Jul 2, 2019, 3:43 PM
Journalist ID: 1842
News Code: 83378507
1 Persons
Why and how to get Iran's residency

Tehran, July 2, IRNA – The new by-law passed in Iran provides many refugees, especially Afghans, who had trouble to get residency in Iran with a new opportunity.

The Iranian government has approved a by-law that grants a 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 President Hassan Rouhani on Sunday.

Each investor will get five-year Iranian residency if they invest a minimum of €250,000 or its 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 the Iranian banks, buying investment bonds and securities as well as investment in the housing sector.

The question is: why the government should pass such a by-law?

The answer might be crystal clear: The government needs foreign currency; if only one thousand people apply for residency, 250 million Euros is attracted.

The more important question here is: Why should one to seek residency in Iran?

First, it is good to know that about 3,200,000 foreign nationals are now dwelling in Iran, which is twice as many as foreign nationals living in Qatar.  

Now, if the by-law can persuade %0.1 of these people to get Iranian residency, about €128 million will enter Iran, which is about one-fifth of trade between Iran and France in 2017.

Second, Iran is located in an area of the world that has changed it into one of the biggest refugee destinations. The refugees are not all from the lower class of their original society. And thanks to cultural issues and the like, some do not incline to emigrate to Europe.

Third, one should know that the current regulations to win Iranian residency are really hard and the by-law facilitate it. Prior to this, six groups of people could get Iranian residency:

1.    The ones that had five years of consecutive or non-consecutive residence in Iran. Applicants needed to be 18 years of age when applying for the procedure.

2.    The ones that had two years of consecutive or non-consecutive residence with high scientific and professional status and whose expertise should have been approved by the Iran's qualified authorities.

3.    The ones that had two years of consecutive or non-consecutive residence and provided valuable services to the public and whose services have been approved by the Iranian qualified authorities.

4.    The ones that had two years of consecutive or non-consecutive residence and provided valuable services in production and construction, whose services have been approved by the Iranian qualified authorities.

5.    The ones that had two years of consecutive or inconsecutive residence and a personal revenue, salary or retirement pension, approved by an Iranian Bank.

6.    The ones that had Iranian spouse and children.

The new by-law eliminates the prerequisites of two years of legal residency.

Fourth, one should have in mind that one of the advantages of the by-law is that the investment should not necessarily be in the production or construction fields. The by-law allows investments in the banks, corporate bonds, and housing as well.

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