Georgia, with its amazing nature, rich history and hospitable people, has become a popular destination for foreign investors looking to purchase real estate here. However, what are the conditions and procedures for foreigners wishing to purchase property in this country in 2023? Let’s figure out how complicated this process itself is and what changes have occurred in Georgian legislation to make it more accessible to foreign investors.
1. Legislative changes and simplification of procedures
Georgia is actively working to simplify procedures for purchasing real estate and attracting foreign investors. In recent years, changes have been made to the law to make the process more transparent and convenient.
2. Permission to purchase real estate
To purchase real estate in Georgia, foreigners must obtain a special permit from the Ministry of Economy and Sustainable Development of Georgia. This permit is usually issued without major problems, and the process is significantly simplified compared to some other countries.
3. Types of real estate available to foreigners
Foreigners can purchase various types of real estate in Georgia, including residential buildings, apartments, land plots and commercial real estate. Local legislation does not provide restrictions on the types of real estate available to foreigners. It is better to look for suitable options through a real estate website in Georgia.
4. Taxation and fees
Owning real estate in Georgia entails certain tax obligations. For example, foreign property owners are required to pay property taxes. However, tax rates in Georgia are relatively low, which makes owning a home or apartment here more financially attractive.
5. Currency transactions
Foreign investors can carry out foreign exchange transactions in accordance with the laws of the country. The Georgian lari is the national currency, and foreign exchange transactions are widely supported in the Georgian banking system.
6. Advantages of investing in Georgian real estate
- Relatively low property prices compared to many other countries.
- Possibility of obtaining a stable rental income.
- Rapidly developing real estate market and steadily growing tourism.
7. Professional help and advice
To successfully purchase real estate in Georgia, foreign investors are advised to seek professional assistance and advice from local real estate agents and lawyers specializing in immigration and tax issues. This will help you avoid mistakes and not fall into the clutches of scammers.
Based on all of the above, purchasing real estate in Georgia for foreigners has become more accessible and simpler compared to some other countries. Legislative changes and simplification of procedures have made this country an attractive place for investment. However, before investing, it is always recommended to conduct detailed market research and seek professional advice to make an informed choice.