How to open a bank account

Most banks have stopped opening accounts for Russians, but Ineco Bank and idbank still open accounts for clients with a Russian passport.

Non-residents of Armenia can open the following types of accounts:

• personal account – for personal asset management (or by proxy to a third party);
• General account for maintaining accounts by several individuals;
• Accounts in the name of a third party (used for time deposits);
• target account – for settlements on the property (escrow), savings for children, etc.

Individual Taxes

Individuals are classified into two categories for personal income tax (PIT) purposes:

• Residents are liable for tax on their worldwide income.
• Non-residents are liable for tax only on their Armenian-source income.