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Can Foreigners Buy Property In Georgia?

by ads.georgialegalservice
CAN FOREIGNERS BUY PROPERTY IN GEORGIA . 2022...

CAN FOREIGNERS BUY PROPERTY IN GEORGIA?: The short answer is – YES! Foreigners can buy property in Georgia.

Foreigners have exactly the same rights when it comes to buying residential real estate as Georgian citizens have. There are no extra requirements for foreigners and there are no extra taxes either. The only documents that are required for purchasing property are a copy of your passport.

In addition to residential real estate, the same applies to the purchase of commercial real estate such as hotels, shops, restaurants, offices, etc. There are no restrictions here either.

There is only one type of real estate investment that is not open to foreign investors and that is agricultural land. As of May 2017, foreigners are no longer allowed to buy or own agricultural land.

Maybe you are thinking that this is irrelevant to you as you are not planning on becoming a farmer? However, the term ‘agricultural land’ applies to any land which is outside the boundaries of major cities and towns such as Tbilisi and Batumi. This is a problem for anyone who may be interested in purchasing a house with a garden out in the countryside or in a small village because the land will still be counted as agricultural. There have been reports of foreigners who bought before May 2017 having to lose their gardens in order to comply with the new regulations.

But for the majority of buyers who are looking to purchase an apartment or a house within the Tbilisi city limits, there are no restrictions whatsoever, so you can invest in Georgia with confidence.

Contact our legal advisors in Georgia.

 

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