How Do Armenian Banks Define Residency and Why It Matters?

Residency status reflects your legal and economic connection to a country. In Armenia, this concept is interpreted differently by various banks, and this can significantly affect your access to financial products and the conditions under which they are offered.

Two Main Approaches to Residency

1. Tax Residency (based on RA legislation)

Most Armenian banks follow the tax residency model, which defines you as a resident of Armenia if:

1. You have lived in Armenia for more than 183 consecutive days, or
2. Your center of vital interests (family, property, business) is located in Armenia.

The following banks use this approach:

Ameriabank, Inecobank, Acba Bank, AMIO Bank, ID Bank, Araratbank, Byblos Bank Armenia, Converse Bank, Armeconombank, Unibank, VTB Bank (Armenia), and Fast Bank.

2. Citizenship-Based Residency

Some banks define residency strictly based on Armenian citizenship.

If you hold foreign citizenship, you are automatically classified as a non-resident, even if you permanently reside in Armenia.

This approach is used by:

Evocabank, Artsakhbank, Ardshinbank, ArmSwissBank, and Mellat Bank.

Why Clarifying Your Residency Status Is Important?

With the same set of documents, one bank may treat you as a resident, while another may treat you as a non-resident.

Always ask the bank how it defines residency before applying for an account, loan, or other financial product.

What Are the Benefits of Being a Resident?

1. Better terms and flexibility: Interest rates, fees, and limits are usually more favorable for residents.
2. Simplified procedures: Fewer documents and faster approvals.

If you are considered a non-resident, the bank may:

1. Require additional documents
2. Apply higher service fees for certain products (such as account opening or card maintenance)
3. Restrict access to some financial services

Conclusion

Residency status is not just a legal term — it directly affects your banking experience and conditions in Armenia. If you have foreign citizenship or a temporary residence status, make sure to check how each bank interprets residency.

Use AFM tools to compare banking products based on your status and choose the best financial option available to you.