Iran’s President Hassan Rouhani’s government has decided to offer 5-year residence permits to those foreigners who invest 250,000 euros in Iran.
The government spokesman Ali Rabiee told a local news agency this decision was made to simplify the “process of investments” in the country.
According to Rabiee, investment can be in the form of deposits in Iranian banks, purchase of stocks in the local equities market, investing in production or real estate.
Iran is in midst of a serious economic crisis, with more than 5 percent negative growth this year. Its main source of income’ oil exports have dropped to one-tenth of their normal volume due to U.S. sanctions.
Earlier, another Rouhani official had spoken about $200,000 investment for a five-year residence permit, but now the amount has been increased to 250,000 euros or approximately $280 thousand.
Iran has a low ranking globally in attracting foreign investments. The UN Conference on Trade and Developments, UNCTAD Iran received only $3.4 billion of foreign investment in 2018, which was 30 percent less than the previous year.
A highly regulated economy, with a heavy state and military ownership of businesses and corruption make Iran an unlikely country for average foreign investors.