Azerbaijan’s Ministry of Economy recently announced amendments to rules that were originally introduced in May 2023 and apply to certain individuals seeking to apply for temporary and permanent residence permits (TRPs and PRPs). The recent amendments impact foreign entrepreneurs and investors in small and medium enterprises in Azerbaijan by providing greater clarity regarding the capital investment requirements that must be met for these individuals to qualify for TRPs and PRPs. Larger enterprises that already meet the capital requirements are not expected to be impacted.
A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.
