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.
Application Procedure and Processing Time
To obtain a residence permit, a foreigner applies to the Public Service Development Agency in person or through an authorized representative; the application and attached documents are submitted in the state language and, in cases determined by the legislation, may also be filed electronically. The Agency is entitled to verify the information indicated in the documents on site, through inspection, and by questioning the relevant persons. The processing time for applications must not exceed thirty days from the full submission of the required documentation; the foreigner is notified of the results electronically, and the decision may be appealed under the procedure established by the legislation.
Within the general framework, a foreigner may carry out investment and entrepreneurial activity in Georgia in accordance with the legislation and in that case has the same rights and bears the same duties as a citizen of Georgia. For those seeking a work-based residence permit, the law provides that the monthly income from entrepreneurial or labor activity must not be less than five times the average consumer subsistence minimum, and the employer’s annual turnover must not be less than fifty thousand lari per foreigner, or thirty-five thousand lari for an educational or medical institution.
Frequently Asked Questions about Investor Visas and Residence
What investment is required for an investment residence permit?
No less than three hundred thousand United States dollars in lari equivalent, or ownership of an immovable worth more than the same amount, valued by a certified appraiser.
Who receives a short-term residence permit?
A foreigner who owns an immovable worth more than the lari equivalent of one hundred thousand United States dollars, together with his or her spouse and children; an amendment raises this threshold.
What turnover is needed to keep the permit?
Fifty thousand United States dollars in the first year, one hundred thousand in the second, and one hundred and twenty thousand in the third, fourth, and fifth years; otherwise the permit terminates.
How quickly is the application processed?
No later than thirty days from the full submission of the documents; the result is communicated electronically and the decision is subject to appeal.
How We Help on Legal.ge
The Legal.ge team offers a full cycle of support on investor visas and residence: we assess your options and select the optimal permit basis, secure the necessary documentation together with valuation reports, prepare the application, and represent your interests before the Agency, including the organization of the annual turnover reporting. Contact us through the Legal.ge website and start your planning without hesitation.