Armenia: Yerevan Offers Residency to Foreign Businessmen

In a bid to improve the country's economic climate, Armenia's legislature has adopted measures to give foreign business executives permanent residency.

Amendments to the Law on Foreign Nationals adopted by Armenian parliament on February 2 would allow foreign entrepreneurs to enjoy permanent resident status as long as they maintained businesses on Armenian soil, the Kavkazsky Uzel news service reported February 4.

Armenian officials explained that the legislative changes are designed to help attract foreign investment to the economically stressed nation, the ARKA news agency reported.