Residence in Georgia by Purchasing Real Estate Property

Residence in Georgia by Purchasing Real Estate Property

Residence in Georgia by Purchasing Real Estate Property

Aside from the significant returns that can be obtained by investing in property in Tbilisi, another advantage of purchasing real estate in Georgia is the ability to gain residence in the nation as a result of the purchase.

The minimum investment required to apply for the Residence Scheme has been raised from $35,000 to $100,000 as of July 5, 2019. Rather than acquiring a single apartment with a minimum value of $100,000, it is possible to purchase two or more cheaper flats - as long as the total worth of all apartments exceeds $100,000, it is absolutely acceptable.

The apartment would need to be registered in the buyer's name at the Public Services Hall, and an appraiser recognized by the Georgian Accreditation Centre would need to inspect the property to certify that the genuine value of the property exceeds this amount. As a result, you cannot apply for the Scheme until the property has been completed and you are the official owner.

You will need to return to the Public Services Hall in Tbilisi to apply for the Residence Scheme. You will need an evaluation of your property's value as well as a copy of the documentation you obtained when you registered the property. You will also need your passport, with stamps indicating that you have entered the country legally, as well as two passport images. You will also need three Georgian citizens to recommend your Residence application.

When you apply for residency in Georgia for the first time, you must have at least 40 days left on your visa.

If you can wait 30 days, the charge for processing your application is GEL 210/$85. If you pay a bit more, your Residence will be provided sooner. The current rate is GEL 330/$135 for a period of 20 days, while the shortest possible time is GEL 410/$165.

After you have been awarded residency, you must return to the Public Services Hall to apply for an e-resident card. This e-resident card is an identifying document that confirms the identity of a foreigner living in Georgia, as well as his or her citizenship and place of residence in Georgia. If you do not apply for your e-resident card within six months, your residence permit will be cancelled and you will have to start the process all over again.

You will first be awarded Temporary Residence for one year. Unless the property is worth more than $200,000, this Temporary Residence can only be obtained by one person. However, once the initial candidate has been granted Temporary Residence, spouses and dependents can apply as well. You will need to bring your marriage certificate with you if you want to apply for Temporary Residence for your spouse and dependents.

After the first time of Temporary Residence has passed, it can be renewed as long as the property remains in your ownership. The process of renewing the temporary e-residence card at the conclusion of each month is pretty simple. Simply return your expired card to the Public Services Hall with two passport images and a modest charge, and your new e-residence card will be delivered to you within a few weeks.

You can extend your Temporary Residence for another twelve years. Unless you have committed a significant crime in Georgia, you will be entitled to apply for Permanent Residence after twelve years. Once you have obtained Permanent Residence, you will no longer need to renew your Temporary Residence every year.

Temporary and Permanent Residence permits the holder to remain in Georgia for the term of the residence period. It does not, however, grant the holder access to the Schengen Area or a Georgian passport. Foreigners cannot now obtain Georgian passports, unless in very extraordinary situations.

To minimize problems, it is strongly advisable that you employ a specialist immigration lawyer to guide you through the process. The cost of this treatment begins at $600 plus fees. The lawyer will be able to collect recommendations from Georgian citizens as well as an official appraisal confirming that the property is worth more than $100,000.

The immigration lawyer we recommend has never had an application for the Scheme refused, regardless of country. Only if the applicant has a criminal past is there a chance that his or her application for residence may be denied.

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