Temporary residence permit in Georgia when buying real estate - how to obtain it
Learn about the benefits of having a temporary residence permit in Georgia and how to obtain a residence permit in Georgia when buying real estate in the country
Find out how to obtain a residence permit in Georgia⬇️
- 1. Benefits of residence permits in Georgia
- 2. Types of residence permits in Georgia
- 3. How to obtain a residence permit in Georgia for the purchase of real estate
- 4. What documents do I need to buy a home?
- 5. Differences in the registration of new-build and secondary housing in Georgia
- 6. How to apply for a residence permit after buying a property
- 7. What documents do I need to apply for a residence permit?
- 8. Expenses for the purchase of a property
- 9. What to do after the transactions have been completed
If you have ever thought about moving to another country or obtaining a second citizenship, Georgia offers simple conditions for obtaining a residence permit when buying real estate.
We offer you to study what are the peculiarities of obtaining a residence permit in Georgia, what you need to know about buying real estate to obtain a residence permit in 2021.
Having a residence permit in Georgia is possible:
Georgia offers residents of many countries some of the most favourable conditions for obtaining a residence permit. The procedure is simple and fast, which attracts investors.
- freely leave and enter Georgia;
- use a Schengen visa after 6 years;
- obtain Georgian citizenship after 10 years;
- Conduct business without additional taxation;
- To invite guests to Georgia;
- Work or get education without crossing border regularly;
- Get loan or credit in a bank on more favorable terms;
- use public services
Types of residence permits in Georgia
As of 2021, there are 10 residence permit programmes in Georgia. There are study, work, family restoration, conditions for investments, short-term, permanent, special, temporary residence permits, for former Georgian citizens and for stateless persons.
We are interested in obtaining a short-term residence permit that will be permanent upon expiry of 6 years of stay in the country. A short-term residence permit is issued for the purchase of real estate.
How to get a residence permit in Georgia for buying real estate
It is possible to obtain a residence permit in Georgia for the purchase of real estate if you buy real estate of more than 100,000 USD. In this case it can be several properties, but not for agricultural purposes. You can buy them on credit and use them for commercial purposes after the paperwork is done.
In this case all necessary procedures can be carried out in a few days, some even online. It is much easier to buy a flat in Georgia than in many other countries in Europe and the world. It is the simplicity of the procedure and the many advantages that follow that attract foreigners to this service.
Let's look at the basic details of buying a property
What documents do I need to buy a home?
- Naturally, it is a passport of a non-resident of Georgia, or a similar ID card. It is obligatory to have it translated into Georgian and notarized.
- Sale-Purchase Agreement in 3 copies - one in the buyer's native language and the other two in Georgian. They must be certified at the House of Justice.
- Payment of the state duty. The amount depends on the urgency of the registration - from 50 to 200 GEL. The faster you need it the more expensive it is. The procedure takes maximum 4 days.
Where should I bring the paperwork for the property registration?
All real estate transactions in Georgia are conducted at the Public Registry, but they are also represented at banks, real estate organizations and notary offices. So, choose the one nearest to you and register your property.
Among all countries Georgia is one of the most attractive in terms of the easiness of the procedure. No problems, no paperwork, no red tape.
You will be provided with an international standard deed once you are ready. You can print it out from the registry website, it does not require authentication.
Differences in the registration of new-build and secondary housing in Georgia
An overseas resident can buy any property other than an agricultural property. In the case of secondary housing, there are no additional considerations other than those described above.
When purchasing a property that has not yet been built, you must take into account the need to register the title and the preliminary sales contract.
There are no complications, the only difficulty is waiting for the construction to be completed. The ownership documents can be obtained after the main contract of sale has been signed. It is executed when the house is ready.
An advantage of buying a property under construction is that there is an interest-free mortgage with the bank for the purchase of the property. Thus, in the case of approval of credit for secondary housing interest will be in the region of 8-10% with a down payment of 50%, and for new construction - 0% with a contribution of up to 30%.
How to apply for a residence permit after buying a property
So, you have registered the property you have purchased. Now you can start the procedure for obtaining a short-term residence permit in Georgia.
Before applying for it, make sure that you are in the country legally and there are more than 40 days left until the end of your stay. Otherwise, you will definitely be refused a residence permit.
Please note that a foreign national becomes eligible for a residence permit if he or she owns real estate worth $100,000 or more. In 2019, this threshold was 35 thousand dollars. And for this amount is allowed to purchase any objects on both the primary and the secondary markets. Also, state authorities do not specify: the amount should correspond to one object or the total value of several types of housing.
