Have you decided to buy a property in Tbilisi or Batumi and are interested in details? Our tips will help you navigate. We will tell you what steps should be taken on the way to buying real estate in Georgia.
What should I pay attention to when buying real estate in Georgia? The first thing anyone who is going to buy a house or an apartment abroad needs to know is how registration takes place. In some countries, this procedure is complicated and expensive. For example, in Montenegro, you need to pay 3% of its cost for re–registration, in Cyprus – up to 8%. It takes time to collect and review documents. In Georgia, you can arrange the property in 15 minutes – you only need a passport and $ 15 (the apartment passes to the new owner as standard for 4 working days) or $20 (accelerated – in one day). Such simplicity of registration is explained by the fact that here, unlike other states, there is a single electronic register. Any notary has access to it. The notary checks the object on the database, and if everything is “clean”, draws up the transaction. The document is drawn up in Georgian, but we, at Sea Inside, translate all contracts into Russian or English (free of charge).
Benefits of buying a home in Georgia
- There is no tax on the purchase of real estate
The absence of a tax, which exists in more than a hundred countries around the world (Turkey, Czech Republic, Bulgaria, Spain, Cyprus, Croatia), is a tangible advantage of buying an apartment or house in Georgia. It is noteworthy that there is no tax for both citizens and non-residents. A separate plus is the absence of a tax on ownership. The only case when the owner is obliged to make payments to the local treasury is when he earns on rent and when the income reaches more than 40,000 lari (about $ 14,000) per year. And even in this case, the tax is only 5% of the income.
- Available residence permit
The practice of granting a residence permit when buying an apartment is accepted everywhere. The only difference is that the states themselves set the minimum cost. For example, to get a residence permit in Spain, you need to buy a house for $ 570,000, in Cyprus – for $ 330,000, in Georgia – for $ 100,000. A residence permit allows you to obtain citizenship in the future.
- Simple rules for visiting and staying
Having bought an apartment, for example, in France, you will have to take a Schengen visa every time to go to your home. You don’t need a visa to go to Georgia. Citizens of more than 100 countries can visit the country without a visa. Simplified rules also apply to stay. Foreigners have the right to stay here 365 days.
- High profitability and fast payback
High rental rates ensure a quick return on investment. Rental income reaches 15-18% per year (the global average is 4-10%). You can return the investment in 5-8 years.
