Press TV - Iranian authorities say they have prepared the paperwork needed to enforce a new law on according residency to foreign investors.

An Iranian deputy interior minister said on Wednesday that foreign investors would soon be able to apply for the five-year residency in Iran based on regulations approved by the government last summer.

Babak Dinparast said that application forms in three languages will soon be available to foreigners through platforms run by the Iranian Foreign Ministry, the Interior Ministry, Iran’s department on foreign investment and the Central Bank of Iran.

He said the Iranian president Hassan Rouhani had authorized the implementation of the new law in an order issued earlier this month.

Based on the government regulations approved on July 6, 2019, foreign investors will be able to settle in Iran if they have carried out an investment in the country of more than $250,000 or its equivalent in other foreign currencies.

The law also applies to foreigners who deposit the same amount of cash in the Iranian banks and credit institutions.

The new law is meant to attract more investment into Iran and to help government plans to diversify the economy away from oil.

That comes as the government has sought to ease restrictions on foreign direct investment in Iran while introducing a series of measures to encourage foreigners to invest in the country.

Dinparast said details of the new law, including how permits are issued and extended and how many dependents and relatives of the investor would be allowed to reside in Iran, have been sorted out during intensive meetings held over the past months between representatives of various government departments.