Banking, Money and Taxes in Azerbaijan

Despite reforms in recent years, Azerbaijan’s banking system remains somewhat unstable. The Central Bank of Azerbaijan regulates all monetary policy and banks in the country. While some banks in Azerbaijan remain state-owned, a privatisation drive has been in effect in the post-Soviet era, and a number of international banks have also opened local branches.

Azerbaijan currency

The local currency of Azerbaijan is the Manat (AZN), which is divided into 100 qapik.

  • Notes: 100,000 AZN, 50,000 AZN, 10,000 AZN, 1,000 AZN, 500 AZN, 250 AZN, 100 AZN and 50 AZN.

  • Coins: 50 qapik, 20 qapik, 10 qapik, 5 qapik, 3 qapik and 1 qapik.

Banking in Azerbaijan

There are numerous options for expats when it comes to banking in Azerbaijan. Although there are many local banks, a number of international banks have entered the market in the post-Soviet era, and these offer the best and most reliable option for expats.

Opening a bank account in Azerbaijan

Expats are able to open a bank account in Azerbaijan, and it’s usually free to do so. Azerbaijan’s banking system is somewhat unstable and expats wanting to open a bank account in Azerbaijan should try to open one with a well-established international bank.

Credit cards in Azerbaijan

Although credit cards are becoming more popular, Azerbaijan remains mostly a cash-based society. Most major hotels and restaurants in Baku will accept international credit cards. 

ATMs in Azerbaijan

ATMs are available in Baku and other major towns, and these usually accept foreign-issued bank cards. Most ATMs are inside banks, but some can be found in supermarkets and hotels.

It’s possible to pay most utility bills at an ATM in Azerbaijan.

Taxes in Azerbaijan

All residents in Azerbaijan are taxed on their worldwide income, while non-residents are taxed only on their income derived in Azerbaijan. A resident is defined as an individual who has been physically present in Azerbaijan for a period of 180 days or more in a calendar year.

The tax year in Azerbaijan runs from 1 January to 31 December.

Expat Health Insurance Partners

Aetna International

Aetna offers award-winning international health insurance plans to more than 55 million members worldwide. Their plans are tailored to meet the individual needs of you and your family while you are away from your home country, living and working abroad. Get peace of mind knowing you and your family will be protected and have access to quality health care wherever you are, where you need it.

* For a limited time, there is a discount of up to 20% on new multi-member policies and up to 10% on single member policies. This offer is valid until 19 June 2020. See website for details.

Get a quote from Aetna International


Cigna Global

With 86 million customer relationships in over 200 countries, Cigna Global has unrivalled experience in dealing with varied and unique medical situations and delivering high standards of service wherever you live in the world.

Get a quote from Cigna Global