Armenia explicitly allows dual citizenship and you will not be asked to give up your current citizenship. Equally, once you have an Armenian passport you can acquire other passports and travel documents without the need to notify the Armenian government.
Having a second passport can help you avoid problems resulting from your country’s foreign policy and domestic regulations (for example, difficulties with banking). A second passport can be useful if you seek more privacy or if your first passport is expired, lost or confiscated. Also, you will need a second passport if you ever decide to renounce your current citizenship.
Armenian passport allows you to travel visa-free to dozens of countries, including places with limited access to nationals of Western countries, such as Russia, Iran, Uzbekistan etc. The EU/Schengen countries still have a visa regime with Armenia but it is expected that visa-free travel will become possible around 2020. The United States offer 10-year B visas to Armenian citizens as well as E-2 business visas.
The process of acquiring an Armenian passport normally takes less than six months. If the petition for citizenship is filed in Armenia and the case is relatively straightforward the approval is likely to come in about four-five months. Once your petition is approved you can get your Armenian passport and national ID in a matter of days.
You will need to provide only the essential documents and the application form asks for basic biographic information. There is no need to provide police certificates, proof of address, tax returns etc. Government fees are very low even if you use optional fast-track services.
Because of the free movement of labor in EAEU countries (Russia, Belarus, Kazakhstan, Kyrgyzstan, Armenia) citizens of Armenia are exempted from work permit requirements and can take advantage of preferential treatment in areas of labor law, social protection, medical treatment, taxation, immigration etc.
Once you acquire Armenian citizenship your minor children can automatically get Armenian passports and your spouse may become eligible to apply for citizenship. Under Armenian law a child born to an Armenian father or mother can easily acquire Armenian citizenship, irrespective of the place of birth or residence. In other words, your children and grandchildren will be able to get Armenian passports even if they never live in Armenia.
As a citizen of Armenia you can own agricultural, forest and other types of land in Armenia, a privilege that is generally not available to foreigners.