Yes, a foreigner can buy residential, commercial and non-agricultural property in Georgia. 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.
According a constitutional amendment made and passed into a Law in September 2017, the Georgian government has barred foreign citizens from buying agricultural property in Georgia. They can only lease agricultural property in Georgia for a period up to 49 years.
However companies registered in Georgia having minimum 51% shareholding of Georgian citizen(s) ( rest can be held by foreigners ) are eligible to buy agricultural property in Georgia.
For complete details, please write to us at contact@orbisrealty.com
The procedure is very simple and fast. First, a sale purchase agreement is drawn up between the buyer and the seller by a qualified lawyer; then the buyer and seller or their representatives with the lawyer visit the Public Registry Hall and submit documents for property registration. Once the documents are accepted, an administrative fee is paid. After 4 days the property is officially registered in the name of the buyer.
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.
Resident permits are issued to foreigners who wish to carry out any economic activity on the property they purchase in Georgia. There are two kinds of resident cards in Georgia. The first is a temporary resident card which is valid for a limited period, usually one year and a maximum for 5 years. The other is a permanent residence card which is issued for an indefinite period. A foreigner who legally resides in Georgia for a period of more than 5 years is eligible to apply for permanent residency.
Government taxes on different properties are as follows :
Company registration in Georgia is very simple, fast and less cumbersome as compared with other European countries. It takes just one day to register a company; there is no need to have a Georgian partner to form a company; minimum one Director and one shareholder are required and they can be the same ; a foreigner can own 100% shares of the Georgian company; there is no requirement to show any minimum capital.
Firstly, a lawyer is needed to prepare the documents both in Georgian and English. A legal address is also required. When all these documents are ready, the foreigner has to visit the Public Registry Hall with his lawyer and show his passport ( as identity proof ) and submit all documents personally. Once the documents are accepted, government administrative charges for company registration are paid ( usually between 100-125 GEL ). Within 24 hours, the company is registered and a registration certificate issued.
Lawyer expenses vary depending upon the services required. To know exact charges please write to us with your requirements at : contact@orbisrealty.com
Currently, banks in Georgia do not give loans to foreigners for purchasing property. However banks, upon their discretion, do provide financial support for doing business on that property. It could be a working capital facility or loan to purchase equipment and machinery.
Yes, income earned from any foreigner owned property in Georgia can be repatriated without any limit to his home country after paying taxes on the income accrued from that property.