What should a foreigner know when purchasing a Georgian property? A foreigner who wants to open a company in Georgia or to relocate there can benefit from a set of legal rights, that are mostly the same as the ones that are offered to Georgian citizens. With regards to the purchase of a residential property, the purchase procedure implies the same steps that would be followed by locals. Foreigners are not required to provide additional documents, nor do they have to pay additional taxes. Some of the highlights of the purchase procedure available here are the following:
the purchase procedure can be completed relatively fast, and this is also available for the registration of the new ownership;
the purchase procedure does not require the payment of the stamp duty;
the legal system in Georgia allows a standard registration procedure, which is generally concluded in a period of four days (with the payment of a fee);
however, a foreigner can request the express procedure, which can be completed in a single day, through the payment of a higher fee;
foreigners can benefit from full ownership of their properties and this is also available in the case of commercial properties.
Buying real estate in exchange for residency in Georgia
Georgia has aligned with other European countries that have created programs through which foreign citizens can acquire properties and obtain residency. However, Georgia’s program is much simpler. Foreigners can buy real estate with a minimum value of 100,000 USD in order to become eligible for residence permits with a validity of one year. However, there are also other requirements to be met, which is why we recommend you discuss with our lawyers in Georgia for having the entire picture of this immigration option.