The Central Bank of Iran on Sunday tasked the state-owned Bank Melli Iran to open accounts for foreign investors seeking residence permit.

BMI will transfer the money to the CBI and inform related departments in the bank and Interior Ministry, a CBI press release said.

Back in 2018, the High Council of Economic Coordination said foreign citizens can obtain a residence permit to stay in Iran for five years if they bring at least €250,000 in investment.

The council is a top economic decision-making body headed by President Hassan Rouhani and consists of the heads of the judiciary and parliament.

It reduced the minimum investment amount and increased the residence period to attract foreign investments under the prevailing difficult economic conditions.

As per previous rules, foreigners could get a permit to stay in Iran for three years if they invested at least €300,000.

The new CBI rule says foreigners can deposit their money into bank accounts or invest it, like in the housing sector, so long as it is in accord with regulations.

Over the years Iran passed several laws to promote and protect foreign investment. Holding a residence permit can help foreigners overcome some obstacles for investing.

Experts, however, say the main problem with the laws is that they are tuned to encouraging rather than protecting foreign investment.