Introduction
Residency in Georgia by property investment is a relatively straightforward process. Georgia offers two residency through property investment programs, which I outline in this article.
Beyond the potential high yields, the acquisition of property in Georgia presents investors with the added benefit of securing residency. Georgia is fast becoming one of Europe’s hottest property markets, yet has some of the lowest prices of any capital city in Europe.
We have extensive experience in assisting clients with property investments, ensuring they don’t get scammed. We also ensure they don’t miss out on a good deal that seems too good to be true, but is actually a sound investment.
(Before proceeding, please note that legal residency is completely different from tax residency in Georgia. For a complete overview on all Georgian Legal Residence Permits, we’ve put together this Consolidated Guide.)
Short-term Residence Permit (Based on property ownership >100k USD)
The short-term residence permit is issued to the person and his/her family members (meaning dependents / spouse only) who, according to the rule established by Georgian legislation, own immovable property (except for agricultural land), and the appraised value of the property is above 100,000 USD equivalent in GEL (increased in 2019 from $35k to $100k). This can be a single property, or a portfolio of properties with a total value exceeding the threshold. Note: If you receive residency and subsequently the value of your property portfolio drops below the $100k threshold, your residency will not be renewed.
To grant a short-term residence permit, the appraised value of the property shall be established by a certified assessor of a body accredited by the Legal Entity under the Public Law Unified National Accreditation Body – Accreditation Center.
Want your application done for you? See our residency application service.
300k USD Investment Residence Permit
Investment can be in a number of ways, not just through real estate, but the stipulations are complicated. The benefit though, is the principal and qualifying family members (spouse and non-adult children) can get 5-year temporary residency immediately. The status is conditional on maintaining the 300k investment continuously and meeting other special requirements (which differ depending on the type of investment).
Initially, an investment residence permit is for 5 years. Once the 5-year period is over (and you still fit the requirements) permanent residency will be issued after approval. Under the 100k investment (short-term residence permit) you have to wait 10 years before you can apply for permanent residency. So the 300k residence option saves you 5 years in the process.
Because of the complexity of the investment requirements, please book a free consultation with us to discuss further details.
Next Steps
Approximately half of our Real Estate Purchase Assistance clients choose to gain residency through property investment. Our Property Buyers Guide provides a comprehensive overview of the most important topics affecting your investment choices for real estate in Georgia. Speak to us to understand your property investment options, when choosing Georgia’s Residency by Property Investment programs.
