Real estate search engine GEOLN.COM is used by clients from more than 72 countries. A variety of requests come to us from absolutely different parts of the world. We have compiled a list of the most frequent questions and provide comments to each of them.
In the CIS countries, everyone is familiar with Georgian cuisine and hospitality, cordiality and warmth of welcoming guests, fewer people are familiar with the reforms and investment privileges that have attracted investors from all over the world to Georgia for the last 5 years. In Europe, more and more people learn about Georgia and ask for details about the country.
1. Georgia – “a dreamland oasis" in paradise
Georgia is located between Europe and Asia. A country with a long history, culture, traditions, with excellent cuisine and warm hospitality. It is washed by the Black Sea, borders with Russia, Turkey, Azerbaijan and Armenia. The population is 3.7 million people. The official currency is Lari, the form of government is a parliamentary republic.
2. What is Georgia famous for?
Georgia is considered to be the birthplace of wine. Archaeological findings confirm that a man first cultivated a wild vine and infused wine from its fruits on the territory of Georgia. The country is known for its traditions and culture that go back centuries. Georgia attracts tourists with its hospitality, gets to fall in love with its songs, dances and excellent cuisine. Sukhishvili and Erisioni ensembles are known all over the world. Georgian polyphony is recognized by UNESCO as a masterpiece of world polyphony. Under UNESCO protection is the ancient city of Georgia Mtskheta founded in the 5th century BC and belongs to the world heritage.
Three types of Georgian writing - mrgvlovani, nuskhuri and modern mkhedruli are also included in the list of intangible cultural heritage of UNESCO. Georgian cuisine is considered one of the best in the world.
When you come to Georgia you fall in love and involuntarily want to stay here to live. Watch the video reviews of GEOLN’s customers who have been on tours of real estate, moved to live, purchased real estate for themselves, parents. Words cannot describe the emotions that delight investors from the beauty and scenery.
3. Georgian economy. What are the prospects and opportunities for business?
The main factors of development and growth of the Georgian economy are:
- Association with the EU
- Visa-free regime with EU countries
- A large increase in investment
- Free trade zone with large countries (China, EU countries).
- Georgia is one of the important members of the revival of the Great Silk Road, which contributes to the rapid trade turnover between Europe and Asia, through the deep-water port of Anaklia.
Also in Georgia, there are 2 more operating seaports in Batumi and Poti. Batumi is a touristic city located on the Black Sea coast – a real magnet for tourists, and Poti is a more industrial region, a tax-free economic zone. Georgia has a wide range of minerals, the main of which are high-quality manganese ores, coal, copper ores.
There are about 2 thousand supplies of fresh water, 22 mineral water deposits, including therapeutic ones: "Borjomi", "Sairme", "Nabeglavi", "Zvare" and others.
4. Is it safe in Georgia?
According to the research of the international organization NUMBEO, Georgia ranks 1st in Europe and 7th in the world in the absence of criminal activity. The absence of corruption increases the flow of investments every year.
5. What are the taxes in Georgia?
There are only 6 types of taxes in Georgia. This led to the fact that, according to the World Bank, Georgia ranked 8th in the World for ease of doing business. The rental property tax is only 5%, there is no real estate tax.
6. How to get a residence permit?
In the case of an investment of $ 35,000, the buyer automatically receives a residence permit, as well as family members, minor children and parents in care. More detail about the procedure for obtaining a residence permit you can find in the publication - Residence permit of Georgia.
7. What is the tax in case of sale of real estate?
In case of sale of real estate within two years after the entry into the property, the tax is 20 % of the profit. After two years, there is no tax.
8. Do I need a visa to visit Georgia?
Georgia has a visa-free regime for citizens of 94 countries who can stay in the country for 365 days.
9. Why is it profitable to buy an apartment in Georgia?
- Acceptable pricing policy;
- Dynamic price growth, especially after renting out the object and fast payback within 4-5 years.
- The lack of property tax;
- No language barrier and ease of doing business.
- State-controlled construction quality.
- Obtaining a residence permit.
Read more about the benefits of buying real estate in Georgia in the article Seven reasons to invest in Georgia.
10. Do I need a husband/wife's written permission (or presence) when buying a property?
- According to the legislation of Georgia, the permission of family members to purchase real estate is not required.
11. Why is Batumi attractive to tourists?
The famous Batumi Boulevard makes the coast one of the most beautiful in Europe. A 3-hour drive away is the ski resort Goderdzi, which is famous for its long season and allows tourists coming to the sea. Today Batumi is the most important cultural, economic and touristic center of Georgia.
The city is famous for its historical center and modern districts with skyscrapers. Batumi is the only city in the world with a population of 170 thousand people, where there are so many hotel brands.
Every year the flow of tourists to Batumi increases. Someone is attracted to the warm sea, others – to the architecture of the past and present, the third – to the national cuisine. The city has museums, theaters, nightclubs and restaurants with excellent Georgian cuisine, boutiques of Georgian designers.
9 km away from Batumi is the famous Botanical garden, one of the largest in the world, where there are plants of more than 5 000 species. Concerts of world stars are held on the program "Check-in Georgia", the International Jazz Festival.
12. What is the business activity of Batumi?
The city has an international airport and every year the number of airlines and flights increases. In the summer of 2018, the airport receives more than 25 flights. The city has a passenger and cargo seaport. There is also a yacht club. Major industrial facilities of the city are the oil terminal and container terminal.
Batumi is a border town with Turkey. A lot of already opened casinos and an increase in their number makes Batumi the center of gambling business in the region. The city is the gambling center of the region and according to the development plan, 2020 Batumi will be on the 3rd place in the world in the number of casinos, second only after Las Vegas and Macau.
13. How many kilometers to Tbilisi and how to get there?
The distance to Tbilisi is 380 kilometers. By car and by train, the journey time will be approximately 5 hours. It is also possible to get there by plane.
14. What are the payback periods of investments?
The dynamic growth of the tourist flow every year allows you to fully recoup your investment in just 3-4 years.
15. Do I need a confirmation of earnings to take out a loan?
The confirmation of earnings occurs orally.
Send us your questions via social networks or contact page. We are happy to tell you about the opportunities that are available for investors in different regions, about the prospects and answer your questions, both in general about the country and for each project.
Please note that GEOLN provides support services for the purchase and sale of real estate, as well as free legal advice on procedures, etc.
(c) the team of GEOLN