The latest rules for obtaining the residency in Georgia
According to recent changes in the rules for obtaining residency in Georgia. Since 2018, to buy a property in Georgia to get the residency for foreign citizens, the minimum amount is required is 100.000 USD. It means If the buyer is not a citizen of Georgia and wants to get the residency through purchasing property, the official evaluation of the property minimum should be 100.000 USD.
Getting residency through Investment. For foreign citizens that want to get residency by investment, the minimum amount of investment should be 300.000 USD, furthermore, the filed of the investment, business(s) and real value of the investment must be approved by the government of Georgia. In 2017, the minimum required amount was 300.000 GEL (Local Currency).
The annual turnover for the first year should be at least 50.000 GEL, for second-year minimum 100.000 USD, 3rd, 4rt and 5th years should be 120.000 USD.
These strict rules create a stable economic situation in the country and it brings real and serious investors from all around the world to Georgia and it hinders entering the investors that only aiming to get a 5-year residency in the country.
The best and easiest way to obtain a residency in Georgia is by buying a property!
In a previous law, you could get a Temporary Residency by buying a property with 35.000 USD. but according to new law since the First of July 2019, the amount increased to 100.000 USD and getting a Permanent Residence has also been removed from the law. Only the people who bought their property before the First of July 2019 can extend their residency, only in one condition, if they continuously extended their residency without any gap between.
If the person has a property with a minimum value of 100.000 USD, he/she can obtain a residency for him/her self and for the family members as well. The property must have a non-agricultural status. In the case of sele a property, the person should officially declare it to related governmental offices.
After you purchase the property and register it on your name, you are able to apply for the residency. For some of the nationalities, some extra documents are required, such as official criminal background checks. After having all the documents and applying, on a certain date you will receive your answer from the government.
Georgia residency rules
The rules of obtaining residency in Georgia has been changed since first July of 2019. Article-No.IIს-47471 with registration number: 01012000.05.001.019496.
The changes mentioned in the following:
New law for getting the residency b purchasing the property in Georgia.
Obtaining the residency through purchasing the property for foreign citizens and the 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/her self 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 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 a first-year should reach the 50.000 USD, for 2nd-year 100.000 USD, and turnover for 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.