Types of properties in Georgia: Foreigners can purchase a property for residential or commercial purposes without any types of restrictions. However, purchasing Georgian properties that are included in agricultural land is no longer available for foreigners, this regulation is applicable starting with 2017. Persons who are interested in this matter must know that the definition of “agricultural land”, under the Georgian legislation, defines any type of property that is located outside the local towns.
Thus, purchasing a property in Georgia that is located in the countryside can become an issue, as this type of property is generally considered agricultural land; our team of Georgian lawyers can advise on the latest regulations that refer to the purchase of a local property.
Businessmen interested in opening a company in Georgia can purchase a property where they can develop businesses in the following sectors: tourism, construction, gambling, manufacturing, or logistic services. Those who want to purchase a property in Georgia will need to file an application with the Ministry of Finance and Economy in which they will provide identification details (this is required for both natural persons and legal entities).
Legal entities purchasing properties in Georgia will need to provide information on the company, the company’s directors, and the identification code of the business form; our lawyers in Georgia can provide more information on this matter and can assist foreigners with advice on the purchase procedure and the documents that need to be prepared.