- August 5, 2020
- Posted by: Editor
- Category: Law
Foreign nationals interested in Georgia immigration will need to rent or buy a property in the country in order to be able to stay for long-term purposes. A distinction is made between those who rent or buy a property for securing their accommodation while staying in the country based on a temporary visa (which can be extended) and those who apply for a Georgia investor visa for which purchasing a property is a prerequisite for obtaining the right to reside in the country.
Our team of agents specialized in Georgia permanent residence clarifies these options for foreign nationals and can assist anyone interested in buying or renting a property upon deciding to immigrate to Georgia.
Buying property in Georgia
Investors can buy property for residency in Georgia under the D5 category visa that allows foreign nationals to obtain residency after having made a substantial investment in real estate (except for agricultural land). The conditions and benefits are the following:
- 100,000 USD minimum investment: the value of the property needs to be of at least 100,000 USD equivalent in GEL (approximately 317,500 GEL);
- 1 year: the initial temporary residence permit that is issued following the investment is valid for one year;
- 6 years: this is the period after which the real estate investor is granted Georgia permanent residence;
- 10 years: after having lawfully lived in the country for ten years under the investor residency, the holder can apply for citizenship;
- family members: this type of visa allows the investor’s family members to apply for temporary residence once he has obtained his own permit.
Please keep in mind that these are only the basic requirements for buying property for residency in Georgia. Other issues that need to be taken into consideration include the fees that apply when submitting the visa (both to the main applicant and to his family members, if applicable) as well as the documents that are required. These include a certified copy of the applicant’s passport as well as proof of ownership. One should note that the temporary residence permit can be renewed after its expiration date only if the applicant still owns the property.
Our team of agents who specialize in Georgia citizenship can provide more details about the requirements that need to be fulfilled in order to gain residency and, later on, citizenship. The Ministry of Foreign Affairs is the one that handles the visa applications for foreigners.
Renting property in Georgia
Renting a property for residency in Georgia is required for those who are interested in Georgia immigration under another type of visa, such as the one for employment purposes. The conditions for applying for a residency card refer to the applicant’s ability to sustain himself while living in the country and this includes not only showing that a steady income is in place but also that the applicant has secured accommodation. For this purpose, he can present the property rental contract in order to apply for residency. Some foreign nationals who remain in the country may decide that buying property for residency in Georgia is not possible and thus will choose to rent an apartment or a house, as they see fit. In this case, when submitting the documents for permanent residence after five years, they will present the lease agreement.
It is important to note that the individual who is renting the property to the applicant will need to be registered with the Georgia authorities for this purpose and will also need to sign relevant papers in order to prove that a lease agreement does indeed exist between the two parties. One of our agents who specialize in Georgia permanent residence can provide more details on this process.
When a foreign national does not have the means to make the minimum investment to buy property for residency in Georgia, an option that is often used is to apply for the D1 category visa, the one for immigration for employment purposes. Other visa options can include the category D2 visa for those who come to the country for scientific or educational purposes as well as the D4 category for family reunification.
Foreign nationals who are interested in the Georgia work visa should know the following:
- Employment agreement: this is required when applying or such as visa and it is common for individuals to first secure employment and they submit the visa application; an alternative is to arrive in the country and then search for a job opening;
- Application: the applicant submits the visa form with the Embassy or the Consular Office in his country of origin;
- Documents: apart from the documents that attest to the employment relationship, the applicant will also need to submit a certified copy of his passport as well as additional documents, translated as needed;
- Extension: a foreign national who stays in the country with a work visa can extend it without having to exit the country.
One of our agents who specialize in immigration matters can provide more details about how to rent or purchase a property for residency purposes in Georgia. You can reach out to our agents prior to arriving in the country or after, before signing the agreement for purchase or lease. Contact our Georgia immigration specialists for more information on our services and how we can provide assistance.