Why opening a bank account in Azerbaijan may be your best move to protect your capital
Azerbaijan is oil-rich country that position itself politically between the East and the West. Its closest ally Turkey is a NATO member, while Azerbaijan has recently applied to join BRICS. This balanced political position of Azerbaijan provides an unique investment and capital protection opportunities for many Western citizens.
Azerbaijan and Turkey
Azerbaijan and Turkey are extremely close, not only geographically, but also politically and culturally. The two countries share a common history, a very similar language and strong personal ties between their political leaders. At the same time Azerbaijan, as part of the ex-USSR, has retained its good relation with Russia as well. Many Azerbaijani speak Russian, some of them – fluently.
For the candidates for Turkish citizenship by investment, Azerbaijan can also offer unique capital protection opportunities. With its well developed banking system, Azerbaijan offers high quality banking services. The privacy of the foreign depositors in Azerbaijan is very well protected, in fact much better than it is by the Swiss banking system.
The banking system of Azerbaijan
The banking system in Azerbaijan is well developed. There is a large number of banks, as the banking system is still not as consolidated as it is in the West. Walking the streets of Baku (the Capital), you will see bank offices everywhere, pretty much like it was in Western Europe decades ago.
All banks are governed by the Central Bank of the Republic of Azerbaijan, having its “golden” headquarter in downtown Baku. The country has well developed deposit protection scheme in place, regulated by the Deposit Insurance Fund.
The biggest banks in Azerbaijan
While we can recommend certain boutique banking options in Azerbaijan, its worth mentioning which are the top five Azerbaijani banks:
- ABB (formerly known as International Bank of Azerbaijan);
- Kapital Bank;
- Pasha Bank;
- Xalq Bank;
- Bank Respublika.
Foreign banks in Azerbaijan
In Azerbaijan there are also some Turkish and Russian banks, with the Russian VTB bank being the most well known. These banks are in general operating as purely Azerbaijani entities, rather than as a foreign offices, as is often the case in the EU.
How to open bank account in Azerbaijan
With our personal service, backed by the specialists from VD&A, opening a bank account in Azerbaijan becomes a pleasant experience. We will select the best banking solution and you will be assigned an English speaking specialist to manage your banking relationship.