Iran to give 5-year residence to foreign investors

MNA – The Supreme Council of Economic Coordination of Iran has approved new policies to manage foreign currency market, which includes 5-year residence permits for foreign investors.

New policies to manage the foreign currency market were approved and new authorities were given to the Central Bank of Iran during a joint meeting attended by the heads of the three branches at the Supreme Council of Economic Coordination.

Chaired by President Hassan Rouhani, the Supreme Council of Economic Coordination authorized the Central Bank of Iran to facilitate the trade of foreign currencies in the Secondary Market, where Iranian petrochemicals, steel and other exports are supposed to bring their dollars from exports of certain non-oil products to be sold to importers at negotiable prices.

The Council further allowed the Central Bank to conduct open market operation (OMO).

In order to encourage foreign investment and attract foreign currency resources, the meeting also approved that foreign nationals who bring $250,000 worth of investment to Iran can obtain 5-year residence permits.