Azerbaijan tightens deposit and property requirements for foreigners' permament residence

Foreigners and stateless persons must have 200,000 manats ($117,651) worth of real estate or at least 200,000 manat deposits in banks to live permanently in Azerbaijan, reads the bill on the amendment to the Migration Code, Report informs.

Thus, the relevant requirements for permanent residence of these persons in Azerbaijan are doubled.

The list of persons with a permanent residence permit is sent by the relevant executive authority to the relevant bank within three working days. When the amount of the term deposit of the persons specified in that list is reduced and falls below 200,000 manats or when the deposit contract is terminated, and the bank must submit information about this to the relevant executive authority within three working days.