Georgia has approved a residence by investment (RBI) scheme for foreigners who invest in property or business. Investors receive economic residence permit based on investment activity.
According to Agenda.ge, The Parliamentary committee confirmed changes for residency permits for foreigners.
- Real Estate: To receive a one-year residency permit on the basis of property, a foreign national must purchase real estate worth 100,000 USD. The mandatory amount currently is 35,000 USD.
- Employment: A foreign citizen will be allowed to apply for a labor residence permit if he/she will be employed by a company which reports turnovers of no less than 50,000 GEL per foreigner employed.
- The changes will also mandate a minimum salary for each employed foreigner and the company hiring foreigners will be obliged to immediately inform the Ministry of Justice of Georgia if the labor agreement is suspended.
- The investment residency permit will be issued if a foreign citizen invests no less than 300,000 USD in Georgia, instead of the current 300,000 GEL.
- Permanent residence: Foreigners who wish to receive permanent residence permit in Georgia will receive a five-year permit initially only if they present documents proving they have a turnover of 120,000 USD or more annually.
- Investment permit: Foreigners holding investment residency permits for five years [those who manage to present documents attesting to 120,000 USD in annual turnover over the course of five years] and who invest at least 300,000 USD in Georgia, will be able to receive permanent residency permits.
According to Migration Commission of Georgia,
- Investment residence permit is issued to a foreign citizen who invested at least Gel 300 000 in Georgia. this provision is prescribed in the Law of Georgia on Promotion and Guarantees of investment. in such cases, residence permits are also issued to the investor’s family members, which include a spouse, underage dependent and/or fully dependent incapacitated person;
- Short-term residence permit is issued to the person – and his/her family members – who, according to the rule established by Georgian legislation have the right to immovable property (except for agricultural land), with the market price above uSd 35 000 equivalent in Gel.
Investment residence permit, permanent residence permit, and residence permit of stateless person are issued for an indefinite term.
Georgia passport is ranked 50th powerful passport in the world with visa free access to 112 countries. As of March 2017, Georgian citizens can travel for short periods to most EU member countries without a visa. Georgia has submitted an action plan for achieve accession to the European Union.
