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Azerbaijani citizens will have to pay compulsory fee for purchase of property abroad

Mandatory contributions is also provided for the acquisition of land and securities

Baku. 19 January. REPORT.AZ/ According to the amendment to the law "On currency regulation" Azerbaijani residents and non-residents, individuals and legal entities may transfer foreign currency abroad as direct investments (investments in the authorized capital of the organization to generate income and to be eligible to participate in the management of the organization) will have to pay mandatory fee which is 20% of the transaction amount.This does not apply to banks and insurance companies.

Report informs, also residents and non-residents, individuals and legal entities may transfer foreign currency from Azerbaijan with the purpose of acquiring securities in case of payment to the state budget a mandatory fee of 20% of the transaction amount (not applicable to banks and insurance companies).

In addition, residents and non-resident individuals and legal entities may transfer foreign currency for transactions to obtain ownership and other rights to real estate in foreign countries in case of payment to the state budget a mandatory fee of 20% of the transaction amount.

Exception on this point is not provided.

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