June 16, 2023
Azerbaijan amends Immigration Code
Azerbaijan introduced new regulations governing the issuance of temporary and permanent residence permits (TRPs and PRPs) in May 2023. The following applicants are now eligible to apply for TRPs (i) investors in legal entities in which the state of Azerbaijan holds a stake of at least 51% (worth AZN 100,000 or more); (ii) individuals who make certain qualifying investments with a cumulative value of at least AZN 500,000; (iii) individuals who hold a stake of at least 51% in commercial legal entities as well as directors of these entities, provided they meet other eligibility criteria (e.g., the entity must be established in Azerbaijan, at least one of the founders must be a foreign national, and it must satisfy certain capital requirements); and (iv) entrepreneurs who carry out business activities and meet certain hiring and minimum revenue requirements.
A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.
Full text of Tax Alert