The banking sector in Armenia is represented with both foreign and domestic companies.

One thing that stands out and brings a great positive light in terms of reliability in the sector is that throughout history none of the banks that have existed have been deprived of their license. There are strict bank secrecy laws, i.e. it is considered a crime to disclose information about bank accounts without a court order.

Several banks in Armenia accept deposits in foreign currencies such as USD, EUR, RUR, JPY and GBP. In addition, they offer time deposits usually in Armenian ruble or USD, although the availability and acceptance of foreign currency may vary from bank to bank.

Fees for maintaining an account in Armenia are minimal and deposit requirements are low.

Monthly maintenance fees usually do not exceed $25. All current accounts are issued with a Visa or MasterCard that can be used almost anywhere in the world. You also have access to online banking where you can manage your account, make payments and transfer money from all over the world.

Exchange control in Armenia

Armenia's banking system is well regulated and sound, it does not limit the conversion and transfer of money or the repatriation of capital and profits, including branch profits, dividends, interest, royalties and management or technical service fees. On the other hand, the financial sector is still developing, foreign persons without residence permits cannot buy land, but they can lease it.

The Central Bank of Armenia does not impose exchange controls and therefore foreign investors can freely repatriate their profits to other countries. Armenia has concluded double taxation avoidance treaties with 41 countries, including Belgium, France, Germany, Spain, Switzerland and the United Kingdom.

The basic requirements for opening a bank account are company registration and passport copies of the director and shareholders. Several banks in this jurisdiction do not allow opening accounts for companies that do not have a physical presence in the country.

Without proper and accurate advice this process could take months to be fully completed, but with the help and advice of experts like Foster Swiss it can be achieved in the shortest possible time.

For more information on this topic or any other matter related to our services, you can contact us directly at info@fosterswiss.com