Armenia special residency status

[passss]

Like so many here I am also looking for a better place to pay my taxes.
Armenia catched my eye because there is no minimum stay required and the investment is quite reasonable. But cannot find any experience on the forums, nor do I see it ever recommended.
Anybody have any experience with this visa? Or is it just not that good compared to other countries?

Investment: 100.000 USD
10 year visa
No minimum stay
Foreign income not taxed

 

[sonato]

Depends on what live style you are used to. Personally I would not want to relocate there but rather UK, Switzerland, Ireland or countries with fair tax plans for foreigners.

 

[Golden Fleece]

I knew someone who moved there. It is a very traditional culture with a low cost of living. A perfect place to find a traditional, marriage-minded woman. It is also a great place to escape the political correctness and the cultural sewers of the Western world.

 

[daxbr]

Know nothing about this program but speaking generally, it is interesting to consider investing USD100k in a small country for a term visa. At the same time, there are major countries with great culture, small or no taxes that offer lifetime unrestricted residence by showing proof of some reasonable amount of savings.

 

[backpacker]

passss said:
Like so many here I am also looking for a better place to pay my taxes.
Armenia catched my eye because there is no minimum stay required and the investment is quite reasonable. But cannot find any experience on the forums, nor do I see it ever recommended.
Anybody have any experience with this visa? Or is it just not that good compared to other countries?

Investment: 100.000 USD
10 year visa
No minimum stay
Foreign income not taxed
Click to expand...

Where did you get that information from? Specifically: "Foreign income not taxed".
Bringing it to the point, foreign income is taxed! Your citation seems to be from a website which has not been updated since 2018 (the year this has been changed, shortly after the "Velvet Revolution").
So, Armenia taxes you on your worldwide income. There are a few exemptions like specific investment funds. That's it. Overall, taxes are higher than in Bulgaria eek¤%& . If you dig a bit deeper you will find out yourself. I wrote about it here https://www.offshorecorptalk.com/threads/armenia-weird-cgt.34470/

 

[passss]

Golden Fleece said:
I knew someone who moved there. It is a very traditional culture with a low cost of living. A perfect place to find a traditional, marriage-minded woman. It is also a great place to escape the political correctness and the cultural sewers of the Western world.
Click to expand...

I have been there multiple times and the country is surprisingly nice and very conservative. But I would only spend little time in Armenia, since there is no minimum stay required. Would be more to find a low % tax base

daxbr said:
Know nothing about this program but speaking generally, it is interesting to consider investing USD100k in a small country for a term visa. At the same time, there are major countries with great culture, small or no taxes that offer lifetime unrestricted residence by showing proof of some reasonable amount of savings.
Click to expand...

Yeah, I realise I need to do a lot more digging to find the best solution. Still having a hard time finding the relevant information and also understanding how it all fits together. Currently I am looking into Bulgaria, Romania and Cyprus, mainly because they are European based and low tax. If you have other suggestions for low tax countries please tell.

Bagpacker said:
Where did you get that information from? Specifically: "Foreign income not taxed".
Bringing it to the point, foreign income is taxed! Your citation seems to be from a website which has not been updated since 2018 (the year this has been changed, shortly after the "Velvet Revolution").
So, Armenia taxes you on your worldwide income. There are a few exemptions like specific investment funds. That's it. Overall, taxes are higher than in Bulgaria eek¤%& . If you dig a bit deeper you will find out yourself. I wrote about it here https://www.offshorecorptalk.com/threads/armenia-weird-cgt.34470/
Click to expand...

You are right, I was basing it on that. It seemed interesting because of that. Armenia is out I guess.

 

[kkein]

what can one afford with 100k in Armenia?

 

[myshufflemix]

passss said:
I have been there multiple times and the country is surprisingly nice and very conservative. But I would only spend little time in Armenia, since there is no minimum stay required. Would be more to find a low % tax base
Click to expand...

you will have to give up your origin citizenship right ?

 

[backpacker]

passss said:
But I would only spend little time in Armenia, since there is no minimum stay required.
Click to expand...

If you are talking about tax residency: Armenia - Individual - Residence
To convince an official that your vital interests are located in Armenia if you only stay there one day per year will be quite a challenge.

 

[passss]

kkein said:
what can one afford with 100k in Armenia?
Click to expand...

Descent apartments start in Yerevan around 50/60 k EUR

myshufflemix said:
you will have to give up your origin citizenship right ?
Click to expand...

No, it would be only a residence permit. You would keep your original passport. And I think Armenia allows dual citizenship

Bagpacker said:
If you are talking about tax residency: Armenia - Individual - Residence
To convince an official that your vital interests are located in Armenia if you only stay there one day per year will be quite a challenge.
Click to expand...

