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Can Foreigners Own Property in Georgia?

by ads.georgialegalservice
Can Foreigners Own Property in Georgia. 2022

Can Foreigners Own Property in Georgia? Yes! Unlike many countries around the world, foreigners buying property in Georgia receive the same benefits as native Georgian buyers.  All real estate sales in Georgia are made on a Freehold basis and you can buy in your own name.  There’s no need to set up a Georgian company or some other complicated method of owning property in the country.

Can Foreigners Obtain Mortgages in Georgia?

Unfortunately, not, in most cases.  Chances are that you wouldn’t want one anyway as interest rates here are very high compared to most countries – currently in the region of 8-9% per annum.  If you don’t have all your financing in place, the best option is usually to invest in a project that is two or three years from completion so that you can pay 30% on the contract and the remainder in installments during the construction period.

Do I Need a Visa to Visit Georgia?

Probably not.  Georgia has one of the most liberal visa regimes in the world, which is one of the reasons why the tourism business here is growing so rapidly.  If you are a citizen of one of the EU, GCC or former CIS countries, plus North America or Australasia, then you just need to arrive in Tbilisi and you will receive a stamp in your passport at Immigration allowing you to stay in the country for up to a year.

Can Foreigners Open Bank Accounts in Georgia?

Yes, and the process is very simple.  The two largest banks in Georgia are the Bank of Georgia and TBC Bank.  Both banks are listed on the London Stock Exchange, are totally secure, and have the largest network of branches and ATMs throughout Tbilisi and Georgia.  To open a bank account, you just need a copy of your passport and a small fee to purchase a Visa or Mastercard debit card.  There are no minimum balance requirements and monthly fees are low.  Within 24 hours, you can return to the branch to collect your card, which can be used internationally.  Both banks also offer mobile and internet banking services so that you can manage your money from anywhere in the world.  Funds can be kept in GEL, USD, and EUR.

Contact our legal advisors in Georgia.

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