IRNA- The Iranian government has approved a by-law that grants five-year residency to foreign investors in line with the strategy to encourage foreign investment.

The by-law was proposed by the Ministry of Economic Affairs and Finance (MEFA) to give incentives to foreign investors and secure forex revenues for national economy. It was passed by the cabinet, presided by Iranian President Hassan Rouhani on Sunday.

Each investor will get five-year Iranian residency if they invest 250,000 euros or equivalent in other currencies, accepted by the Central Bank of Iran (CBI), according to the by-law.

The new law authorizes foreign investment to take shape in the form of opening accounts in Iranian banks, buying investment bonds and securities as well as investment in the housing sector.