Residence permit in Georgia for real estate buyers
The valid period of the residence permit that you will receive through the purchase of real estate is one year with the possibility of extension, but you will not need to leave the country. The status can be renewed an unlimited number of times, and after 10 years, you may obtain citizenship if you wish. In addition, a Georgian residence permit gives the right to apply for a Schengen visa or get a new passport without returning to your homeland, as well as use a number of government services online.
Features of the program
- Any property except for agricultural land
- From $100 thousand appraised property value
- Bank loan for the purchase of real estate
- Minimum time purchase and registration 12-15 days
- Minimum documents Simple procedure
- For the whole family All relatives receive a residence permit
- Prolongation of residence permit subject to ownership of the property
- Georgian citizenship after 10 years
The official website of the program
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About the Program
Obtaining a residence permit in Georgia for purchasing real estate is one of the most popular ways of immigration. Until the summer of 2019, the entry threshold was significantly lower - $ 35,000, but the country's authorities decided to raise it to $ 100,000.
The loyalty of the government to the purchased real estate remains the same: it does not matter how many and what kind of properties the applicant acquired, as well as the stage of construction. Only two moments are important: the right should be registered in the Public Register of Georgia and there should be a statement from an appraiser certified by the Ministry of Justice, which confirms the minimum required total cost.
The validity period of the residence permit corresponds to the period of the property ownership, but the permit must be renewed every year. The presence of a residence permit does not affect the time period of obtaining citizenship: it will be possible to become the owner of a Georgian passport on a general basis after 10 years of living in the country.
Conditions for Issuing a Residence Permit
- $100,000 for real estate purchase
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Owning real estate with the estimated value from $100,000 gives you the right to apply for a residence permit in Georgia. The program does not limit buyers - this amount can be used to purchase one or more objects in the primary or secondary market. It is allowed to use credit funds. There are no restrictions on renting out real estate.
Real estate can be evaluated at the final stage, taking into account repairs, furniture and equipment.
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Requirements for Investors
A citizen of any country who has turned 18 years old has the right to purchase real estate in Georgia and to apply for a residence permit. In order to buy a property, you do not have to prove the income, you can avoid this even in the case of a bank loan, but then the down payment will be higher.
All family members receive a residence permit together with the main applicant,: not only spouse and children, but also parents, brothers / sisters.
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Documents
- Extract from the Public Register confirming the ownership of one or more real estate objects in Georgia.
- Conclusion of a certified appraiser.
- Real estate purchase and sale agreement, certified by the House of Justice.
- Mortgage agreement (if any).
- A copy of the identity document by which the foreigner entered Georgia. The document must be translated into Georgian and notarized.
- Application form (can be filled out in Russian at the House of Justice).
- Photo (can also be taken at the House of Justice).
Additional Expenses
- Administrative fees
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Registration of real estate sale and purchase agreement - 205 GEL ($63.4).
Appraiser's conclusion - 300 GEL ($93).
Registration of ownership - 50-200 GEL ($15.5-61.8) (depends on urgency).
Registration of a residence permit - 210-410 GEL ($65-126.7) (depending on the desired period of consideration).
- Legal expenses
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Legal services:
Depending on the range of services - GEL 600-3000.
Translation services:
- translation of one page of the agreement - 10 GEL ($3.1);
- presence at the registration of the transaction - 30-50 GEL ($9.3-15.5).
Notarial services:
50-500 GEL ($15.5-155) depending on the range of services.
- Real estate purchase expenses
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Realtor services - 3% for Tbilisi and 5-10% of the cost of the property for Batumi.
Registration of a preliminary sales contract (additional insurance) - 50 GEL ($15.5).
Translation into Russian and notarial confirmation of the mortgage agreement in a Georgian bank - 350-450 GEL ($110-140).
Read more about purchasing real estate in Georgia in our article.
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Rights and Obligations
The applicant has the right to:
- Purchase any property in Georgia, except for agricultural land. The latter can only be purchased by citizens of the country, the second option is to inherit.
- Apply for an entry visa to another country or get a new passport without returning to your home country.
- Apply for Georgian citizenship after 10 years of actual residence in the country on general conditions, that is, to pass exams in history and language.
- Obtain a Georgian identity card and toto use all state online services.
- Sell the property for which you received a residence permit at any time. But if you want to extend the residence permit, you should purchase another one with an estimated value not lower than the required threshold.
- Renew the residence permit by owning real estate worth $ 35,000, subject to the purchase of this property by July 2019. If the applicant has sold a house or apartment and has bought a new one, the minimum will be $ 100,000.
- Get a loan for the purchase of real estate in a Georgian bank at the rate of 8-12% and with a down payment of 30-50% (depending on the ability to confirm the income).
- When buying a new building - you may count on an interest-free installment plan up to 10 years with an initial payment of 20-30%.
- Use discounts on visits to state museums, reserves, national parks, and certain state services.
- Extend your residence permit without the need to stay in Georgia using the online service.
The applicant is obliged to:
- Pay tax on the acquired land and / or real estate, regardless of the country of tax residence. In the case of accomodation, you do not need to pay tax if the total family income is below 40,000 GEL ($12,365). Meanwhile, in Georgia, information on earning income from abroad should be reported independently.
- After obtaining a residence permit, you should register at the place of residence within 30 days from the date of issuance of your permit or entry into the country and receive a Georgian identity card (binadroba). In case of violation of the deadline, a fine of 6 GEL ($1.9) is provided; if the applicant has delayed registration for more than six months, the residence permit may be canceled.
