Real Estate Dollar investment
The first advantage that real estate buyers in Georgia will have is a guaranteed dollar investment because the rate of a dollar rises every year in many different countries owing to economic troubles. When you invest in Georgia, you are essentially making a dollar investment, which means you can focus on other things without worrying about currency fluctuations. According to the World Bank rating, Georgia ranks 3rd among 189 countries in terms of ease and simplicity of doing business.
Full foreigners posession
When it comes to purchasing residential real estate, foreigners have the same rights as Georgian citizens. There are no additional restrictions for foreigners, nor are there any additional taxes. A copy of your passport is the sole document necessary when acquiring real estate. The Civil Code of Georgia, Book 6: Succession Law, is the principal law that deals with inheritance issues. Any individual whose presence in Georgia is legitimate may own property, leave property by will, and enjoy succession rights to property, according to Georgian law “On the Legal Status of Foreigners.” Foreigners enjoy the same rights, responsibilities, and legal procedures as Georgian citizens.
It’s critical to know all of the pertinent information on the property you’re considering purchasing. Georgia also gives a site where you can verify property information to ensure that you are making the right investments and that the property has no hidden issues.
The Georgian real estate system is clear and transparent, therefore you have full access to the cadastral code and an excerpt paper from the Public Register. The formal information regarding the property, including the property owner, is published in this publication by the Georgia Public Register. All you need is the property’s cadastral code, which you can obtain from the seller.
After receiving the code, you can go to Tbilisi’s Justice Hall or do it online at Georgia’s public registry website for real estate. You will get access to the full name and personal ID of the real estate owner, allowing you to identify the owner and avoid any problems with your investments. If more than one person owns the property, the entire information will be listed as well. The precise location/address, property specifics such as the land function and exact square meters, any existing mortgage or seizure on the property, and other relevant data.
HIGH PROFIT Rates
Over the past 5 years, the number of tourists in Georgia has grown from 2.4 million people to 8 million. These are tourists who provide the main demand for hotel rooms and apartment rentals. Moreover, there is no property tax in Georgia. In the international ranking with the lowest tax burden on real estate, Georgia ranked 9th. Georgia has experienced high demand from investors and tourists, and it is a fertile ground for many successful investment projects, as it is one of the most popular countries in the sector of tourism and real estate, particularly in Tbilisi and Batumi. Georgia has a tendency of working to raise its investments on a regular basis, pushing any investor to thoroughly investigate the available investment prospects.