Grounds for the Investment Residence Permit
An investment residence permit is issued to a foreigner and his or her family members who, in accordance with the Law on the Promotion and Guarantees of Investment Activity, have made an investment of no less than three hundred thousand United States dollars in lari equivalent, or to a foreigner who, in the manner established by the legislation, holds on the territory of Georgia the right of ownership of an immovable thing — other than agricultural land — whose market value exceeds the equivalent of the same amount. The market value of the immovable is determined by a certified appraiser of a body accredited by the Unified National Accreditation Body. Family members are the spouse, minor children, and a person supported in full or incapable of work who is dependent on the foreigner, as well as a person in the foreigner’s full support recognized as incapacitated under the law of the respective country.
A path also exists through lower-value real property: a short-term residence permit is issued to a foreigner who owns an immovable thing whose market value exceeds the lari equivalent of one hundred thousand United States dollars, and to his or her spouse and children. An amendment established in the law raises this threshold in the future to the equivalent of one hundred and fifty thousand United States dollars, and the value of the immovable is in any case determined by a certified appraiser, which excludes arbitrary valuations and makes proper documentation decisive.
Validity and Renewal Conditions
An investment residence permit may be issued for a term of five years. Where an investment has been made, the permit holder must submit annually to the Revenue Service, before the expiry of each year of validity, information on the annual turnover from entrepreneurial activity. The permit terminates if a turnover of no less than fifty thousand United States dollars in the first year, one hundred thousand in the second year, and one hundred and twenty thousand in the third, fourth, and fifth years is not confirmed; for a permit based on property, retaining ownership of the immovable is required.
An indefinite residence permit is issued to an investment permit holder and his or her family members where the above turnover dynamics are confirmed, or to a person whose permit was based on property and who has retained ownership for five years from the issuance of the permit; the application must be submitted before the expiry of the five-year term. Temporary residence permits are issued for the first time for a period from six months to one year and may be extended by no more than twelve years in total; a short-term permit is extended each time by one year and terminates when the right of ownership of the immovable ceases.