Complete Guide to Georgian Residency by Investing in Real Estate 2023
7-minute read
Introduction
Georgia is fast becoming a hotspot for individuals from around the globe, and for good reason. Many people are choosing to relocate to Georgia for a variety of compelling reasons such as its leading safety index, low living costs, and stunning natural beauty. For a more detailed look at these perks, you can read our article on – Why Live in Georgia: Key Benefits.
Furthermore, with an emerging real estate market characterized by rapid capital appreciation and high rental occupancy rates, it’s easy to see why many investors find compelling answers to the question – Why Invest in Real Estate in Georgia?!
Given these factors, the popularity of Georgia’s Residency by Real Estate Investment program is surging.
Aiming to explore this topic in-depth, and help you navigate this opportunity with ease, this article will cover the below topics in the following structure:
Table of Contents
Legal Requirements for Acquiring Georgian Residency Through Real Estate
Local legislation allows foreign nationals to secure legal residency by investing in real estate in Georgia. There are primarily two types of residence permits obtainable through property acquisition in Georgia: (1) Investment Residency, and (2) Short-term Residency.
Requirements for applying and obtaining Investment Residency are following:
- Required Property Value – > 300,000 USD
The applicant must own real estate in Georgia valued at over 300,000 USD (equivalent in Georgian Lari).
Although this requirement appears straightforward, still there are nuances to be aware of.
Firstly, the value of the real estate for the purpose of residency application doesn’t automatically equate to the purchase price. The market value must be verified by a certified assessor accredited by the Georgian Accreditation Centre. It is the applicant’s responsibility to arrange this assessment and submit the corresponding evaluation report along with the residency application. Properties may sometimes be overpriced by sellers or undervalued by assessors. Therefore, it is advisable to obtain the assessment report before finalizing the property acquisition. If this is not feasible, seeking professional advice beforehand can mitigate potential complications.
Secondly, it is important to keep in mind that Georgian legislation restricts foreigners to obtain ownership over agricultural land, hence, investment can only be made in residential and commercial real estate.
Thirdly, it’s worth noting that meeting the minimum property value requirement does not necessitate the ownership of a single property. Instead, applicants have the flexibility to acquire multiple affordable properties, the combined value of which exceeds the established criteria.
- Physical Presence in Georgia
The applicant must be physically present in Georgia when submitting the initial residency application. The stay must also be legally valid, as applications submitted during illegal stays will not be processed.
- Minimum Number of Days Remaining Before the Expiry of Lawful Stay in Georgia – 40
For submitting residency application, at least 40 calendar days shall be remaining before Applicant’s lawful stay in Georgia expires.
To clarify this procedural requirement, consider this example: If an applicant entered Georgia in January 1 2023 under a visa-free regime with a one-year legal stay, their lawful stay would expire on January 1, 2024. Therefore, the deadline to apply for residency would be November 21, 2023, which is 40 days before the expiration of the lawful stay. The same principle applies to applicants residing in Georgia on a visa.
Should the applicant fail to meet this procedural requirement, they can exit and re-enter Georgia. Upon re-entry, as long as there are sufficient days remaining before the expiration of their lawful stay, they can apply for residency.
The requirements for obtaining a Short-term Residency are essentially the same as those for Investment Residency, with one key distinction: property value for Short-term Residency must exceed 100,000 USD (equivalent in Georgian Lari). All other requirements remain identical.
Residency Terms and Renewal Conditions
Both Investment Residency and Short-term Residency confer similar rights and statuses to individuals, with the primary distinction being the duration of the residency. Investment Residency is issued for up to a period of five years, while Short-term Residency is issued for up to just one year.
However, Short-term Residency can be renewed annually, provided that the applicant retains ownership of the qualifying property and submits the appropriate renewal application.
During the term of the Investment Residency, holders have the flexibility to replace the originally purchased property with another, as long as they notify the relevant state agency and ensure that the market value of the new property also meets the minimum value requirements.
Pathway to Permanent Residency: Time Requirements for Eligibility
Upon the completion of the 5-year term for Investment Residency, applicants who duly submit evidence of continuous property ownership over the past five years become eligible for a Permanent Residence Permit.
Conversely, holders of Short-term Residency may qualify for Permanent Living Permit only after maintaining their Short-term Residency status for a consecutive 10-year period.
Family Eligibility: Extending Residency Benefits to Loved Ones
Both Investment Residency and Short-term Residency in Georgia extend benefits beyond the primary applicant to include eligible family members as well. Under Georgian residency regulations, eligible family members are defined as spouse and under-aged children, as well as the minor, beneficiary of support, or a disabled person under the guardianship or custody of the main applicant.
These family members may apply for their respective residency permits immediately after the primary applicant’s residency has been granted.
Document Checklist for Residency Application
The following is a list of documents required for submission to the Public Service Development Agency under the Ministry of Justice of Georgia (“the Agency”).
- A fully completed application form as prescribed by the Agency, containing all requisite personal details of the applicant.
- A copy of the applicant’s travel document, typically a passport.
- Documentation confirming the applicant’s lawful presence in Georgia, which could be either a visa or, for countries with visa-free arrangements, a passport stamp indicating the date of entry into Georgia.
- Verification of property ownership within Georgia, which can usually be obtained as an extract from Georgia’s National Agency of Public Registry.
- Supporting documentation that attests to the market value of the owned real estate meeting the minimum value prerequisites, such as an evaluation report issued by a certified assessor.
- A 3×4 photograph in electronic format.
- A photocopy of the receipt confirming payment of the applicable state fee.
Application Process: Terms and State Fees
The standard time frame for processing an application for obtaining or renewing a residence permit is a maximum of 30 days from the date of submission of all required documents. For applicants seeking expedited processing, there are alternative options available at different state fee structures:
- Standard Procedure (30 days): 300 GEL
- Accelerated Procedure (20 days): 450 GEL
- Fastest Procedure (10 days): 600 GEL
In the event of a residence permit application being denied, the individual may re-submit an application for the same reason no sooner than one month following the issuance of the initial denial decision. Please note that previously paid state fees are non-refundable and must be paid again for each new application submission.
Simplifying Your Path to Georgian Residency with Us
Navigating through the complexities of acquiring Georgian residency through real estate investment can be a daunting task. That’s where Geo-Residency steps in, your one-stop solution for a seamless transition to life in Georgia. We provide comprehensive solutions for each and every step of obtaining residency through real estate acquisition.
By entrusting us with your journey, you’re not just acquiring property or residency; you’re gaining a life-long partner who will stand by you at every step of the way.
For a free consultation and to find out how we can simplify your path to Georgian residency, Request a Contact, and we’ll get back shortly.