Banks in Armenia have begun sending urgent notices to clients, demanding disclosure of their tax residency ahead of the country’s first automatic exchange of financial information (AEOI), scheduled for September 2025.
The move follows Yerevan’s ratification of the OECD’s Multilateral Competent Authority Agreement (MCAA). Under the system, Armenian banks will transmit details of both personal and corporate accounts to tax authorities in the account holder’s country of residency.
This week, Armenia will begin exchanging data with Russia — a step that effectively places the financial information of thousands of Russian relocants in the hands of Moscow’s tax authorities.
What banks are demanding from clients:
Country or countries of tax residency in 2024;
Tax identification number (TIN) or official explanation for its absence;
Full residential address;
For companies: tax residency, status (active, passive, financial institution, other), and details of ultimate beneficial owners.
Experts warn that the data swap ends the era of “quiet” offshore banking in Armenia. For Russian relocants who moved assets to Yerevan after the war and sanctions, the risk is clear: Moscow’s officials will now gain direct access to their financial footprint.
