Language(s): Armenian, Russian
Total Area: 29,800 sq km
GDP (in million USD): 8,830
Armenia is in Southwest Asia, east of Turkey. It has some positive features. It ranked as the 27th most economically free among 157 nations in the 2006 Index of Economic Freedom. 98.6 percent of its population is literate. The top corporate tax rate is only 20 percent.
Two important neighbors, Azerbaijan and Turkey, closed their borders with Armenia for political reasons. Azerbaijan and Armenia have not yet reached a peaceful resolution of claims on Nagorno-Karabakh, an area officially part of Azerbaijan, but assigned to Soviet Azerbaijan in the 1920s by Moscow. Foreigners may only lease land for up to 99 years. Foreign individuals are allowed to lease land. A company registered by a foreigner in Armenia as an Armenian business entity has the right to buy land.