The main point is the opinion of a professional appraiser certified by the Ministry of Justice, which must confirm the market value of the purchase. There is no prohibition on renting out the property as a long-term or short-term rental. The advantage of obtaining a residence permit in this way is that you can apply for it within 10 years from the date of the contract on the purchase of the property.
Any adult citizen has the right to apply for a residence permit after purchasing real estate in Georgia. In addition, the investor's spouse, children, parents and siblings are also entitled to apply for a residence permit.
What documents do I need to apply for a residence permit?
The list of documents required to obtain a residence permit after the purchase of a property is slightly different from those needed to buy it:
- Passport (other ID), and a copy of it translated into Georgian and notarised;
- Contract of Sale of Real Estate in the Georgian language;
- Payment of the state duty. For Temporary residence permit for 1 year, depending on urgency the amount varies from 210 to 410 GEL. For permanent residence permit (after 6 years) from 180 to 300 GEL;
- Proof of border crossing;
- Extract from Public Registry;
- Real Estate Appraisal Report - The result of the work of an accredited Appraiser;
- Questionnaire. Filled in at the House of Justice;
- Photo. Standard passport photo 3 by 4;
- Mortgage Agreement - if any.
When applying for a residence permit for relatives of the owner, you must add to these documents:
- Notarised copies of each family member's passport translated into Georgian;
- Copies of documents confirming that they crossed the border legally;
- Documents confirming their relationship to the property owner;
- Photo of each family member
What services can I apply for online?
You can apply for a residence permit for Georgia online on the website of the House of Justice, attaching scans of all documents. However, all originals must be submitted within 10 days of the application, otherwise you will be refused a residence permit.
Expenses for the purchase of real estate
In addition to the basic cost of real estate, which should exceed 100,000 USD, there are additional expenses. These include the services of an interpreter, lawyer, notary, fees.
For example, here is the average cost of additional services and their necessity:
- Lawyer - charges for their services range from 600 to 3000 lari. They are needed at the initial stage for selecting an honest seller, preparing a sales contract, and conducting the transaction.
- Notary - charges range from 50 to 500 lari. They are needed for certifying copies of documents and preparing powers of attorney, if necessary.
- Translator - charges 10 lari per page for document translation and 30 to 50 lari for conducting negotiations during the transaction.
- Real estate agent - if you use their services, be prepared to pay 3 to 10% of the property value. The amount depends on the region.
- Appraiser - 300 lari.
- Preparation of a preliminary contract (in case of purchasing unfinished housing) - 50 lari.
- Registration of the sales contract - 205 lari.
- Registration of property rights - from 50 to 200 lari. As mentioned above, the amount depends on the urgency.
- Obtaining a residence permit - from 210 to 410 lari. Again, the amount depends on the urgency.
- Translation of the mortgage agreement and its notarization (in case of mortgage registration) - from 350 to 450 lari.
What to do after making transactions
Once all the documents are processed, the apartment is under your ownership, and you have submitted an application for a residence permit in Georgia, you need to obtain a temporary identity card of a Georgian citizen - binadrobou. You must do this within 10 days after receiving permission. Failure to comply with the deadlines may result in a fine.
It is also mandatory to inform the Ministry of Internal Affairs of your country about this. You have 60 days for that.
In the future, don't forget to pay taxes and register your place of residence in Georgia.
If your application for a residence permit has been rejected, don't despair. Carefully study the reasons for the refusal. Perhaps, it is due to the submission of an incomplete set of documents. Correct all mistakes and try again. You can submit an application an unlimited number of times.
Buy property in Georgia, apply for a residence permit, obtain citizenship, and change your life for the better!
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Эта тема всегда будет актуальной и полезной для широкого круга людей. Замечательно, что автор так детально осветил этот вопрос в своей статье, перенося знания и новые факты на читателей. Выделенный в статье момент о необходимости получения временного удостоверения личности гражданина Грузии после оформления всех документов и подачи заявления на вид на жительство - весьма информативный и практичный нюанс. Благодарим автора за ценные сведения
Я благодарен автору за такую информативную и практическую статью. Она дала мне ясное представление о процессе получения ВНЖ в Грузии через покупку недвижимости, и я теперь чувствую себя увереннее и лучше подготовленным(ой) к реализации этого плана.