Different methods to invest in Georgia for obtaining residency
Investment in Georgia, all its essential points, and receiving a residence permit in this country by investment is discussed in this article. Investment in Georgia is one way for immigration to this country. Investing in another country requires a proper understanding of the benefits and risks of these processes, so you should make use of an experienced immigration lawyer to guide you on this path. Before deciding to invest in Georgia, you must know that the standard of living in this country is not very high. We hope this article answers all your questions, solves your ambiguities, and provides you with complete information on this matter.
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Obtaining residence and citizenship in Georgia by investment
Investment in Georgia is one of the six ways to obtain residency in this country. From the summer of 2017, Georgia offered a specific program called the citizenship program. By investing in Georgia, for example, buying a property or registering a company, you will receive temporary residence in Georgia for a short period. It is possible to obtain a residence permit in Georgia by using one of the following methods:
- You can obtain a one-year residence in Georgia by investing 35,000 US dollars in the real estate of this country.
- The applicants who invest at least 300,000 US dollars in Georgia will obtain the investment residence of this country, which is a five-year permanent residence permit.
- The investors can initially obtain a permanent residence permit in Georgia for 5 years if they can prove that their transaction is at least 120,000 dollars a year.
To obtain citizenship in Georgia, a person must reside legally and without interruption for five years. With a Georgian passport, you can travel to most EU countries without a visa. Of course, this is temporary because Georgia is still not part of the European Union and the Schengen area.
The investor’s family can also receive a residence permit in Georgia. The family includes a spouse and children under 18 years old (children over 18 years old can obtain a Georgian residence permit if they can prove that they are still dependent on their family).
Investment in Georgia by buying a property
Investment in Georgia by buying a property is one of the fastest ways for economic growth in this country. In recent years, Georgia has seen a dynamic increase of international visitors with an annual growth rate of 8 to 10 percent. You can buy a property for at least 35,000 dollars in Georgia and receive a one-year residence permit, which can be extended every year. You can obtain permanent residence in Georgia after 6 years of residency in this country.
Your expenses for investment by buying a property in Georgia are as follows:
- The official expert fee of the Government of Georgia
- Pay 211 lari to the government
- 15 lari for passport translation
- 200 lari for a legal advisor to apply for residency
- Pay 18% for VAT
The total expanse is 740 lari, which is 300 dollars.
Some critical points in this matter:
- During these 6 years, you can sell your property whenever you want and extend your residence but, you must buy another property worth at least 35,000 dollars to extend your residency annually, or you can change it to a work residence.
- You cannot receive a residence permit in this country if the property document is not ready (even when you have paid 35,000 dollars in advance).
Therefore, this country has a good potential for the development of hotels, apartment hotels, rental apartments, and residential or recreational residency, so the foreign investors can make a significant profit by investing in this area. Therefore, they can surely obtain residence in Georgia. Georgia has two free tourist zones, Anaklia and Kobuleti, which offer hotel preparation projects. You have many choices for buying a property as an investment in Georgia. You can enter this field as a building contractor or as a real estate agent by purchasing a rental property.
Investment in Georgia by registering a company
Investing in Georgia through company registration can be a reliable way to immigrate and continue your business. It is possible to establish a branch of your company in Georgia, as in most countries of the world. Of course, you can easily succeed and make a good profit from your investment quickly by registering a new company in Georgia according to the requirements of this country. For example, in Georgia and four cities in the free trade zone in this country, the registered companies can use special tax exemptions and discounts and operate in various fields mentioned in this article.
Foreign businesspersons who intend to register a company in Georgia can choose one of the types of companies that exist under the national laws of this country. Investors can choose between a limited liability company, a private limited company, or a public limited company. Businesspersons who want to have a company in Georgia can apply for a business visa. All documents must be translated into the local language to register a company. Besides, according to the provisions of the Hague Convention, documents must be provided in the country of origin. It is mandatory to be physically present in this country during the company registration process, which can be done within a week. Registering a company and obtaining a residence permit in Georgia are two separate issues because you cannot get a residence permit in Georgia immediately just by a company registration in this country. You can choose other ways to get a residence permit in Georgia, such as buying a property. For the company to continue its activities, you must pay the company tax on a monthly and annual basis if you want to obtain a residence permit in Georgia by registering a company; otherwise, it is not possible. You can apply for permanent residency in Georgia if you invest at least 300,000,000 dollars in your company or prove that you have a minimum annual transaction of 120,000 dollars.
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