Georgia is a new Cyprus for Russia

Forbes magazine rated Georgia as the “new Cyprus” in terms of the right to temporary residence for Russian citizens.

“In Georgia, the minimum budget for the purchase of real estate that gives the right to a residence permit is $100,000.

Such a residence permit requires an annual confirmation of the fact of ownership of the property, explains Viktor Sadygov, a member of the AREA association. — To confirm the value, it may be necessary not only to purchase and sell your property, but also to obtain the conclusion of a special service of appraisers. To actually obtain a residence permit, you will need not only to buy an apartment, but also to confirm that you have been living in Georgia for some time, preferably at least six months, that you have accounts opened here and have a really working business.”

“In the Georgian residence permit program, both residential and commercial real estate can be an investment object,” Milishenkova clarifies. – To participate in the program, the ownership of the object must be registered in the Public Register, and its value is confirmed by the conclusion of an appraiser certified by the Ministry of Justice. Evaluation of new buildings is at the stage of readiness. The price includes decoration, furniture and appliances, so apartments in new buildings in Georgia are often rented fully furnished.”

“At the same time, Russian citizens can stay in Georgia for one year without obtaining a residence permit, and the authorities do not intend to tighten visa requirements yet,” says Intermark Real Estate partner Irina Mosheva.

“After 10 years of permanent residence and ownership of real estate in the country, you can apply for an indefinite residence permit,” Milishenkova explains. – For investments in real estate in the amount of more than $ 300,000, a residence permit is issued immediately for five years, and after the expiration of the term, you can apply for permanent residence status. To obtain residency, an investor needs to keep ownership of real estate worth more than $300,000 for five years.” Residency allows you to apply for citizenship if you wish.

According to Tranio (available to Forbes), the average cost of a meter in apartments in Georgia reached €1,350 as of November 1, 2022, while a year ago this figure was €1,050. “Nominal price growth in euros for the year amounted to 29%. But given the weakening of the euro against world currencies, the real appreciation can be estimated at 5-7%,” Milishenkova explains. The average price of an apartment in Georgia is now €126,600, a year ago it was €95,200.

According to Tranio, the demand of Russians for real estate in Georgia in the first three quarters of 2022 increased by 149% compared to the same period in 2021. Over the same period, the median budget for the purchase of real estate in Georgia increased from €57,000 to €100,000. The annual budget growth (by 75%) is due to an increase in the proportion of clients who purchase real estate in Georgia to participate in the investment residence program, writes Forbes “.