Foreigners should provide info on term deposits in banks

16:29 - 9 February 2023

February 9, Fineko/abc.az. Provision of information is required on term deposits of foreigners or stateless persons who have received temporary or permanent residence permit in the territory of Azerbaijan.

ABC.AZ reports that in this regard, amendments were made to the Law on Banks.

According to the draft amending document, a paragraph added to Article 41.2 of the Law says that foreigners or stateless persons who have received temporary or permanent residence permit in Azerbaijan should provide information on their term deposits in local banks to the relevant executive authority.

According to the draft amendments to the Migration Code, foreigners and stateless persons must have a deposit of at least 200,000 manats in banks in order to be allowed to permanently reside in Azerbaijan. A deposit of 100,000 manats is considered acceptable for foreigners for obtaining a temporary residence permit.