Invest in Armenia

Visa requirements, Travel – flights connectivity and Accommodation

Visa requirements

To enter Armenia, the citizens of foreign countries must have valid passport, entry visa or a document of residency status. Foreign visitors for whom a visa-free regime is in effect can stay in Armenia for up to 180 days during one year, unless defned otherwise by the international treaty.

Foreign visitors transiting through Armenia need to present tickets to a third country or a visa to a third country, and can stay in Armenia for no more than 72 hours except in cases of emergency. Foreigners are allowed to stay in the Transit Zone for a maximum of 48 hours if not entering the country, except in cases of emergency. Foreigners traveling through Armenia by land can obtain transit visas without tickets or visas of a third country.

The types of Armenian visas are:

• visitor visa
• offcial visa
• diplomatic visa
• transit visa

Visitors can get a visa upon arrival at Zvartnots International Airport. The documentation process takes about 20-25 minutes. E-visas are also available for foreign citizens (https://evisa.mfa.am). Generally, e-visas are approved and issued on line within two business days. The following credit cards to pay for e-visas are accepted:

• American Express
• MasterCard
• Visa
• Diner's Club / Carte Blanche

Armenian visas are issued for maximum of 120 days with possibility to extend for another 60 days, if no other term is defnedby international agreement. Citizens of a number of countries enjoy a non-visa regime on certain categories of passports. Visitors from these countries can obtain an Armenian visa only upon invitation and only at the diplomatic representation of consular offces in Armenia. However, no invitation is required for the citizens of such countries who are of Armenian nationality, or citizens of countries not mentioned on the list.

Table 6. Republic of Armenia Visa Fee

For more details, please, visit “Visa” subsection of “Consular service” section of Ministry of Foreign Affairs of the Republic of Armenia offcial website: www.mfa.am.

Armenia defnes the following residence categories for foreigners:

• Temporary residence status. Temporary residence status is granted to any foreigner who substantiates the circumstances justifying his or her residence in Armenia for a year or longer. Temporary residence status is granted for a term of up to one year with possibility of extension for one year each time.
• Permanent residence status. This is granted for a term of fve years with possibility of extension for the same term each time. Applications for obtaining temporary or permanent residence status are to be fled with Armenian police.
• Special residence status, granted for a period of ten years, is available to foreigners of Armenian origin. This visa status may also be granted to other foreigners who carry out economic or cultural activities in the country. This type of visa is renewable. Applications for obtaining special residence status are tobe fled with Armenian police, and if made in a foreign country, it may be fled with the Armenian diplomatic representation or consular offce. The President of Armenia has fnal authority on granting or refusing special residence status. Decisions are fnal and not subject to appeal.

State duty is levied for granting residence status to foreigners in the amount of AMD 105,000 ($263 USD) for temporary residence status, AMD 140,000 ($350 USD) for permanent residence status, and AMD 150,000 ($375 USD) for special residence status.

Travel – flights connectivity

Zvartnots is a modern international airport 12 km outside of the Yerevan city center, located at the crossroads of Europe and Asia. Zvartnots has a transit zone and provides a number of services to transit and transfer passengers, including permission for visiting the city. Visitors can reach the city center by public transport in 30 minutes, spending AMD 200 (about $0.5 USD), or by a taxi in 15 minutes, which will cost AMD 3,000 in average (about $8 USD). The new terminal of the airport is equipped with modern facilities like free Wi-Fi, café, and a duty free shop. Open 24 hours a day, seven days a week, Zvartnots accommodates all classes ofcommercial aircraft. Six major air routes with 15,000 international fights annually are provided with air traffc control. Detailed information on air companies is available in “Air companies” section by the following link: www.zvartnots.aero. Regular direct fights are available to the following destinations: Dubai (UAE), Prague (Czech Republic), Vienna (Austria), London (United Kingdom), Warsaw (Poland), Paris (France), Rome (Italy), Istanbul (Turkey), Athens and Thessaloniki (Greece), Larnaca (Cyprus), Tel Aviv (Israel) as well as a number of cities in Ukraine and Russian federation.

