by propertizeco 
Are you considering investing in the Georgian real estate market by buying a property in the charming city of Tbilisi? If so, then you should be aware of the residence permit program the country has in place. With this program, you can become a legal resident of Georgia provided you meet certain conditions and obligations.
Thankfully, those conditions are not too difficult to fulfill, and neither is applying for the permit itself. But before starting any process, it’s important that you’re informed about all your options and have a clear understanding of what’s required. To help you along that journey, we’ve put together this guide to buying real estate in Tbilisi and getting a residence permit in Georgia. So let’s jump straight into it!
Buying Property in Tbilisi: An Overview of the Real Estate Market
Are you considering buying real estate in Tbilisi? There is no question that the capital of Georgia is an attractive option for those looking to diversify their real estate portfolio. With a vibrant and growing economy, a low cost of living, and an array of cultural and recreational activities, Tbilisi has become increasingly popular as a place to purchase property.
The city boasts a wide variety of real estate options, including luxury condominiums overlooking the Kura River, quaint villages on the outskirts of town where life moves at a slower pace, and modern apartments in bustling downtown neighborhoods. Prices range from affordable to luxurious, depending on which part of town you choose to buy in—but regardless of your budget, you’ll be sure to find something that suits your needs.
When buying real estate in Tbilisi, it’s important to note that most property is sold via private contracts between buyer and seller. It’s also important to understand the residency permit process: If you plan on staying in Tbilisi for more than 90 days on any given visit, then you will need to apply for a residence permit. Fortunately, this process is relatively straightforward if you have all the necessary paperwork and documentation prepared beforehand.
Benefits of Investing in Real Estate in Tbilisi
Investing in real estate in Tbilisi may have multiple benefits for you. First and foremost, the city has been experiencing a strong economic boom over the past few years, making it an attractive place to purchase property. Plus, owning a house in Tbilisi gives you access to a wide range of amenities and services that can make your life easier and more enjoyable.
Not only that, but obtaining a residence permit through your investment could help you gain access to other benefits like visa-free travel to many countries in Europe. You could also enjoy the low cost of living in Tbilisi compared to other places and benefit from tax incentives for foreign investors. Plus, if you plan on renting out the property, you can make additional income from this real estate investment.
Overall, there are plenty of advantages to investing in real estate in Tbilisi and obtaining a residence permit through the program—all of which could make for an exciting and financially rewarding experience.
How to Apply for a Residence Permit in Georgia by Buying Property
When it comes to applying for a residence permit in Georgia, the process can be made much simpler by buying a property. To begin, you’ll need to prove that you meet certain requirements – including having sufficient funds to cover living costs and a valid passport – and that the property meets certain criteria.
Once you meet those requirements, you’ll be able to apply for residency by buying real estate in Tbilisi. Here’s what you need to know:
- You must buy real estate worth at least $100,000 USD in order to apply for the residency program.
- You must provide evidence that your purchase is legitimate – such as a sales contract or deed of ownership – as well as other documents regarding your purchase.
- You may have to prove that the residence permit will not be used for any commercial activity.
- The application process may take up to three months and involves submitting numerous documents.
- Once approved, you’ll receive a residence permit valid for one year.
Documents Required for a Residence Permit Application
When it comes to the residence permit program in Tbilisi, there are certain documents you’ll need to provide before submitting your application.
ID Card and Passport
You’ll need to provide both a valid and up-to-date ID card and passport. It’s important that these both have the same first name, last name, as well as date of birth.
Real Estate Documentations
You’ll also need to provide necessary documents from when you purchased your real estate in Tbilisi. This includes a Certificate of Registration, an Agreement of Sale and Purchase, a Title Deed, Tax Payment Certificate—which proves that you’ve correctly paid all relevant taxes—and proof that the purchase price has been received by the seller.
Proof of Funds
Lastly you’ll need to provide evidence of where your funds have come from for purchasing the real estate in Tbilisi. This could be a bank statement or employment certificate, depending on the source of your income. It’s important that you keep all paperwork readily available when applying for the residence permit program.
Applying for Permanent Residency After 5 Years
If you’ve been living in Tbilisi and renting for quite some time, you might be considering buying a property to make your stay more permanent. If that’s the case, that means you’ll eventually want to apply for a residence permit, which opens up a number of benefits to you as an expat in Tbilisi.
At the moment, the application process requires that you have bought a real estate property with a value of at least $100,000 USD and held it for five consecutive years before applying—so if you’re looking to apply for residency after buying real estate in Tbilisi, here are the things you need to know:
The Process
After five years of holding onto your real estate purchase in Tbilisi, you can apply for permanent residency through Georgia’s Residence Permit Program (RPP). The program makes it easier than ever before for foreign nationals to live and work in Georgia, one of the fastest-growing economies in Eastern Europe.
Documents Needed
When applying for the RPP program after purchasing real estate iin Tbilisi, you will need to submit certain documents with your application. These include:
- A copy of your passport and visa
- Proof of address
- A background check verifying your criminal record (if applicable)
- Evidence of financial stability such as income statements or bank statements
- Copies of legal documents related to ownership or rental agreements for your real estate property in Tbilisi
- Documentation from the Ministry of Internal Affairs confirming that you have held onto your property for at least five consecutive years prior to submitting your application
Making sure all these documents are ready ahead of time can expedite the process and make sure there are no hiccups along the way—so make sure everything is in order before submitting your application!
Additional Considerations: Taxation, Healthcare and Education in Georgia
If you’re considering investing in real estate in Tbilisi, it is important to take into consideration additional factors such as taxation, healthcare and education. Fortunately, the Georgian government has put programs and laws in place to make all of these easier for foreigners.
Taxation
In 2020, the government of Georgia implemented an obligation to pay 2% on the “unrealized” income made from buying and selling real estate transactions. However, if you’re planning to buy and keep a real estate property in Georgia for more than five years, you can be exempt from paying this tax.
Additionally, residents that have been living in Georgia for more than 183 days are eligible for a 20% income tax rate on all earnings abroad — one of the lowest tax rates worldwide!
Healthcare
International citizens can receive medical care insurance through their employer in Georgia or by participating in an insurance program offered by the state-run Social Service Agency.
Furthermore, if you meet certain criteria (like being married to a Georgian citizen), you may be eligible to receive health services free of charge through the Georgian Healthcare System.
Education
Throughout the country there are over 500 public schools which offer tuition-free educational programs from kindergarten up until college level. Academic instruction is mainly given in the Georgian language but many schools also offer English language courses as well as other foreign languages (German, Turkish etc).
So if you’re looking to move to Tbilisi permanently or are just interested in exploring investment opportunities through buying a real estate property there, rest assured that there are multiple advantages that come along with investing – including healthcare and education services – should you decide to become an official resident of Georgia through the Residence Permit program.
Buying real estate in Tbilisi and applying for the residence permit program is a great way to invest in the city. You get to enjoy the city’s amazing culture, yet you can also live and work there. Not only is Tbilisi an affordable city to live in, but the real estate market has potential for growth in the future.
Before you go ahead and purchase any property, however, make sure to do your due diligence. Research the area, surrounding neighborhoods, and local regulations. Have a good idea of the budget you can afford and the type of property you want. Finally, make sure to get the right visa and residence permit assistance, and always check with an experienced lawyer if you have any questions. With the right preparation and research, your dream of owning real estate in this beautiful city can become a reality.
