A new Republic which secured independence from the Soviet Union in 1991, Armenia has secured worldwide popularity as an important Banking destination. Armenia has tried to move on the path of economic progress despite being a land locked country and also has tried to develop a well developed private sector. The country also has a relatively good human rights record. The country maintains close relations with both Russia and the European Union.
The banking sector in Armenia is regulated by the Central Bank of Armenia (https://www.cba.am/en/sitepages/default.aspx) and it aims to keep a tight control on the exchange rates as well.
There are more than 20 banks functioning in Armenia including prominent international banks. Most of the Banks provide services in English as well keeping in mind the growing international clientele. Interest rates are comparatively high in Armenia. However, the rates vary for deposits in local currency and foreign currency.
Armenia also provides Deposit Guarantee Insurance (http://www.adgf.am/) up to an amount of 10 million Armenian Drams for local currency deposits and up to 5 million Armenian Drams for Foreign Currency deposits.
The team at Empire with their deep expertise can assist you to open and maintain an Armenian Bank account.
No designation has been made by the Texas Board of Legal Specialization for a Certificate of Special Competence in this area.