The proposed legislative changes aim to clarify and simplify currency operations for several categories of citizens and organizations. This specifically concerns "digital nomads" – individuals who work remotely and use the internet to perform their professional duties without being tied to an office – as well as innovative projects (startups), venture funds, and accredited investors.
As reported by Oxu.Az, these proposals have already been reflected in the draft amendments to the current law "On Currency Regulation".
One of the key innovations will be the ability for remote workers receiving income from outside Azerbaijan to freely transfer their earned foreign funds to their bank accounts in the country. It is noted that, provided all tax obligations are met, no sum restrictions will apply to such operations, both when crediting money to accounts in authorized banks and when subsequently transferring them from the Republic of Azerbaijan.
It is also planned to abolish quantitative restrictions on the repatriation of profits received by non-residents from investments in Azerbaijan. This applies to dividends, income from the sale of real estate, shares, and stocks, as well as capital gains resulting from the realization of investments. In situations where, for objective reasons, it is impossible to provide an initial customs declaration or bank statement confirming the initial import of funds into Azerbaijan, an official extract from the state register will be accepted, certifying the legality of the acquisition of the investment object.