Accommodation

Hotels. A wide variety of hotel services are available across the country, ranging from vintage retreats in rural areas to fve-star international chains in Yerevan. Room prices are considerably higher in Yerevan (costing around AMD 30, 000 ($75 USD), while a similar room in the other areas might cost AMD 15,000 ($38 USD) or AMD 20,000 ($50 USD). Top-rated hotels cost up to AMD 60,000 ($150 USD) or more. There are also a few excellent boutique hotels in Armenia.

Resorts. Hotels are available in such resort areas as Dilijan, Tsaghkadzor, Jermuk and Lake Sevan.

B&Bs. Private apartments and homes occupied by a local family make rooms available for guests on a budget. Local tourist offces keep updated lists of B&Bs. Prices average AMD 5,000 ($13 USD) to AMD 7,000 ($18 USD) per person.Renting an apartment is in fact common practice among visitors to Yerevan. Prices peak between June and October. Single-bedroom apartments rent for about AMD 15,000 ($38 USD) per day.Prices in more central locations run approximately AMD 25,000 ($63 USD) a day for a two or three-bedroom apartment. Three or four-bedroom renovated apartments or houses rent for AMD 40,000 ($100 USD) a day. Rentals can be accessed through travel agencies, which frequently arrange apartments, as well as through specialists for standard and luxury apartments.In Yerevan, the peak season runs from June through July. During other months, it is helpful to book a room ahead. Discounts are usually available during the low season (November to March). For more information on accommodations in Armenia, visit www.armeniainfo.am.

Financial and Professional Services

FINANCIAL SERVICES

The Armenian banking sector accounts for approximately 92 percent of the assets of the Armenian fnancial system. As of 2012, the Armenian banking market included 22 commercial banks, with 442 branch offces. The collective equity of the banks equaled AMD 366 billion ($897m USD); total assets, AMD 2.2 trillion ($5.4b USD); and total liabilities, AMD 1.8 trillion ($4.4b USD).The Armenian securities market consists of two self-regulating organizations (SROs): The Armenian stock exchange NASDAQ OMX Armenia – organizes foreign currency and securities trading, and the Central Depository, which is also a member of the NASDAQ OMX group. NASDAQ OMX Armenia in 2012 lists securities of 14 reporting issuers.

Other Armenian fnancial institutions include 32 nonbank fnancial institutions with 78 branch offces; nine insurance companies, four insurance brokerage frms; 236 currency exchange offces; seven money transferring companies and six organizations dealing with processing, clearing of payment instruments and payment documents; and eight investment companies.

Foreign currency operations are regulated by the law “On Currency Regulation and Currency Control”. The law stipulates that prices for transactions between Armenian residents, including branches of foreign companies, and salaries other than those paid by international organizations, must be quoted and paid in Armenian currency. There are no conversion restrictions between Armenian and foreign currency, and foreign currency accounts may be maintained in Armenian banks. For more information on currency exchange rates visit www.rate.am. Commercial banks operate under the authority and supervision of the Central Bank of Armenia or CBA (www.cba.am). Since 2006, the Central Bank of Armenia has also acted as regulator and supervisor of the Armenian fnancial market. CBA’s principal mission is to maintain price stability, and since 2006 it has exercised an infation targeting strategy that infuences domestic interest rates as an operational goal, and addresses the forecasted level of infation is an intermediate goal. In addition, CBA monitors trends in the fnancial markets, evaluates risk, and measures the impact of developments in the fnancial system.

PROFESSIONAL SERVICES

KPMG, PriceWaterhouseCoopers and Ernst & Young have offces in Yerevan and offer services in four key business areas: Audit, fnancial advisory, tax and consulting. Grant Thornton CJSC, which is the Armenian member frm of Grant Thornton International, another major international accounting frm, operates in Armenia as well and provides high quality assurance and audit-related services both within Armenia and throughout the CIS region. Recently Binder Dijker Otte & Co (BDO), the ffth largest audit frm worldwide, entered the Armenian market. The services offered by BDO Armenia include audit and related services, fnancial reporting in compliance with IFRS, comprehensive tax services, accounting, tax and customs planning, fnancial, tax and management advisory services. In addition to these frms, there are a number of competitive local companies that provide a wide range of high quality professional services and are capable of operating not only at a local level but internationally as well.

Collectively, these frms represent the strongest community of professional service providers in the region, and offer high quality independent assurance services in strict adherence to national and international standards.