Georgian residence permit through the purchase of real estate: requirements and procedure

Purchasing real estate may be the basis for obtaining a short-term residence permit in Georgia, but ownership itself does not automatically mean approval. The object must correspond to the established value, be registered in the name of the applicant and be assessed according to the rules of the law.

According to the current version of the Law of Georgia “On the Legal Status of Foreigners and Stateless Persons,” a short-term residence permit can be issued to a foreigner who owns real estate in Georgia, except for agricultural land, the market value of which exceeds the equivalent of 150,000 US dollars in lari.

1. Market value is important, not just the contract price

For a residence permit, the market value of the property, established by a certified appraiser of an accredited body, is taken into account. The price specified in the purchase and sale agreement and the advertised price of the property do not replace the official appraisal.

This means that an apartment purchased for exactly $150,000 does not necessarily create the basis for a residence permit. The law uses the wording “exceeds $150,000”, and the final assessment is made in the equivalent of Georgian lari.

2. What kind of property might be suitable?

The basis may be a registered ownership of an apartment or other real estate not related to agricultural land. Before purchasing, it is necessary to check the legal status of the property and the possibility of registering the property in the name of the applicant.

The purchase of a right of claim in a project under construction and the registered ownership of a finished property may have different legal status. Therefore, an object for a residence permit is selected taking into account not only the price and delivery date, but also the current registration form.

3. Who can apply together with the owner

The law provides for the possibility of issuing a short-term residence permit to the owner of a suitable property, as well as his spouse and children. A separate set of documents is prepared for each family member confirming relationship and other necessary circumstances.

The exact list of documents should be clarified immediately before submission.

4. For how long is a residence permit issued?A short-term residence permit based on real estate can be issued and renewed for one year each time. If the ownership of the object that served as the basis is terminated, the validity of such residence permit may also be terminated.

If the property is retained, a re-assessment of the value for renewal may not be required in cases provided for by law, however, current requirements must be confirmed before applying.

5. Main stages

First, an object with a sufficient margin of cost is selected and its legal status is checked. Then the transaction is carried out and the ownership is registered in the Public Register. Once registered, a certified appraiser will determine the market value. Next, an application, extract, assessment report, passport and additional documents are prepared.

The application may be submitted in person, through an authorized representative or electronically in the cases and in the manner prescribed by the rules. The decision to issue a residence permit is made by the competent government body, and not by the seller, developer or real estate agency.

6. Why do you need a cost margin?

Buying an object with a promotional price exactly at the threshold level is risky. Exchange rates and the result of an independent appraisal may result in the GEL value being insufficient. It is safer to view properties with a reasonable margin and consult with an appraiser in advance.

7. Frequent buyer mistakes

The first mistake is to rely on the old amount of $100,000, which is still found on websites. The second is to consider the contract price as a guaranteed estimate. The third is to buy a property under construction without finding out what right is registered now. Fourth, believe that the purchase automatically guarantees a positive decision on the residence permit.

How AM Estate helps you choose a property

We select apartments taking into account the purpose of obtaining a residence permit, check the registration form and help organize interaction with relevant specialists. At the same time, we honestly explain: the final assessment is carried out by a certified appraiser, and the decision is made by the state body.Leave a request and inform that the purchase is being considered for a residence permit. We will offer suitable properties in Batumi with a margin of cost and explain further steps.

The material is updated according to the current version of the legislation at the time of preparation and does not constitute legal advice. Before transacting and submitting an application, you should check the current requirements.