No, I was talking about the special visa, where you make an investment. But the information I had was already obsolete, the program in that way does not exists anymore.

 

[Golden Fleece]

passss said:
No, it would be only a residence permit. You would keep your original passport. And I think Armenia allows dual citizenship
Click to expand...

I think that he meant giving up your Netherlands citizenship, because the Netherlands only allows dual citizenship under a handful of narrow circumstances.

 

[369]

i recommend keeping nl citizenship........best place in europe after transformation

 

[backpacker]

passss said:
Descent apartments start in Yerevan around 50/60 k EUR

No, it would be only a residence permit. You would keep your original passport. And I think Armenia allows dual citizenship

No, I was talking about the special visa, where you make an investment. But the information I had was already obsolete, the program in that way does not exists anymore.
Click to expand...

If you are still interested in settling in Armenia you either have to open a real business which employs people. Or you have to make a donation to a charitable project in a rural community.
There are plenty of lawyers who help with it. It is costly and in both cases a money pit.

 

[Spinat]

Bagpacker said:
There are plenty of lawyers who help with it. It is costly and in both cases a money pit.
Click to expand...

you may suggest a lawyer please?

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[sydneyking]

Yerevan properties are no worth the risk. wordlwide taxation is making the investment visa worthless

 

[backpacker]

sydneyking said:
Yerevan properties are no worth the risk. wordlwide taxation is making the investment visa worthless
Click to expand...

Finally somebody who got it right! Yes, Armenia has worldwide taxation. In addition, interest from local bank accounts will be taxed. And tax rates are higher than in e.g. Bulgaria. From tax-perspective Armenia is pretty uninteresting.
Btw., crypto is taxed base on income tax (currently 21%). And then there is also this Question - Armenia - weird CGT which means laws are all but clear.
Beware for info you get from so-called immigration lawyers in Armenia. Many try to sell you their donation-projects which come without proper legal basis!

Last edited: Apr 4, 2022

 

[abc123]

What IF using the second Armenian passport+finding someone there to open/pay for utility bill in your name, give that person cash to pay for the bill years to come. I think that person would love to have free electricity for example?

Then use this always valid KYC to open neo-bank/EMI accounts in various EU countries that allows "foreigners" to open account. Of course with valid SoF which if requested can be re-used for each bank. Never visit Armenia again (unless you need to renew your passport), never use any card in Armenia, never wire anything to Armenia.
Use these cards and spend them in the real European country you live in and never look back.

According to AEOI it means the EMI/Neo-banks could be reporting back to Armenia this information as your accounts are opened with the Armenian passport.
Will Armenia gov then try and seize these funds as they consider you are hiding from them taxes income they consider is worldwide taxable?

Thinking that since no money is spent in Armenia it's probably a really safe setup?
And the real EU country you live in would never find out you having money in these banks as they are not on your European passport.

 

[backpacker]

abc123 said:
What IF using the second Armenian passport+finding someone there to open/pay for utility bill in your name, give that person cash to pay for the bill years to come. I think that person would love to have free electricity for example?

Then use this always valid KYC to open neo-bank/EMI accounts in various EU countries that allows "foreigners" to open account. Of course with valid SoF which if requested can be re-used for each bank. Never visit Armenia again (unless you need to renew your passport), never use any card in Armenia, never wire anything to Armenia.
Use these cards and spend them in the real European country you live in and never look back.

According to AEOI it means the EMI/Neo-banks could be reporting back to Armenia this information as your accounts are opened with the Armenian passport.
Will Armenia gov then try and seize these funds as they consider you are hiding from them taxes income they consider is worldwide taxable?

Thinking that since no money is spent in Armenia it's probably a really safe setup?
And the real EU country you live in would never find out you having money in these banks as they are not on your European passport.
Click to expand...

Aside from the fact that your suggested procedure is illegal, Armenia does not participate in AEOI and has no passports on sale.
You will have to go through a regular naturalization process, need Armenian roots if you want to expedite becoming a citizen.
Do not rely on outdated information. Furthermore, do not trust obscure Immigration-"lawyers" without checking the facts by yourself.

 

[lostguy]

abc123 said:
What IF using the second Armenian passport+finding someone there to open/pay for utility bill in your name, give that person cash to pay for the bill years to come. I think that person would love to have free electricity for example?
Click to expand...

that could work well if you find the right person to do this for you!

 

[fortunespeculator]

Golden Fleece said:
I knew someone who moved there. It is a very traditional culture with a low cost of living. A perfect place to find a traditional, marriage-minded woman. It is also a great place to escape the political correctness and the cultural sewers of the Western world.
Click to expand...

Ah sounds like a nice place to settle down