- August 9, 2020
- Posted by: Editor
- Category: Law
Entrepreneurs can obtain citizenship by investment in Georgia provided that they qualify for the long-term residence permit for investment that can be renewed accordingly. Once the minimum residency period is complete, the holder, in this case, the investor, may obtain Georgian citizenship.
In some special cases, the naturalization phase can be subject to an exceptional procedure when the individual has made a special contribution to the country’s economy or when his or her citizenship is of special interest. These particular cases can be further discussed with our team of Georgia immigration agents.
Our team is ready to assist foreign entrepreneurs who are interested in making the minimum real estate or corporate investment in the country. The process is not a complicated one, however, in order to ensure its success, it is recommended to work with a team of local agents, such as our specialists, who can help coordinate the process and provide information about the mandatory submissions with the Georgian authorities.
Residency status for investors in Georgia
Citizenship by investment in Georgia starts with obtaining the investment residence permit. This permit is granted to those who are interested in acquiring Georgia permanent residence following the purchase or property, as detailed below by our agents. It is important to note that a separate, short-term residence permit in Georgia can be issued to the applicant and his or her family members who have the right to immovable property.
The details about the minimum investment and the permit validity apply:
- 300,000 GEL is the minimum amount for the investment residence permit for foreign investors, as per the Law on Promotion and Guarantees of Investment;
- 35,000 USD equivalent in GEL, approximately 11,252 GEL is the minimum market price value for the immovable property (except agricultural land) for those who apply for the short-term residence permit;
- both of these permits for investment in Georgia are issued with validity periods between 6 months and 1 year;
- the permits can be extended for up to 5 years, after which the holder can apply for Georgian citizenship based on the residence permit he held for investment purposes.
In order to obtain citizenship by investment in Georgia, some entrepreneurs may choose to purchase real estate or, as an alternative, open a company that must be registered with the National Agency of Public Registry. Both options are valid, however, the minimum investment must be observed and, when corporate incorporation is chosen, the business owner will also need to observe certain requirements for the annual turnover. One of our agents who specialize in Georgia immigration can provide more details on these criteria.
It is important to note that the holder of a residence permit in Georgia is required to apply for the Residence Card with a territorial office of the Public Service Development Agency, failure to do so within six months can result in the termination of the permit.
Interested individuals should note that the investment residence permit is also awarded to the investor’s family members (spouse, dependent underage children, or dependent incapacitated persons). You can reach out to our Georgia permanent residence specialists for more information on the conditions that should be fulfilled when also applying for family members.
Acquiring citizenship in Georgia
The next natural step once the investment is in place is to obtain citizenship by investment in Georgia by following the naturalization procedure.
The ordinary procedure for acquiring citizenship in Georgia through naturalization includes the following conditions:
1. Residency: uninterrupted residency for at least 10 years is a prerequisite for application;
2. Language knowledge: all applicants should know the language at a pre-defined level and this is subject to examination;
3. History and law knowledge: a special examination also takes place for basic Georgian history and law knowledge.
4. Status: the applicant should be employed or, in the investment case, own real estate, be engaged in an entrepreneurial activity or own interest or shares in a Georgian company.
The simplified citizenship process may take place when the applicant has been married to a Georgian citizen for five years (and they have lived together uninterruptedly for this time). The exceptional procedure for granting Georgia citizenship can take place when a foreign citizen has made an outstanding contribution.
Obtaining citizenship by investment in Georgia can be a convenient manner in which foreign nationals can enter the country for permanent residence purposes. Following the renewal rules for the long-term investment permit and the subsequent ones for acquiring Georgia citizenship are important and you can contact our team for more details on this process.