What is required if I want to purchase a property in Georgia in order to obtain residency? Georgia offers a one-year residency permit in exchange for investing in property. The market value of the property must be USD $100,000 or more for a one-year residency permit. The $100,000 number is NOT the purchase price–it is the market value. Just because you spend $100,000 does not mean the property is worth $100,000.
There are some sad stories from foreigners who come to Georgia, buy a property in Tbilisi that costs $100,000 (because they decided not to use an agent and didn’t know they were overpaying) and when they went to apply for their residency permit, they discovered the true market value of their property was only USD $90,000. NO RESIDENCY PERMIT FOR THEM! And now they are stuck with a property they would have to sell at a loss if they needed to sell it.
Also, buying a property in Georgia worth USD $100,000 or more does not guarantee that your official residency will be approved–it just means you are eligible to apply at that point. There are other steps to the application process that will determine whether you qualify or not. A quality agent or lawyer will be able to help you with a proper valuation of anything you are considering buying.
Contact our legal advisors in Georgia. and we will help you register a business in Georgia online.