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Foreign investors can apply for 5-year residence in Iran: official

Interior Ministry Director-General for Bureau for Aliens and Foreign Immigrants Affairs Mehdi Mahmoudi said on Tuesday that foreign investors can apply for five-year residence in Iran and receive special services.

He said that each investor will get five-year Iranian residency and Iran's neighbors, especially business activists from Afghanistan and Iraq, with regard to this plan, can make investment and benefit from their activities in industrial and economic areas.

Application forms would be available in line with a platform envisaged by the Iranian Foreign Ministry, the Interior Ministry, Iran's department on foreign investment, and the Central Bank of Iran (CBI), Mahmoudi said.

He added that foreign nationals and immigrants residing in Iran would get free of charge medical treatment for coronavirus pandemic.

The Iranian government on Jul 1, 2019 approved a by-law that grants five-year residency to foreign investors in line with the strategy to encourage foreign investment.

The by-law was proposed by the Ministry of Economic Affairs and Finance (MEFA) to give incentives to foreign investors and secure forex revenues for national economy. It was passed by the cabinet, presided by Iranian President Hassan Rouhani.

Each investor will get five-year Iranian residency if they invest 250,000 euros or equivalent in other currencies, accepted by the Central Bank of Iran (CBI), according to the by-law.

The new law authorizes foreign investment to take shape in the form of opening accounts in Iranian banks, buying investment bonds and securities as well as investment in the housing sector.

Source: Islamic Republic News Agency - IRNA

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