Georgia PM rules out granting right of residence to foreigners buying property

The purchase of residential property in Georgia by foreign nationals does not grant them the right to reside in the country, thanks to a well-designed migration policy, Prime Minister Irakli Kobakhidze said, according to local media reports cited by Caliber.Az.

The launch of the Eagle Hills residential development project by an Arab company has fuelled concerns that Georgia could see an influx of foreigners who might displace local residents.

“Under the law, purchasing property worth at least $100,000 can serve as grounds for issuing a residence permit. But this is not an automatic process — every case is reviewed, including from a security standpoint,” Kobakhidze stated.

He stressed that buying real estate in Georgia does not guarantee the right to live in the country.

“This is a short-term residence permit valid for six to twelve months. It does not provide any guarantees of remaining in Georgia. Our migration policy in this regard is strict,” he said.

Kobakhidze added that although 60,000 apartments have been sold to foreign nationals in recent years, this has not had a significant impact on the country’s demographics.

By Khagan İsayev