Verizon IPhone 5 in Armenia?

I will be living in Armenia for 2 years and was wondering what I have to do to make my IPhone 5 work there. I just got a new contract so I would not like to cancel it, with all the fees associated. It is a verizon phone.

Any help would be appreciated, thanks!

Added (1). ALSO - What can I do to make it less expensive if anything?

Yes it will work, but making calls on it will be expensive, since you have a US sim card in it, every call or text you send or receive will cost you money.

You would have to keep paying the $80+ a year to Verizon, but the iPhone 5 is an unlocked phone, so you can install a local GSM SIM card in Armenia, which will be fairly cheap… But again, you would have to keep paying your verizon bill too.

Since you are canceling your service with Verizon you would have to pay the early termination fees and any taxes associated with it.

The good news is Verizon iphone 5 is already unlocked as a cell phone when you bought it. That means you can use it in any country that uses sim cards. You would need to purchase a GSM sim card in your country and sign up for cell phone services (GSM network) in your country.