Azerbaijan Temporary Residence Permit (TRP or TRC) by Making a Deposit

The Migration Code of Azerbaijan contains the grounds for granting Temporary Residence Permit (TRP or TRC) in Azerbaijan. One of these grounds is to deposit at least AZN 100,000 in the banks operating Azerbaijan. Thus, foreigners and stateless persons can deposit an appropriate amount to obtain Temporary Residence Permit (TRP or TRC) in Azerbaijan. In this blog post, we will inform you about the process of obtaining a Temporary Residence Permit in Azerbaijan by making a deposit.

What is the Bank Deposit?

Bank deposit is a bank product that customers can use to hold an amount of money at a bank for a certain period of time. In return, the banks will pay the customer the relevant amount of interest, based on how much they choose to deposit and for how long. Bank deposits are one of the safest deposit products in most countries, as well as in Azerbaijan.

Why to deposit your savings in the banks operating in Azerbaijan?

Banks operating in the territory of Azerbaijan usually give interest for your deposits in the range of 3-12 percent per annum. Interest rates may vary depending on your deposit amount and deposit currency, as well as banks. As in many countries, banks operating in the Republic of Azerbaijan offer higher interest rates for bank deposits in local currency.

A. Bank deposits in local currency in Azerbaijan.

A stable and strong currency is one of the main issues in the investment process for foreign investors and entrepreneurs. This is quite natural. So, currency devaluation is one of the biggest risks for most business sectors. Devaluation is a process that has a negative impact on the purchasing power of the population by reducing the value of the local currency.  Also, these issues are an important nuance for foreigners who want to make a bank deposit in local currency.

The local currency in Azerbaijan is the Azerbaijani Manat. Azerbaijan Manat is quite stable compared to most currencies. In addition, let’s note that the Azerbaijani Manat is also a fairly strong currency. This means that there is very little risk for individuals to place a bank deposit with Azerbaijani Manat. As a result, you have the opportunity to get more interest by placing a deposit in the bank with Azerbaijani Manat.

B. State Insurance of Bank Deposits.

One of the factors that make bank deposits safe is that they are insured by the state. This means that bank customers are insured against certain risks that may occur. For example, bank bankruptcy, liquidation, etc. In case of such risks, if your deposit is insured, the state provides you with your deposit or its insured part.

However, it should be noted that not all deposits and the entire amount are insured. Insurance of deposits in the Republic of Azerbaijan is carried out in accordance with the Law of the Republic of Azerbaijan “On Insurance of Deposits”. The institution responsible for deposit insurance in the Republic of Azerbaijan is the Azerbaijan Deposit Insurance Fund.

C. Obtaining a Temporary Residence Permit  (TRP or TRC) in Azerbaijan through Bank Deposit.

As we mentioned above, you can obtain a Temporary Residence Permit (TRP or TRC) through bank deposit in Azerbaijan. According to the legislation, for this your deposit amount should not be less than AZN 100,000 or its equivalent. Let us add that, you can place your deposits in local or any international currency. The duration of Temporary Residence Permit (TRP or TRC) based on a bank deposit is usually one year. However, you should keep in mind that in certain cases it may be less. For example: If bank deposit has placed in the banks under the contract for a period of less than one year. Or if your passport has less than a year left to expire and etc.

II. Bank Deposit Process.

The deposit placement process in banks operating in Azerbaijan is quite simple. You simply approach the bank with your ID and a deposit account is opened for you within minutes. After that, you deposit the amount you intended into your deposit account. If you plan to transfer your funds to Azerbaijan from abroad, you must first apply for opening a current account. After that, you transfer the amount from your bank account abroad to your current account in Azerbaijan.

III. The process of obtaining a Temporary Residence Permit (TRP or TRC) through bank deposit in Azerbaijan.

For obtaining a Temporary Residence Permit (TRP or TRC) in Azerbaijan, you just need to collect certain documents and apply accordingly. When you receive a Temporary Residence Permit in Azerbaijan with a bank deposit, your family members also have the right to obtain a Temporary Residence Permit.

But can you withdraw the deposit amount from the bank after receiving the Temporary Residence Permit (TRP or TRC)? According to the legislation, if the amount of your deposit falls below AZN 100,000, then your permit will be canceled. In the case, if you have any other basis to obtain a Temporary Residence Permit (TRP or TRC) in Azerbaijan, you can obtain a permit on that basis.

In general, we recommend that you seek expert advice regarding legal proceedings. When we say experts, we mean immigration lawyers operating in Azerbaijan. This will help you insure your legal risks and get professional service. Experienced immigration lawyers of the ACON team are at your service.  Do not hesitate to contact us regarding legal services.

See also:

1. ACON – LAW AND INVESTMENT, Immigration Services: https://acon.az/immigration-services/ 
2. ACON – LAW AND INVESTMENT, Temporary Residence Permit (TRP or TRC) in Azerbaijan: https://acon.az/temporary-residence-permit/
3. ACON – LAW AND INVESTMENT, Obtaining a Temporary Residence Permit (TRP or TRC) in Azerbaijan by starting a business: https://acon.az/obtaining-a-temporary-residence-permit-by-starting-a-business/
4. ACON – LAW AND INVESTMENT, Azerbaijan Temporary Residence Permit (TRP or TRC) through Real Estate: https://acon.az/azerbaijan-trp-or-trc-through-real-estate/
5. ACON – LAW AND INVESTMENT, Permanent Residence Permit (PR) in Azerbaijan: https://acon.az/permanent-residence-permit-in-azerbaijan/