- January 20, 2021
- Posted by: Editor
- Category: Law
Investors who are interested in exploring available options in Georgia can obtain a residence permit that will allow them to remain in the country long-term.
The Georgia residency by investment option is open without nationality limitations, however, a minimum investment amount is mandatory, as per the Law on Promotion and Guarantees of Investment.
In this article, our agents highlight the main conditions to obtain a residence permit in Georgia for a confirmed investment and also present further information about residency in the country and the acquisition of Georgian citizenship.
Foreign nationals who are interested in more information about the available types of residence permits can reach out to us for details. We can provide needed assistance during the application process as well as oversee the response of the Georgian authorities and bring forward any other needed documents, as they may be required for the purpose of obtaining residence.
What are the conditions for obtaining Georgia residency by investment?
The main criteria applicable according to the Law of Georgia on Promotion and Guarantees of Investment Activities are the following:
- there are no nationality restrictions: this type of permit is issued to an alien and their family members;
- the investment amount: according to law, the minimum investment is 300,000 USD equivalent in GEL;
- the ownership: an alternative is to purchase property in Georgia (except for agricultural land) that has been appraised for a value of over 300,000 USD equivalent in GEL;
- others: proof of investment or of ownership as well as additional documents are submitted with the authorities when applying for Georgia residency by investment.
Applicants should know that their documents and the ones for their family members (if applicable) are submitted separately. The individual who makes the investment will provide the following documents:
- travel document photocopy;
- proof of lawful stay in the country, for example a short-term visa, as may be applicable;
- document proving the minimum investment amount (an audit report made by a certified auditor for a company) or proof of ownership for a property valuated immovable property;
- a written recommendation issued by a Georgian government member or by three Georgian citizens who have the authority to represent a business based in the country;
- photograph according to the specified size;
The family members of an alien who applies for Georgia residency by investment will provide photocopies of their travel documents and of the document that allows them to stay lawfully in Georgia, the photocopy of their relative’s residence permit for investment purposes as well as proof of kinship to the holder of the investment residence document.
Please keep in mind that the conditions outlined above are only briefly described. In practice, the applicant will follow a process that starts with making the investment first, before submitting the documents for the Georgia residency by investment permit.
Our team can provide complete assistance during this process as well as information for those who are interested in a different residence permit in Georgia, for example, the one for employment.
What are the conditions applicable to an individual who has obtained the residency by investment permit?
Apart from the initial conditions described above, several others apply once the investment is made.
Entrepreneurs who open a company in Georgia, and register it accordingly with the Public Service Hall, need to observe the annual turnover amounts during the validity of the investment residence permit:
- an annual turnover for the Georgian company of at least 50,000 USD (the equivalent in GEL) for the company’s first year;
- an annual turnover of at least 100,000 USD (the equivalent in GEL) for the second year;
- an annual turnover of at least 120,000 USD (the equivalent in GEL) for the third, fourth and fifth year.
Those who choose to apply for Georgia residency by investment through property purchase need to remain in possession of the said property (retain the title of ownership of the said immovable property).
Investors who have lawfully resided in Georgia under their investment permit for ten consecutive years can choose to apply for Georgian citizenship. Several other conditions apply, such as having knowledge of the Georgian language, Georgina law, and history and being able to show that they are still in the ownership of the immovable property, business in Georgia.
Contact our team of agents who specialize in Georgia residency for more information on how to apply for residency by investment and other types of residence permits.