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Guide to Buying Property in Georgia (Country)

Welcome to our comprehensive guide for foreigners interested in purchasing property in Georgia. This guide aims to provide you with all the necessary information to navigate the Georgian real estate market confidently.

1. Eligibility and Residency:
– Foreigners are eligible to buy properties in Georgia without the need for a residence permit.
– A minimum property investment of $100,000 qualifies for residency.

2. Necessary Documents:
– Signed purchase contract.
– Extract from the Georgian Public Registry.
– Notary certificates.
– Passport or ID.

3. Property Verification:
– Conduct due diligence for any debts or mortgages.
– Consult with a law firm for Land Register inquiries.

4. Purchase Procedure:
– Perform thorough due diligence.
– Verify property and owner details at the Georgian Public Registry.
– Obtain an official translation of the registry extract.

5. Buying from Developers:
– Options include existing properties or those under construction.
– Registration with the Ministry of Finance is required.

6. Fees and Taxes:
– Real estate agency commission fee.
– 1% property tax.

7. Property Conditions:
– White frame: Basic infrastructure without interior decorations.
– Black frame: Only doors and windows.
– Green frame: Nearly complete, needing final touches.

8. Ownership Limits: No restrictions on the number of properties owned.

9. Post-Purchase Steps: Property registration with the Land Registry is essential.

10. Cryptocurrency Purchases: Possible, but conversion to fiat currency is recommended.

*Bank Loans: Available only to residents.

*Timeframe: The purchase process can typically be completed within a week.

*Rental Income Tax: Generally subject to a 20% tax, with alternatives for residential rentals.