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It is about time, folks..

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#1 gamavor


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Posted 28 March 2013 - 09:22 AM

It is about time to turn Armenia into permanent tax heaven. Armenia fits perfectly the profile of a country which caters financial services to the world, especially in her neighborhood. With Cyprus being forced to cease to exist as a financial tax heaven due to EU regulations, there should be another country in the region taking off this role.

There are few very important prerequisites which are in place:

Armenian economy is very small and doesn't require substantial tax and welfare contributions.

Armenia is not part of EU; hence no EU regulation can bring down whatever financial reliefs are offered to the international business.

Armenia has the potential to develop the banking sector to the desired levels so she can serve the potential investors. Other factors such as multilingual services and cultural diversity (bringing East, West, South and North together) are absolutely attainable.

There is a demand in the region (esp. after Cyprus going down) of a place in the vicinity of Russia and the Middle East which can serve as a tax heaven. After all, where would the Russian money go:)

A can go on and on but let’s hear what you think:)

Edited by gamavor, 28 March 2013 - 09:24 AM.

#2 Yervant1


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Posted 28 March 2013 - 09:35 AM

Who will guarantee the deposits when we diaspora Armenians are having doubts about investing in Armenia let alone foreigners.

#3 gamavor


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Posted 28 March 2013 - 10:47 AM

Foreign banks that would operate in the country.

#4 Yervant1


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Posted 29 March 2013 - 04:50 PM


12:52 29/03/2013
Story from Lragir.am News:

Businessman Khachatur Sukiasyan came up with a proposal on how to
make Armenia a banking center. Khachatur Sukiasyan noted that it
is necessary to advertise the Armenian banking system at least in
the CIS to convince people that businessmen can keep their money in
Armenian banks.

Tigran Sargsyan put forth the idea of developing Armenia into a
financial center during the first months of his office. But the process
didn't continue. The global crisis and the economic decline are good
excuses but Tigran Sargsyan used to say that the capital which was
escaping the global crisis could find a refuge in the Armenia "harbor".

But the ships, not even the boats of the world capital sailed towards
the Armenian harbor.

Why? Khachatur Sukiasyan also wonders what hinders the Armenian
banking system, which is successful enough to help render Armenia a
financial center.

The answer is that the success of the banking system does not count
if the overall economic situation is uncertain. The general economic
situation determines the international image of the banking system.

Consequently, in order to become an international center of something,
Armenia first of all needs full modernization to be credible. Even
if the sea is calm, ship owners are interested in the situation and
conditions on the land, on how and who rules there. The sea may be
calm but they may encounter a surprise on the land.

In this sense, Armenia is a country which does not inspire hope
simply because it has unilateral dependence on Russia in economic,
political and security issues. In this case, it is all the same if
the money is kept in Armenian or Russian banks.

In order to become a regional center of something, Armenia needs to
solve the issue of sovereignty or at least the issue of diversification
of economic-political foreign relations and security.

This question may be resolved only with the help of modernization.

Armenia's domestic situation does not allow for making serious
decisions on the prospect of diversification. A bigger issue is
who makes decisions and whether they realize the necessity of such
decisions. In other words, one of the elements of modernization should
be formation of "elites" both in the government and opposition.

The banking system in Armenia has the technical and economic premises
to be a financial center but first it is necessary to resolve the
issue of modernization.

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