I got it when it only an investment of 30,000 in real estate was needed. Now it has changed to 100k.
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Residency in Georgia by investment!
- Thread starter Martin Everson
- Start date
I got it when it only an investment of 30,000 in real estate was needed. Now it has changed to 100k.
what exactly did you get for that investment? residency permit (unlimited stay without visa)? local ID/passport? tax residency certificate?
Got a 1 bed new build flat but also bought a flat in Vake. Total investment was over $370k. My residency is permanent now.
They changed law in 2019 I believe to raise limit. Not checked as im not affected. I had been telling ppl to get out of EU while you can. It will only get more and more difficult and expensive going forward sadly.
Do you mean it's used for all bank accounts, as a tax residency as well? Earlier you said that Georgian's residency is ok but it's not the place you want to settle. do you spend a lot of time there during the year?
It is not used for any of my bank accounts other than the local ones and and some other non-bank stuff. I spend time there . Its basically my transit hub.
I'm probably kind of slow today... does it mean you have local ID like any other citizen?
Have you tried to use it as a tax residency for any foreign banks recently? Did they accept it?
I'm so much interested because I am considering it as a low tax base, not as a transit hub.
Not found any serious banks that accept it but have not tried too hard. Biggest issue is potential for conflict again with Russia and then Georgia will be blacklisted. The place was a war zone just over 10 years ago. Think about that for a moment maybe and factor that into your planning.
Did they directly denied you based on your Georgian residency? Or if you change the residency on existing account is it really they close it thereafter? For now the country isn't blacklisted at all and has a good relations with all countries and organizations. The only issue for banks I see is that it's not in the CRS and it can be a red flag for banks. But on the other side being non CRS and low tax is why we consider it as a residency option.
why should a country be blacklisted only for some conflicts? in the past conflict the US and EU have supported Georgia
An example I tried with one of my Swiss banks and they said they accept Georgia but they need to re-KYC my entire relationship from top to bottom and I would move into a high risk bracket. They even suggested I might need to complete a new Form A
Banks don't tend to like money been wired in and out of conflict zones unfortunately.
Do you expect something serious to happen? I noticed that Putin banned direct flights to the country... And of course two parts of the country are occupied by Russia and are defacto dependent on aid from Russia, they use rubles etc.
I wonder whether it makes sense to invest in real estate to get residency card there, I checked some websites like place.ge and most apartments and buildings look very shabby, even the NEW buildings look tacky, maybe it is a local art to build a new building that immediately looks 10 years old.
Add to that that citizens of many countries can arrive and stay for up to 1 year legally without much requirements. Maybe not if you're from Iran but if you're from the western world, I do not see much added benefit in building real estate there.
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