Home Property Georgia Residency Rules

Georgia Residency Rules

by ads.georgialegalservice
New law for getting the residency b purchasing the property in Georgia. 2022

New law for getting the residency by purchasing the property in Georgia

Obtaining residency through purchasing the property for foreign citizens and family members is possible if the minimum evaluation of the property is 100.000 USD. Please note that the status of the property should be non-agricultural.

New law to get a 5-year residency in Georgia through Investment Status.

The person can get the 5-year residency for him/herself and the family members if the minimum amount of the investment is 300.000 USD. This investment could be on the property and real estate (except the agricultural real estate) or the total investment reaches the limit of 300.000 USD, in different assets.

New law to get a permanent residency in Georgia (5 years).

The Permanent Residency can be given to investors that having a minimum investment of 300.000 USD, after 5 years. In a condition of the economic activities of the person has been approved by the government of Georgia. The annual turnover of the investor in the first year should reach 50.000 USD, for the 2nd-year 100.000 USD, and turnover for the 3rd, 4th, and 5th year should be 120.000 USD.

New Law for getting the Residency in Georgia through employment.

To get the residency through employment from the company registered in Georgia with foreign founders, the annual turnover of the company for each foreign employee must be a minimum of 50.000 GEL. If the founders of the company are local, the annual turnover for each foreign employee must be a minimum of 35.000 GEL, and the monthly salary of the foreign employee should be a minimum of 5 times more than a local(Georgian) employee.

When dismissing an employee or resigning, the company must notify the competent authorities within 5 days.

When selling a residential property, the registrar must notify the competent authorities within 2 weeks.

This law has been in force since July 1, 2019.

More security, economic freedom, the possibility of joining the Schengen area and business prosperity, and improving the ideal working and business situation in Georgia are among the most important reasons for the changes in Georgia’s new 2019 residence law, which draws the attention of every immigrant or applicant to continue living. Finding a job and residence in Georgia attracts.

The latest rules of residence in Georgia 2021

It is noteworthy that residence permit procedures are becoming more and more tightened from year to year by the Government. Obtaining residence permits for foreigners from countries of African and Asian regions has already been quite problematic so far, with a high number of unreasonable denials, non-transparent reviewing procedures, and, in many cases, blanket referrals to the state security reasons for denials. For example, in 2020, the practice of unjustified denials to issue a residence permit was still maintained on a significantly high level. Out of a total of 2,018 unsatisfied applications, 1,907 (or 94%) were based on state security reasons. The negative conclusion of the State Security Service and the refusal of residence permits based on state security motives have been used by the State as a means to artificially restrict the flow of migrants from the “undesired” countries for the past years. This has been the indication of a discriminatory state policy. It must be assumed that another wave of new amendments brought to the law now is mainly directed to creating even more obstacles for the foreigners, and especially from the countries of Africa and Asia.

New changes in the law of Georgia on the legal status of aliens and stateless persons

From May 12, 2021, new amendments to the Law of Georgia on the Legal Status of Aliens and Stateless Persons will come into force. Under the new regulations, the conditions for obtaining a residence permit for foreigners will be tightened further.

On February 4, 2021, the member of the Parliament of Georgia, Mikheil Sarjveladze, initiated a draft law of Georgia on Amendments to the Law of Georgia on the Legal Status of Aliens and Stateless Persons. The draft law passed all three parliamentary hearing sessions and was accordingly approved within two months. Below are the summary and review of major changes to the law:

The definition of a family member has been specified in the law. According to the current law, the concept of “family member” (meaning a family member of a foreigner) includes, among others, an adult child. In this regard, the concept is narrowed and only a minor child will be considered a family member. Adult children are thus excluded from the scope of family members. This means, for example, that in the case of a foreigner holding a residence permit, their adult children will no longer be able to obtain a residence permit for family reunification.

The amendments narrow the scope of the “D5 category” visa. This type of visa is an immigrant visa issued to a foreigner on the basis of owning real estate in the territory of Georgia, the market value of which exceeds the equivalent of 100,000 USD. This type of visa could also be issued to family members of the property owner foreigner that already obtained a visa. However, as a result of the change, this type of visa will be granted not to any family member of the property owner foreigner, but only to the child and spouse. In particular, the “D5 category” visa can no longer be granted to the parents of a visa holder foreigner. Therefore, parents are excluded from the scope of the “D5 category” visa.

Contact our legal advisors in Georgia.

 

5/5 - (17 votes)

You may also like