How can you obtain real estate residency in Georgia?

Georgia has become a prominent real estate destination in recent years, thanks to its strategic location, reasonable living costs, and the ease of legal procedures for obtaining residency through real estate investment.
If you are looking for a safe investment, or want to move to a new country, real estate residency in Georgia may be the perfect option for you.

Conditions for obtaining real estate residency

• What is real estate residency in Georgia?
• Advantages of obtaining residency in Georgia
• Types of accommodation available in Georgia
• Conditions for obtaining real estate residency
• Cost of real estate accommodation in Georgia
• Steps and procedures for applying for residency

What is real estate residency in Georgia?

Real estate residency is a type of legal residency granted to foreigners who purchase property of a certain value within Georgia. This residency allows legal residence in Georgia, the ability to open bank accounts, freedom of movement within the country, and in some cases, facilitates the process of obtaining citizenship later.

Advantages of obtaining residency in Georgia

encouraging legal environment
Georgia offers a clear and fast-track legal environment, making it easy to obtain residency once you own a property outright (without another partner).
With this residence permit, you can live legally within the country without needing to renew your entry visa or leave Georgian territory continuously.

Strategic location
Georgia is located at the crossroads of Europe and Asia, making it an ideal gateway for trade and investment to European and Asian markets.
It provides its residents with wide and varied opportunities to connect with global markets.

 An attractive tax system and a secure investment.
Georgia boasts a simple and investment-friendly tax system, particularly in the real estate sector. With a 0% property tax rate, investors enjoy a secure and conducive environment for growth, and real estate residency facilitates all official transactions within the country.

Lower living costs
Georgia is one of the countries that offers a comfortable standard of living at low costs compared to European countries, with high-quality services available in the fields of education, health care, transportation, and other basic services.

Types of accommodation available in Georgia

Georgia offers several types of residency permits, granted according to the purpose and duration of stay, making them suitable for various categories including investors, students, and families. The most prominent types of residency permits available are listed below:

1. Real estate residency (real estate investor residency – temporary residency)
   It is granted to individuals who own property in Georgia valued at no less than US$100,000. It is one of the most common types of residency among Arab investors, and it allows the holder legal residency for one year, renewable as long as the property remains registered in their name.
2. Permanent residency
   It is granted after continuous temporary residence for a period of at least six years, provided certain conditions are met, such as actual residence within Georgia for a specified period annually.

Conditions for obtaining real estate residency

Real estate residency is one of the most sought-after types of residency in Georgia, due to the ease of its procedures and its direct connection to investment in the real estate market.
In order for a foreigner to obtain this type of residency, he must meet the following conditions:

1. Owning a property registered in your name
   You must own a property that is officially registered in your name in the Georgian land registry, and the ownership must be full and not in partnership with another person.
   
2. Minimum property value
   The property must be valued at no less than US$100,000.
   
3. Providing a certified real estate appraisal
   An official appraisal report detailing the property's value must be attached and submitted as part of the residency application.

Cost of real estate accommodation in Georgia

Real estate residency in Georgia is a cost-effective option compared to other countries offering the same type of residency, and its procedures are clear and straightforward. However, despite the ease of the process, there are some costs that must be considered when applying, including:

1. Property value:  A property must be purchased with a value of at least US$100,000.
2. Real estate appraisal feesThe application requires obtaining a report that proves the market value of the property, issued by a recognized appraisal body.
3. Translation and documentation feesEssential documents such as passport and property deed must be translated into Georgian and officially notarized.
4. Residence application feesWhen applying for residency, a fee will be charged for processing the application. The fee varies depending on whether you prefer the regular or expedited procedure.
5. Fees for hiring a lawyer or legal entity (optional)If you prefer to have a lawyer or law firm handle your case, there are additional fees payable for this service.

Steps and procedures for applying for residency

Applying for real estate residency in Georgia involves clear and straightforward steps, and the process can be completed in a relatively short period, especially if the documents are prepared in advance. Here are the basic steps:

1. Buying a qualified and sound property:  You must purchase a property with a market value that allows you to apply for residency, ensuring that the property is registered in your full name in the Georgian land registry.
   
2. Obtain a certified property appraisal report: An official report from a recognized authority proving the value of the property is obtained, which is one of the basic requirements for accepting the application.
   
3. Submitting the application to the immigration office: Applications are submitted either in person or through a legal representative, and fees are determined according to the speed of service required (regular or urgent).
   
4. Awaiting approval: After submitting the application, the file is examined and a response is given within a short period of time, within 30 days. If approved, the residence card is issued.
   
5. Receiving the residence permit card:  The card is received from the branch of the competent authority and is used as legal proof of residence within the country.

Real estate residency in Georgia is a golden opportunity for anyone seeking to invest in a promising market and strategic geographical location, with easy legal procedures and reasonable costs.
Whether you're looking for a fresh start or a safe investment, Georgia offers an encouraging environment to live, work and invest.