Georgia has established itself as a convenient country for recreation, life, business and investment. There are many arguments in favor of this statement; we have chosen four main reasons for investing in Georgia, which, in our opinion, seem to be the most convincing.
1. Affordable prices
The cost of 1 sq.m is on average from $ 700 to $1200. As in any country, it is cheaper to buy an apartment at the excavation stage, ready-made, more expensive. On average, a studio apartment can be bought for $40,000, a two-room apartment from $ 50,000 and above. The Sea Inside database includes apartments, apartments, villas, townhouses, as well as land for development in Tbilisi and Batumi. A separate plus is that real estate purchased for rent and earnings pays off quickly: investments can be returned in 6-8 years.
2. Easy registration of real estate
You can buy a house in Georgia in one day. The registration procedure is one of the fastest and most convenient in the world. No real estate tax, no additional payments. Half an hour in the House of Justice, $40 for renewal, and the property is in your name. You can also buy an apartment remotely. The demand for online transactions especially increased during the pandemic, when movement between countries was temporarily restricted. Recently, the possibility of buying cryptocurrency has appeared. In the conditions of sanctions, such a payment method is becoming more and more in demand. On the Sea Inside website, you can easily choose an apartment for your needs: just enter the desired parameters.
3. Free business
The country has simplified taxation. You can get the status of an individual entrepreneur in half an hour. In the World Bank’s Doing Business ranking in 2020, Georgia ranked 7th among 190 countries. In terms of simplicity and ease of doing business, the country has overtaken Russia, Turkey, Spain, and Greece. Not only millionaires can open a business here, but also aspiring entrepreneurs. The main thing is to have an original and working idea.
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Where is it better to buy: in Tbilisi or Batumi? Judging by our practice, both cities are in demand. Tbilisi is because it is the capital. Batumi is because it is a popular seaside resort. The main advantages of buying real estate in Batumi are expressed in three factors: there is a high demand for houses, the first lines by the sea are still available here (which investors consider the sweetest “piece of cake”) and real estate can be bought quickly. An apartment in this Black Sea resort is guaranteed to be rented, which means it will bring income. We talked about how to choose an area in Batumi here.
4. Residence permit when buying real estate in Georgia: step-by-step instructions
We have already written that if a foreigner buys real estate in Georgia for $ 100,000, he can get a residence permit. We will tell you step by step what procedures should be followed.
A residence permit is a document that allows a foreigner to enter and stay in Georgia, as well as invite another foreigner. It comes in different types. Consider a residence permit when buying real estate. If you have already purchased real estate and have an extract from the Public Register on hand, you can not pull and immediately apply for a residence permit.
An application for a residence permit is submitted at the House of Justice or any of its branches. The applicant must apply either personally or through a representative. You can also fill out an application online (remotely) on the website of the Agency for the Development of Public Services. The website has English and Russian versions, but the application and all documents attached to it must be translated into Georgian and notarized.
Important
At the time of submission, he must be on the territory of Georgia (even if the documents are submitted by the certifier on the basis of a power of attorney instead of him). If a foreigner’s passport contains the foreigner’s personal data in Latin transliteration, then you can provide it without translation into Georgian.
What documents should be provided
- Questionnaire;
- Photo (taken in the same place, in the House of Justice in a few minutes);
- Passport translation;
- Extract from the Public Registry;
- Audit evaluation;
- Payment receipt from the desired review period.
How much should I pay and when does the answer come
The application is considered as standard for 30 days. In this case, the service costs GEL 210. Accelerated review options are also available: in 20 days (330 lari) or in 10 days (410 lari).
Summing up, we can say that the investment climate in Georgia is quite favorable. It is comfortable to live, work, and relax here. Simple registration, minimal state participation and a low level of corruption ensure the country’s high places in international rankings.
