May a foreigner purchase a property in Georgia?

avatar_May a foreigner purchase a property in Georgia?

YES!

Foreigners have exactly the same rights as Georgian citizens when they want purchase residential property. There are no special requirements for foreigners and there are no additional taxes either. The only documents required to become the owner of a property is a copy of your passport and the property certificate purchase.

The registration is done very quickly. The registration of your property is done almost immediately and costs nothing (There is no stamp duty or equivalent in Georgia). It takes about 70 euros for the four-day long procedure! Otherwise, the express procedure that definitively registers your property the same day will cost 180 euros.

All real estate sales in Georgia are made in full ownership and you can buy in your own name. However, it is also possible for a foreigner to set up a company under Georgian law to own property in the country, which may be very practical from a tax point of view.

As with residential real estate, the same applies to the purchase of commercial real estate such as hotels, shops, restaurants, offices, etc. There are no restrictions in Georgia.

There is only one type of real estate investment that is not open to foreign investors: agricultural land. Since May 2017, foreigners are no longer allowed to buy or own agricultural land.

Maybe you don't think that's you are not concerned because you're not planning on farming? However, the term "agricultural land" applies to all land outside the boundaries of major cities such as Tbilisi and Batumi. This is obviously a problem for anyone who might be interested in buying a house with a garden in the country or in a small village because the land could still be considered agricultural. Fortunately, there are solutions that make it possible to adapt to this new regulation and to requalify this type of property.

But for the majority of buyers looking to buy an apartment or house within the city limits of Tbilisi, there are no restrictions. Georgia is ranked 2nd in the World Bank's Ease Doing Business Index in 2018 for the protection of foreign investors.  You are protected. You can invest in Georgia with confidence.