Azerbaijan is rapidly becoming an attractive destination for foreign investors, entrepreneurs, freelancers, and individuals seeking a comfortable and safe place to live. The country offers favorable business conditions, a stable economy, and a unique geographic location between Europe and Asia. As a result, many foreigners move to Azerbaijan every year to settle here. As in any country, there are specific options for obtaining a residence permit. In Azerbaijan, securing a residence permit through a bank deposit is one of the simplest and most appealing ways to officially reside in the country.
We believe this blog post will provide valuable insights into how to apply for and obtain a residence permit in Azerbaijan through a bank deposit. Furthermore, if you require legal assistance in opening a bank account or applying for a residence permit in Azerbaijan, you can rely on DLB Consulting’s services. DLB Consulting offers professional legal support and consultation in the field of Azerbaijan Migration Law to clients worldwide.
How to Open a Deposit Account in Banks of Azerbaijan?
To open a deposit account in banks operating in Azerbaijan, you simply need to submit an application to the bank where you plan to open the account. However, it should be noted that most banks have their own specific requirements. Therefore, to ensure everything is completed correctly, it is recommended to apply with the assistance of professionals.
📄 Required Documents
To open a deposit bank account in Azerbaijan, foreigners or their legal representatives have to submit the following required documents:
- 📌 Application Form;
- 📌 Passport or Residence Card;
- 📌 Valid visa (for citizens of visa-required countries);
- 📌 Power of Attorney (if applying through a legal representative).
💵 Choosing the Currency for Your Deposit Account
You are eligible to make their deposit either in Azerbaijani Manat (₼) or in internationally accepted currencies such as the US Dollar (USD) and Euro (EUR). Regardless of the currency chosen, you will still be eligible to apply for a deposit-based residence permit in Azerbaijan.
Applicable Interest Rate
Interest rates for deposits vary from bank to bank, and the chosen currency is also an important factor. When you make your deposit in the local currency, Azerbaijani Manat (₼), the interest rate is usually around 8–12% annually. However, if the deposit is made in foreign currencies such as the Euro (EUR) or US Dollar (USD), the interest rate typically ranges from 1–3% annually.
ℹ️ State Insurance for Bank Deposits
In Azerbaijan, personal deposits are insured through the Azerbaijan Deposit Insurance Fund (ADIF). However, it is important to understand that insurance coverage depends on both the currency of the deposit and the annual interest rate specified in the contract.
Only deposits that fall under the following categories can be insured in Azerbaijan:
- Deposits in Azerbaijani Manat (₼): Interest rates up to 12% are covered, with a maximum insured amount of 100,000 AZN.
- Deposits in Foreign Currencies (USD, EUR, etc.): These are not always covered, even if the bank is a member of ADIF. Generally, only foreign currency deposits with an interest rate not exceeding 2.5% per annum are insured.
Who Can Obtain a Residence Permit in Azerbaijan Through a Bank Deposit
Foreigners over the age of 18, regardless of their citizenship, are eligible if they deposit the minimum required funds. One important point to note is that the deposit must be placed as a fixed-term deposit only.
💰 Minimum Required Deposit Amount
- For the Temporary Residence Permit: The minimum required deposit amount is 100,000 AZN (approximately 60,000 USD).
- For the Permanent Residence Permit: The minimum required deposit amount is 200,000 AZN (approximately 120,000 USD).
👨👩👧👦 Family Member Sponsorship
Foreigners obtaining a residence permit through a bank deposit can also sponsor their family members. However, the Migration Law specifically defines who qualifies as family members. According to the law, sponsorship is limited to the applicant’s spouse, children under 18, and parents over 65 years old.
Application Process
The State Migration Service issues and extends residence permits in Azerbaijan. It’s important to note that foreigners can apply for a residence permit and its extension both offline and online. So, applicants who meet the criteria should just collect the necessary documents and apply accordingly.
The processing time for residence permit applications typically ranges from 10 to 20 business days. At the end of the process, residence permit applicants receive a Residence Card Certificate (Azerbaijan TRC). Notably, the state fee for a one-year Residence Card (Azerbaijan TRC) can vary from 120 AZN to 160 AZN.
Documents Are Required to Apply for a Residence Permit through Bank Deposit?
To apply for and get a residence permit through bank deposit in Azerbaijan, foreigners must collect and submit the following documents:
- 📌 Application form;
- 📌 Copy of passport;
- 📌 Medical certificate;
- 📌 The deposit agreement between the bank and the depositor;
- 📌 An official letter from the bank addressed to the migration authorities, confirming the existence of the deposit, its amount, currency, and term;
- 📌 A copy of the document granting the right to stay or reside in Azerbaijan;
- 📌 Two photos;
- 📌 A document of the residential area.
Application Process in Steps
- ✅ STEP 1: Open a Deposit Account in Banks Operating in Azerbaijan;
- ✅ STEP 2: Deposit the Minimum Required Amount in the Bank;
- ✅ STEP 3: Collect and Prepare the Necessary Documents;
- ✅ STEP 4: Submit Your Residence Permit Application.
⏳ The Duration of the Residence Permits
- Deposit-based temporary residence permits are issued for a period of up to 1 year and can be extended for 2 years each time.
- Deposit-based permanent residence permits are issued for a period of up to 5 years and can be extended for the same duration each time.
How Can We Assist in Obtaining a Residence Permit Through a Bank Deposit?
At DLB Consulting, we specialize in assisting foreign citizens in obtaining residence permits in Azerbaijan through a bank deposit and other legal grounds. Our team provides personalized consultations, carefully analyzes your case, and develops an optimal step-by-step plan.
With our expertise, you avoid common legal pitfalls, save time, and significantly increase the chances of a positive decision. Contact us to discuss your case and start the process of securing your legal status in Azerbaijan!
