Doing business in Armenia
may enjoy any type of ownership right, except for the ownership right to land. If these citizens own any property under ownership right, then they can enjoy only the right to land plot usage, but never an ownership right. Nevertheless, the legal entities registered in the RA State Register, as well as aliens having a special residence permit in the Republic of Armenia (10-year passport, residence card, issued in particular circumstances by the aliens’ registration body – passport and visa inspection of the RA Police) as exception may be granted the ownership right to land. Land alienation for public and state needs can be made only in some exceptional cases for the support of high interests of public in the manner established by the law. 15% more of the market value of the alienated property will be considered adequate. An owner can also be deprived of his lands, upon decision of the Court, in case of violation of the Land Code (Articles 102 - 105). In the territory of Armenia there are no special economic zones aimed at attracting investors.
© 2012 Grant Thornton CJSC. All rights reserved. 12