Georgia is a country full of beauty and culture. From its snow-capped mountains to its lush green valleys, there is something for everyone to enjoy. The capital city of Tbilisi boasts cultural heritage from ancient times, with stunning architecture and diverse cuisine that reflects the nation’s many influences over the centuries. Tourist destinations like Kazbegi National Park provide breathtaking views of nature and wildlife, while Batumi offers thrilling entertainment options along its stunning black sea coast. From vibrant cities to sleepy villages, Georgia has something for everyone.
Georgia has a residency by investment program for those looking for a faster, easier way to gain legal residence. This program allows foreign investors to purchase a property or invest in a business in Georgia and become eligible for residence status. Becoming a resident of Georgia offers many benefits, from living legally in the country to travelling freely within the Schengen area countries.
Short-term residence permit
A short-term residence permit extending to 1 year is granted to individuals and their dependants/spouses who, by Georgian law, are owners of a non-agricultural immovable property with a market value greater than 100,000 USD equivalent in GEL. Applicants can manage a single asset or invest in a portfolio of assets with an aggregate worth exceeding the minimum value. If residency status is obtained, and then the value of the property falls under the agreed-upon threshold, unfortunately, it will result in a revocation of said permit.
To gain eligibility for a short-term residence permit, the market value of the applicant’s property must be verified by an accredited assessor recognised and certified by the Accreditation Center – the Legal Entity under the Public Law Unified National Accreditation Body.
Residency program for high net worth individuals
The Investment Residence Permit is granted to foreign investors who have invested at least $300,000 in Georgia, as stipulated by the Law of Georgia on Promotion and Guarantees of Investments. This investment can be made in a Georgian business or real estate. The permit extends its privileges not only to the investor but also to their respective family members. Family members include the applicant’s spouse, underage offspring, and other dependents.
If a real estate investment is made, the applicant must maintain real estate ownership or replace any sold property with new real estate, equalling its original value for the next five years. After this period elapses, they will be eligible for permanent residency status.
Does Georgia offer citizenship?
Georgian citizenship can be achieved through naturalisation. The president of Georgia has the authority to grant Georgian citizenship, and this decision is formalised by presidential decree. The procedure necessitates the following requirements to be met:
- The applicant must have been a legal and uninterrupted resident of Georgia for at least five years prior to submitting their application
- To prove lawful and continuous residency in Georgia, the applicant must possess a valid Georgian visa, residence permit, or card; alternatively, they can carry a stamp displaying the date of entry into this nation’s border
- Demonstrate a proficient level of Georgian language proficiency to pass the special commission’s exam
- Demonstrate an understanding of the country’s history and legislation through an assessment by a special commission
- Own real estate in Georgia, engage in entrepreneurial activities within its borders or have an interest/shareholding in a business located in the country
Benefits of securing Georgian residency
- Georgia’s cost of living has been ranked amongst the most affordable by Numbeo in its Cost of Living Index
- Affordable real estate
- Situated in close proximity to Europe and the Middle East
- No taxes on global income. Residents are taxed based only on the Georgian-sourced revenue earned
- Ideal location for businesses with its excellent ranking of seventh in the World Bank’s Ease of Doing Business Index
About Passport Legacy
Passport Legacy is a premier Swiss firm with an impressive 25 years of collective experience in the citizenship-by-investment realm. We offer tailor-made services to our discerning clients, such as obtaining alternative residences or citizenship and the purchase of real estate.