TEHRAN (Fars) - The Iranian government has ratified a bill to grant 5-year residency status to foreign investors, in a bid to defuse the negative impacts of Washington’s hostile economic pressures against Tehran.
In a bid to further woo foreign investment to Iran, the government approved to allow foreigners to settle in the country for five years if they make an investment of more than a quarter of million euros or its equivalent in other foreign currencies.
The report said investments that trigger the residency permit are not exclusive to manufacturing activities and those with bank deposits or investments in bonds or housing sector would also be eligible.  
There was no mention of other conditions and whether the residency permit can be extended at the end of the five-year period.
The report said the measure was part of new regulations approved in a Cabinet session earlier on Sunday to facilitate Foreign Direct Investment (FDI) in Iran.
Iran has been urging foreign businesses to come and invest in the country as it seeks to enrich its foreign currency resources to cope with the impacts of U.S. sanctions.