Based on an initiative by the Mayor of Tbilisi Kakha Kaladze, regulations on the issuance of residency permits to foreign nationals will be tightened in the near future. The Mayor addressed this issue at a recent government meeting. According to him, the tightening of the regulations serves the interests of security and the country as a whole.
“The weakness of the current laws is illustrated by the fact that a foreign national can purchase real estate in Georgia for $35 000, obtain a one-year residency permit, then pass the property on to someone else, allowing that person to also obtain residency. There have been many cases of individuals purchasing a property and later registering it under the names of other people in order to allow them to obtain residency in Georgia. This kind of a ‘merry-go-round’ situation is categorically unacceptable to us.
We have absolutely nothing against foreign nationals coming to Georgia, operating businesses within the legal framework, or obtaining education. However, laws and regulations must be consistent with our country’s best interests,” stated Mr. Kaladze.
According to the Mayor, he has already spoken about this issue with the Chairman of the Parliament Irakli Kobakhidze, as well as the initiators of the proposed law change, Ilia tsulaia and Gocha Enukidze. Mr. Kaladze has asked the parliament to adopt the aforementioned changes as soon as possible.
“Instead of the current $35 000, individuals will have to purchase real estate worth $100 000 in order to obtain a residency permit. Furthermore, individuals will lose their one-year residency permits if they pass their property on to someone else, meaning that it will no longer be possible for several persons to benefit from a single property.
With regards to the residency permits for investors, it is currently possible for foreign nationals to obtain indefinite residency by investing GEL 300 000 or more. Under our proposals, the sum of GEL 300 000 will be replaced by $300 000, and permanent residency will be replaced by 5-year residency,” stated Mr. Kaladze.