Azerbaijan proposes introducing long-term visas for foreign real estate investors

Azerbaijan should provide long-term visas to foreigners purchasing real estate in the country, Jalal Gasimov, CEO of PASHA Holding LLC, said at a forum on Azerbaijan's investment prospects, which is being held as part of the annual meetings of the Islamic Development Bank Group (IDB) in Baku, Report informs.

"Today, we're seeing that the share of foreign investors in our branded projects significantly exceeds that of comparable, but unbranded, projects. And these foreign investors, frankly speaking, and looking at the broader picture-and we've discussed this issue with the government-the more premium real estate projects are implemented, the more significant the share of imported materials becomes. From an economic perspective, this isn't always positive due to the increase in import volumes, is it? Labor costs are becoming a smaller and smaller share of the overall development cost. You're essentially forced to purchase more expensive marble and other materials. This is precisely why it's crucial to attract foreign investment, otherwise capital outflow will occur," emphasized Gasimov.

He noted that branded residences are only one of two key conditions for attracting foreign investors.

"For example, the visa regime. Right? Everyone knows how this system works in Dubai. You buy real estate and receive a 10-year visa. Azerbaijan also needs to provide long-term visas to those investing in real estate. We need to simplify the investment process for them. We need to create favorable conditions for them. This issue is currently at the center of our dialogue with the government. Perhaps it would be appropriate to create a voluntary apartment registry under a specific government agency. So that I, as a foreign buyer, can have complete confidence when purchasing a home that it is registered in my name. Then it could be used as collateral in the banking sector and so on. Thus, with the right approach, a synergistic effect will emerge that will extend throughout the economy. However, we cannot achieve this alone. This must be done jointly with the government, and these are the discussions we are currently actively pursuing," added the head of PASHA Holding.