BAKU, Azerbaijan, July 4. Foreigners, stateless persons, and legal entities of foreign countries will be able to participate in the auctions organized by the State Service on Property Issues under the Ministry of Economy of Azerbaijan, along with its citizens, a source in the service told Trend.
For this purpose, foreigners or stateless persons temporarily or permanently residing in Azerbaijan with a temporary or permanent residence permit can participate in the auctions by placing an order and paying a fee corresponding to the value of the initial sale price of the property.
Foreign legal entities, foreigners or stateless persons without a permanent or temporary residence permit can participate in the auctions by having the required documents (charter and registration documents of legal entities, power of attorney on behalf of the enterprise, passports for others, etc.) translated and certified with an apostille at the embassies and consulates of Azerbaijan in that country, and then paying a fee corresponding to the value of the initial sale price of the property and placing an order.
Orders are accepted only at the Real Estate Service Center or at the relevant territorial auction commissions.
It is possible to make a selection of properties put up for auction on the official website of the state service (www.emlak.gov.az) and the official website of the Auction Organization Center (auksion.gov.az).
Foreign investors can participate in the privatization of property in Azerbaijan (except for land plots) as buyers following the procedure stipulated by the legislation. Specifically, according to Article 48 of the Land Code, foreigners and stateless persons, foreign legal entities, international associations and organizations, as well as foreign states can use land plots in Azerbaijan only based on lease rights.
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