Hold on to Life

  • In order to provide the best treatment when having a critical ailment, So that your family does not face financial difficulties, even when large amount of medical expenses are required, Not to spend the money you have been saving with great pain for years for the future of your family.

  • If you are 30 years old, you can get a guaranteed AZN 30,000 by paying only AZN 144 per year. In addition, there are opportunities to pay this amount in instalments.

Credit Life Insurance

  • It is calculated based on the insurance company’s tariffs and is paid once

  • Death

    In the amount of the remaining debt on the loan during that period

    Permanent complete loss of the insured's general ability to work as a result of an accident

    In the amount of the remaining debt on the loan during that period

Life Insurance

  • You can apply for this product online. Please click on the following link.


  • You insure your life by paying a certain amount of your official income to the insurance company every month, and receive tax and investment income for this amount you pay.

Compulsory Insurance

  • In case of late payment of the insurance premium or a certain part of it, the insurer may be given a period of up to 15 days if notified in writing.

  • The employee’s annual salary fund is multiplied by 1,15 (the ratio is determined in accordance with the decision No. Q-10 of the Board of the Ministry of Finance of the Republic of Azerbaijan https://goo.gl/mFdrsF) and determined in accordance with the age of the employee.


    AZN 1000 x 12 months = AZN

    12000, AZN 12000 x 1.15 = AZN

    13800, AZN 13800 x 11.98284 (ratio determined for a 35-year-old person) = AZN 165363.2

  • When the employee is on a business trip.

  • Within 10 working days from the date of submission of the insurance claim and relevant documents to receive the insurance payment (within 2 working days in case of death of the insured), the insurer shall decide whether to make the insurance payment and officially inform the beneficiary.

  • The documents in the “List for determining the insurance payment for compulsory insurance against occupational accidents and occupational diseases” approved by decision No. 196, dated 03.11.2010 of the Cabinet of Ministers of the Republic of Azerbaijan must be submitted to the insurer.

  • The insurance premium is determined on the basis of the deduction of the insured's annual salary fund (12 times the monthly salary) to the insurance tariff.


    To calculate the insurance premium of a waiter in a hotel (service sector, risk level 1, tariff for workers - 0.4%): 600 AZN (monthly salary) x 12 months = 7200 AZN 7200 AZN (annual salary fund) x 0.4% = 28.8 AZN annual insurance premium

  • An event that occurs in the course of production under the compulsory insurance against occupational accidents and occupational diseases and is confirmed as an accident in accordance with the “Industrial Accident Act” or the relevant court decision


  • They are intergovernmental information exchange standards established to prevent tax evasion on a voluntary basis. FATCA (Foreign Account Tax Compliance Act) is based on an intergovernmental agreement concluded between the United States and Azerbaijan, and the Common Reporting Standard is a multilateral agreement signed by more than 100 countries. FATCA is based on the principle of identifying and transferring US citizens and residents, and CRS - on the principle of identifying and transferring residents of partner countries to other partner countries.

  • When opening an account, financial institutions identify non-residents (as well as residents who are US citizens) and inform the country’s authorized bodies (Tax Service in Azerbaijan). The competent authority submits this information to the body in the partner country (for example, if a French resident in Azerbaijan opens a bank account, this information is provided by the bank to the Tax Service and the Tax Service passes this information to the relevant body in France).

  • For the purposes of FATCA/CRS, financial institutions mean the followings:

    • Institutions carrying out depository activities (Banks, NBCOs, etc.);
    • Investment companies;
    • Insurance companies engaged in savings or annuity insurance activities.
  • In order to identify non-residents, financial institutions provide each customer with a form approved by the Ministry of Taxes to open an account. The main purpose of the form is to determine which country the customer is a tax resident of.

  • Determination of the tax residency varies depending on your place of residence and circumstances.

    According to the Tax Code, the followings are considered residents of the Republic of Azerbaijan:

    Any individual who meets one of the following requirements:

    • Actually staying on the territory of the Republic of Azerbaijan for more than 182 days in a row during a calendar year;
    • Being in the civil service of the Republic of Azerbaijan for a calendar year or abroad for one calendar year.

    In accordance with the above paragraphs, if the period of stay of an individual in the territory of the Republic of Azerbaijan and abroad (any) does not exceed 182 days, the individual is considered a resident of the Republic of Azerbaijan in the following order:

    • Permanent residence;
    • Center of vital interests;
    • His permanent residence
    • Citizenship of the Republic of Azerbaijan; An individual is considered a non-resident of the Republic of Azerbaijan from the last day of his stay in the territory of the Republic of Azerbaijan until the end of this tax year, provided that he is a non-resident of the Republic of Azerbaijan. Republic in the next tax year. It should be noted that PASHA Life does not provide tax advisory services and is not responsible for any of the above. If you are not sure which country you are a resident of, it is recommended that you contact a tax advisor.

  • Such situation is possible. Usually, when you are considered a resident of 2 countries according to the legislations, that interstate agreement shall be reviewed and the person shall be considered a resident of the state with which he/she has closer ties.

  • Yes, Financial institutions require everyone to fill out this form when opening an account.