The Iranian government has approved a by-law that grants five-year residency to foreign investors as authorities try to lure investment in the wake of US sanctions.
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 the governments, IRNA reports.
Each investor will get five-year Iranian residency if they invest 250,000 euros or its equivalent in other currencies, accepted by the Central Bank of Iran (CBI), in the country, according to the by-law.
The proposed investment opportunities include opening accounts in Iranian banks, buying securities as well as investing in housing sector.