the residency permit has not been limited to manufacturing activities, but has been extended to incorporate making bank deposits or investments in bonds or housing sector for the residency opportunity.