Georgia is a new Cyprus for Russia

2022/11/45441-1668064208.jpg
Read: 646     11:00     10 Ноябрь 2022    

Forbes magazine rated Georgia as a "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 annual confirmation of the fact of ownership of property", explains Viktor Sadygov, a member of the AREA Association. — To confirm the value, not only a contract of sale of your property may be required, but also obtaining the conclusion of a special appraiser service. To actually get 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 for at least six months, that you have accounts open here and have a really working business".

"In the Georgian residence permit program, both residential and commercial real estate can be an object of investment", Milishenkova clarifies. — To participate in the program, the ownership of an 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. The evaluation of new buildings takes place at the stage of readiness. The price includes finishing, furniture and appliances, so apartments in new buildings in Georgia are often rented with full furnishings".

"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", Intermark Real Estate partner Irina Mosheva clarifies.

"After 10 years of permanent residence and ownership of real estate in the country, you can get an indefinite residence permit," explains Milishenkova. — When investing in real estate in the amount of over $ 300,000, a residence permit is issued immediately for five years, and after the expiration of the term, you can apply for a resident status indefinitely. To obtain residency, an investor needs to keep property with a total value of more than $300,000 for five years". Residency gives you the opportunity to apply for citizenship if you wish.

According to Tranio (at the disposal of Forbes), the average cost of a meter in apartments in Georgia on November 1, 2022 reached €1,350, whereas 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%", explains Milishenkova. The average price of an apartment in Georgia is now €126,600, a year ago — €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. During 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 explained by an increase in the share of clients who purchase real estate in Georgia to participate in the investment residence permit program", Forbes writes.

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Georgia is a new Cyprus for Russia

2022/11/45441-1668064208.jpg
Read: 647     11:00     10 Ноябрь 2022    

Forbes magazine rated Georgia as a "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 annual confirmation of the fact of ownership of property", explains Viktor Sadygov, a member of the AREA Association. — To confirm the value, not only a contract of sale of your property may be required, but also obtaining the conclusion of a special appraiser service. To actually get 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 for at least six months, that you have accounts open here and have a really working business".

"In the Georgian residence permit program, both residential and commercial real estate can be an object of investment", Milishenkova clarifies. — To participate in the program, the ownership of an 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. The evaluation of new buildings takes place at the stage of readiness. The price includes finishing, furniture and appliances, so apartments in new buildings in Georgia are often rented with full furnishings".

"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", Intermark Real Estate partner Irina Mosheva clarifies.

"After 10 years of permanent residence and ownership of real estate in the country, you can get an indefinite residence permit," explains Milishenkova. — When investing in real estate in the amount of over $ 300,000, a residence permit is issued immediately for five years, and after the expiration of the term, you can apply for a resident status indefinitely. To obtain residency, an investor needs to keep property with a total value of more than $300,000 for five years". Residency gives you the opportunity to apply for citizenship if you wish.

According to Tranio (at the disposal of Forbes), the average cost of a meter in apartments in Georgia on November 1, 2022 reached €1,350, whereas 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%", explains Milishenkova. The average price of an apartment in Georgia is now €126,600, a year ago — €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. During 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 explained by an increase in the share of clients who purchase real estate in Georgia to participate in the investment residence permit program", Forbes writes.

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