Home / Georgia / Kaladze: Foreign Citizens should Own 100 000 USD Real Estate, instead of 35 000 USD, for Obtaining Residence Certificate

Kaladze: Foreign Citizens should Own 100 000 USD Real Estate, instead of 35 000 USD, for Obtaining Residence Certificate

“It is very important that our society know several issues related to the right of obtaining residence certificate in Georgia: namely, under the current legislation, foreign citizens must own 35 000 USD real estate to obtain residence certificate”, Kaladze said and added that these regulations should be tightened.

Under the mentioned regulations, the legislative gap is that if a foreign citizen owns a 35 000 USD real estate, he/she gets one-year residence certificate, but if he/she transmits this real estate to another foreign citizen, the latter also receives residence certificate. This signifies an infinite number of foreign citizens can obtain residence certificate through the same real estate, Kaladze said. 

“We welcome and we do not object that foreign citizens arrive in Georgia, carry out legal economic activities, receive education, but the law and regulations should meet the interests of our country. I have discussed this issue with Irakli Kobakhidze, the parliament chairman and parliament member Ilia Tsulaia. We have already initiated a bill, under which the residence certificate seekers must own 100 000 USD real estate, instead of 35 000 USD. Moreover, if the person, who obtained the residence certificate alienates or transmits own real estate to other person, he/she will be stripped of the residence right in Georgia. 

As to obtaining the residence right on the ground of investments, under the current regulations, foreign citizens investing 300 000GEL in the country obtain permanent residence rights. We plan to replace 300 000 GEL by 300 000 USD and the permanent residence right will be replaced by 5-year residence right. We have already initiated the bill and we urge parliament members to back this bill”, Kakha Kaladze noted.