FREQUENTLY ASKED QUESTIONS ON BUYING PROPERTY IN GEORGIA
1. Can a foreign citizen buy property in Georgia?
Yes, a foreigner can buy every type of property in Georgia except agricultural property. This property can be bought in his own name or in the name of a legal entity (sole proprietorship firm, partnership firm or limited liability company) registered by a foreigner in Georgia.
2. What about agricultural property?
As per an Amendment made in the Consitution in 2017, foreign citizens cannot buy agricultural property in Georgia. They can only lease it for a maximum period of 49 years.
3. How can a foreigner lease agricultural property in Georgia?
The procedure is the quite simple and straight forward. First, a lease agreement is drawn up between the buyer and the seller by a qualified lawyer; then the buyer and seller or their representatives' visit the Public Registry Hall and submit documents for lease registration. Once the documents are accepted, an administrative fee is paid. After 4 days the property is officially leased in the name of the buyer.
4. What are the approximate costs & fees for registering a property in Georgia?
Since there is no stamp duty on property registration in Georgia, costs and fees are relatively low. Government administrative charges for property registration are between 50 -200 GEL depending on the processing time chosen and lawyer and translator fees add up to not more than USD 150 per registration process.
5. Is it possible to receive a Georgian resident card after buying property in Georgia?
Yes, according to law, its possible to receive a temporary resident permit if a foreigner buys non-agricultural property in Georgia having a purchase value of not less than 35,000 USD.
6. How much are the government taxes on different properties that have to be paid every year?
Government taxes on different properties are as follows: