The number of foreign tourists visiting Georgia in the Caucasus has been growing in recent years. What is the explanation for that? The prices of food are comparatively low, accommodation is also very affordable and airfare is fair. Besides, the local people are extremely friendly and hospitable.
The nature in Georgia as well as the local cuisine make many visitors fall in love with the country and they return there again and again. Some of them grow so affectionate with Georgia that they buy residential accommodations in the country thus making it their second home. If you are so deeply in love with Georgia that you want to relocate there for good, legalizing your extended stay in the country is quite possible.
You feel comfortable and secure when in Georgia. Most young people speak English and Georgians are always willing to chat. Local people’s hospitality is simply amazing: they will meet you at the door, give you any help that you may need, feed you heartily, and ask you about your life. You quickly begin feeling at home in Georgia. If you don’t feel quite at home, you feel as if you were visiting your close relatives
Legalizing your stay in Georgia
You can obtain a permanent residence permit in Georgia without becoming a citizen of the country. To qualify for a residence permit, you have to make considerable investments in the country’s economy. In particular, you have to demonstrate that your business in Georgia has been successful and growing for five years before you can apply for a residence permit. In the first year, your company’s turnover has to be at least USD 50,000; in the second year, the turnover has to be at least USD 100,000; in the third, fourth, and fifth year, it has to be at least USD 120,000.
This shows that before you can obtain a permanent residence permit in Georgia, you have to live there for three years or more on a temporary residence permit. Acquiring one is not difficult at all. Temporary residence permits are valid for one year in Georgia and they can be extended.
Citizenship of Georgia by investment
You can also acquire full-fledged citizenship of Georgia by making a one-time non-returnable donation. The donation amount is substantial but you acquire lifetime citizenship of Georgia in exchange.
The procedure does not take much time: you can acquire Georgian citizenship a month after filing the application and making the donation. Georgia has no restrictions on dual citizenship, which is not the case in some other countries in the Caucasus. This means that you can have a second passport for investment in Georgia.
The required donation amount is 300,000 euros. It does not matter if a single person is applying for Georgian citizenship or a family: the donation amount remains the same. This is also an opportunity rarely to be found. Most other countries granting citizenship to foreign investors raise the required investment amounts for family applicants. This is the case, for example, with the five Caribbean countries that administer citizenship-by-investment programs.
Occasionally, the Georgian authorities take effort to promote the economic citizenship program by making limited-time offers. They offer a discount and ‘sell’ Georgian passports for 200,000 euros instead of 300,000. Thus, if you know somebody who keeps track of what’s going on in the investment immigration industry, you can save 100,000 euros by making use of one of the limited-time offers on the condition that they keep emerging on a regular basis.
Freedom of travel with a Georgian passport
When you become a citizen of Georgia, a passport of the country is issued to you. This document allows traveling around all the Schengen zone countries without visas. In addition to that, your Georgian passport will give you visa-free access to other countries in Europe, Asia, and Latin America. For instance, you are not going to have to apply for a visa if you want to visit Turkey, Ukraine, Mongolia, Colombia or the Bahamas.
Short-term residence permit for purchasing real estate in Georgia
You can also acquire legal residence in Georgia in a cheaper way. If you invest at least 100,000 euros in real estate in the country, you will qualify for a temporary residence permit. The permit is valid for one year only but you can extend it infinitely as long as you keep the property in your possession. You can invest in any kind of real estate: residential accommodations, commercial property, or a land plot. You cannot buy agricultural land, however. After five years of living on an (extended) temporary residence permit, you can apply for a permanent one.
The Parliament of Georgia launched the program that grants residency to foreign nationals buying real property in Georgia back in 2015. Since that time, thousands of foreigners have obtained legal residence in Georgia.
We have some more good news for you: your legal residence permit in Georgia will serve as a work permit too. Thus, you can live and work in Georgia on legal grounds without having to apply for a second document.
Georgian currency
The official currency in Georgia is the lari. Dollars and euros are not in free circulation in the country, which means that you will have to exchange your hard currency for laris in order to purchase property or make the donation. One dollar currently sells at approximately 2.6 laris even though the exchange rate can fluctuate. At the current moment, the lari is on the rise.
You had better exchange your dollars or euros for laris in banks or authorized money changers. You can find currency exchange offices at the airports too but they usually offer worse exchange rates. A person in the street might offer you a better exchange rate but you must realize that certain risks can be involved in exchanging currencies with an unauthorized money changer.
As far as everyday payments are concerned, you can use your credit card in Georgia without too many problems. Almost all shops and outlets accept credit cards in large Georgian cities. At the same time, you should realize that you might find yourself in trouble if you go to a remote Georgian settlement somewhere high in the mountains. Chances are that your credit card won’t work there so you’d better bring some cash.
