ARMENIA TO RETURN TAXES IN 3 YEARS IF INVESTED $2.5 M
by Armen Hareyan

HULIQ
a-return-taxes-3-years-if-invested-25-m
Oct 29 2009
SC

Invest In Armenia and get taxes back in three years. According to
a new project that the government of Armenia will unveil soon those
investors who invest 2.6 million or more dollars in the real estate
and construction industries in Armenia will receive their taxes back
in three years. The deputy finance minister of Armenia Mr. unveiled
some details of this investment stimulus after the today’s government
meeting in Yerevan.

The government stimulus program will help those real estate investors
by paying back three years worth of taxes after the third year.

Real estate and construction sectors were one of the worst
suffered sectors of the Armenian economy like in USA and in many
other countries. Now the officials say that the economy in Armenia
bottomed in July and already started a modest growth. Since it’s very
difficult to attract investment during the difficult economic times,
the Armenian government decided to come up with this incentive to
attract more investment in the sectors of construction and housing.

Banking Remained Strong

Surprisingly no Armenian bank suffered huge losses during the last
recession. Due to conservative policies the banks in Armenia were
able so successfully fight the recession and and continues lending.

However, interest rates on loans and mortgages still are higher
than in European countries and USA. This creates more investing
opportunities in the Armenian banking industry, the growth of which
has been announced by the government as one of the priorities of the
economy. The country’s banking intends to be a bridge between the
East and West, thus aiming to become a regional financial hub.

The government thinks this latest investment stimulus will be a real
attraction for contractors. While the property prices have dropped
significantly during the past year, on the backdrop of stabilizing
house prices this stimulus will be an attractive tool for foreign
and overseas investors to invest in Armenia’s real estate industry
and receive three years worth of taxes back after the third year.

To learn more about investing in Armenia visit Armenian Development
Agency.