Advantages of buying real estate in Tbilisi, Georgia
Georgia, and its capital Tbilisi, is located in the area that connects between the eastern European side with the western part of the Asian continent and in the South Caucasus in Eurasia.
The area of Georgia is about 69700 km2, Georgia joined the Soviet Union until it gained independence in 1991.
Georgia has seen great demand from investors and tourists, it is a fertile ground for many successful investment projects, as it is one of the most popular countries in the field of tourism and real estate as especially in Tbilisi and Batumi, it is one of the most embraced countries for foreigners. There is a trend in Georgia to work to increase its investments continuously, prompting any investor to seriously research the available investment opportunities.
Therefore, tourism projects and real estate in Tbilisi are the most successful projects in Georgia, and there are many options for extensive business management in Georgia.
The number of immigrants to Caucasian Georgia from all over the world has increased due to the many facilities that are offered. Georgia is actively seeking to develop the investment environment, as it owns one of the most competitive markets in its region.
Real estate in Tbilisi and the residence permit
Georgia is a wonderful tourist country that owns a very large group of distinguished tourist places with many wonderful views that will make you feel paradise, you can easily get an apartment in Tbilisi that overlook the sea and near to the beautiful tourist attractions at a very special price lower than other countries.
Georgia grants citizenship when you own an apartment, that is why investing in real estate in Tbilisi attracts many, you can get citizenship when registering the contract on the same day, you can get an apartment with the right space at a reasonable price with the required finishing, whether it is semi-finished or full.
In addition to the high returns that investors or individuals can achieve through real estate investment in Georgia, another advantage gained from buying real estate in Georgia is the possibility of obtaining residency in the state as a result of the purchase.
Owning a property is one of the common ways of obtaining residence in Georgia and obtaining it after purchasing a property worth more than $ 100,000 (according to the latest update of the Georgian law) and you must attach proof of ownership of the property with the rest of the required documents.
To apply for the residency program after buying a real estate in Tbilisi
Firstly, you have to go to the General Services Center in Tbilisi to apply. You will also need an appraisal certificate that proves the value of the property as well as a copy of the documents you received when registering the property. You will also need to present your passport with stamps proving that you entered the country legally as well as two passport photographs. You will also need three citizens of Georgia to recommend your residency application.
You must have at least 40 days left of your visa at the time of first-time residence application in Georgia.
The following points are to be considered if you are migrating to Georgia
· Georgia granted immigrants 90 days visa at 50 Lari, or 360 days at 100 Lari, knowing that some countries do not need entry visas such as America, Switzerland, Germany, Gulf countries and others, noting that the staff of the United Nations and member states can enter it for 90 days without a visa.
- Georgia allows immigrants to have a job, but if any forged document is discovered, the migrant is punished with imprisonment and a fine, bearing in mind that when filling any job in Georgia, the employer is needed to confirm that the worker has a work permit.
- Migrants can have a driving license from Georgia, but after presenting all the necessary documents and the most important of which is the residence document.
- If immigration to Georgia takes place illegally, all immigrants are only allowed to access to emergency services or health care, but they cannot access public services and benefits, and students are not allowed to attend government schools there.
- Any delay in Georgia after the expiry of the visa period needs the owner to pay a fine that depends on the period of the delay.
- Migrants can vote in elections, but only after they submit an ID that contains their photos.
What you should ask about before to buy real estate in Tbilisi
Location is one of the most important factors to be considered when buying a real estate you have to know about the neighborhood, the standard of living there, and what it is popular for, the visibility of the property also means of transportation available and freeway access.
Physical condition is very important to do a physical inspection to know the condition of the property, especially the condition of the roof and the floor, plumbing systems, and the electricity system.
You will also have to know if the property poses threats to the environment, and the historical use of it to evaluate correctly the true value of the property and possible troubles.
Tenants already living in the place, you’ll want to take a closer look to ensure reliability and cash flow. When appraising tenants, think like a bank and look for credit, collateral, and capacity to repay.
The flexibility you should think about the flexibility in the field of the real estate in case of tenant defaults or change of the activity to have the ability to change use types or tenants. For example, you can change to a commercial real estate where you can vary your portfolio and provide you with additional income.
Projected Growth in the area where the property lies, as it is very important to know about the current and forecasted growth of the area around the property.
The better to choose a property where the demographics are stable or growing, in addition to the new businesses are starting in the area.