The cost of purchasing real estate and taxes in Georgia

Rights and obligations of non-residents abroad in Georgia

Foreigners have the right to purchase any real estate in Georgia, except for agricultural land, which they can only inherit or acquire if they have second citizenship of Georgia.

Tax obligations

According to the tax code of Georgia, property owners are required to pay taxes on land, property, and income. Foreigners may also face tax obligations in their home country; for example, tax residents of Russia must notify tax authorities about foreign bank accounts or the establishment of foreign companies.

Double taxation

Georgia does not have a double taxation avoidance agreement with Russia, which means that a Russian citizen will have to pay taxes in both countries. For example, income from renting out property in Georgia is taxed in Russia as income from a foreign source.

Exchange of financial data

Georgia does not participate in the exchange of financial data under the CRS standard. The Russian tax service will not automatically receive information about money transfers to the personal accounts of Russian citizens in Georgian banks.

Acquisition of real estate

There is no property acquisition tax in Georgia. The buyer only pays a fee for registering the ownership rights at the Ministry of Justice. The amount of the fee depends on the urgency and is only 50 lari ($18) if you are willing to wait four days.

Production of documents

The process of document preparation usually takes some time, but in Georgia, you can receive your documents the next day for just 100 lari ($35). If you need a document urgently, it will cost 200 lari ($70). However, this is not the only way to obtain the information you need.

Real estate in Georgia

As of today, there are interesting real estate options available in Georgia. For example, in the southwest of Batumi, you can find a villa with an area of 125 m² featuring three bedrooms and two bathrooms. There is also a house for sale with an area of 148 m² that has four bedrooms and three bathrooms. If you are interested in apartments, you can purchase one in Batumi that is 39 m² with one bedroom and one bathroom.

By reviewing the list of commercial real estate in Georgia, you can purchase apartments in a picturesque location - on the first line from the sea between Makhindzhauri and the botanical garden. The architectural solutions of the magnificent 15-story building are ideal for unique constructions. There are also other options, such as a new premium multifunctional complex located on an area of over 6300 sq. m. After reviewing and selecting, you can clarify all the terms and deadlines of the deal. Buy an apartment in Georgia online and enjoy your vacation at any time that suits you.

Residential complex "Petra Sea Resort" by the Black Sea

We present to you the unique residential complex "Petra Sea Resort" located right on the shores of the Black Sea in Tsikhisdziri, just 15 km from Batumi. This resort complex offers unparalleled views, beautiful nature, and developed infrastructure, including a private beach. Here, you can enjoy life in a resort setting while also having the option to rent out your apartments.

Comfort and infrastructure

Panoramic views from all the apartments located on the seafront, along with balconies, provide optical comfort and a sense of personal space.

Wyndham Grand Residences Batumi Gonio

“Wyndham Grand Residences Batumi Gonio” is an innovative residential complex consisting of 90 units, including 12 restaurants, cafes, and bars, 3 spa centers, 7 outdoor and indoor pools, a physiotherapy clinic, and 7 playgrounds. By purchasing an apartment here, you not only acquire real estate but also a share of the common infrastructure covering an area of 27,115 square meters.

A wide range of investment options

If you are interested in investing in Batumi, there is a wide range of properties to choose from: from small apartments of 43 sq.m. for 49,426 € to spacious villas of 196 m 2 for 414,814 € in the Wyndham Hotel & Resort residential complex.

Batumi is the perfect place for investments.

Batumi is a wonderful place for investing in luxury real estate, as it easily combines leisure and business.

Wyndham Grand Residences Batumi Gonio: The perfect place for investment and relaxation

The Wyndham Grand Residences Batumi Gonio apartments are an attractive place for investment and relaxation on the Black Sea coast. The apartments, ranging from 32 to 130 square meters, offer a unique opportunity to own property in Georgia. This is a great opportunity for the whole family, as well as an investment with a guaranteed passive income of up to 30% per annum. Investments in real estate in this region have always been profitable and quite reliable. Here, you can become a co-owner of a world-class business with high returns and capitalization.

Recreation and Investments

Wyndham Grand Residences has opened the first fully all-inclusive branded resort in Georgia, offering an unforgettable vacation experience and the opportunity to invest in real estate. The apartments in this complex are designed for permanent living in the picturesque area of Gonio, not far from Batumi. The convenient location and clean air create a unique microclimate for comfortable living and relaxation.

• There are also various activities for children here - a club, a water park, and a water sports school.
• The eco-friendly suburban area provides comfort and peace all year round.

On the shores of the Black Sea, the Wyndham Grand Residences complex offers apartments with stunning views and excellent infrastructure, making it the perfect place for relaxation and investment!

Premium class apartments in Gudauri

Exclusive premium-class apartments are for sale in the famous ski resort of Gudauri, Georgia. The new homes are tastefully designed, using only high-quality materials.

Taxes on land and property in Georgia

In Georgia, land and property taxes vary depending on the category of land plots and their location. Land owners are obliged to pay tax according to the established rates in different regions of the country. For example, maximum tax rates can reach from GEL 56 to GEL 100 per hectare depending on the location and purpose of the land.

Exemptions from tax payment

However, there are exceptions to the land tax. Public facilities such as schools, hospitals, and public squares are usually exempt from this obligation. Additionally, agricultural plots of up to 5 hectares and land in mountainous areas owned by residents are not subject to tax.

Property tax

As for property tax, it includes various types of real estate as well as vehicles such as cars, yachts, helicopters, and airplanes. The base value of the property is determined by the owner themselves, based on the market price at the time of filling out the reporting period. Therefore, it is important to accurately determine the value of the property to avoid excessive taxes.

Compliance

Overall, proper compliance with tax payment requirements can significantly reduce the tax liabilities of land and property owners.

Land and property tax in Georgia

The land and property tax in Georgia is calculated and paid separately for private homes. The amount of tax depends on the location and the income of the property owner’s family.

Property tax rate

The property tax rate depends on the family's income. For example, if a family earns less than GEL 100 thousand per year, the tax rate will be from 0.05% to 0.20% of the market value of the property. In case of income exceeding GEL 100 thousand, the rate will be from 0.8% to 1.0%. The amount of tax also depends on the municipality where the property is located.

Different tax rates in different municipalities

Real estate properties in different municipalities are subject to different tax rates. For example, families with an income of up to 100,000 lari who own property in Tbilisi are required to pay a tax of 0.20% of the property's value, while in other municipalities the rate may be 0.08% or 0.10%.

Property tax exemption

Exemption from property tax is provided for families with an income not exceeding 40,000 lari per year. Tax benefits are also established for property leased from a resident of Georgia, as well as for properties intended for medical purposes or sold in accordance with Georgian laws.

Additional taxes

Property owners renting out residential real estate are required to pay 5% tax on their income, while owners of commercial properties must pay 20%. The tax is paid annually by March 30, and the amount can be reduced by providing receipts for current expenses.

Microbusiness for foreigners

Foreigners also have the opportunity to register as microbusiness owners, which is convenient for renting out property through short-term rental platforms, and at the same time be exempt from taxes on income of up to 30,000 lari per year.

Responsibilities and rights of non-residents
Foreigners have the right to buy real estate in Georgia, except for agricultural land. They can pay taxes on land, property and income in accordance with Georgian legislation.

Tax obligations
There is no agreement between Russia and Georgia to avoid double taxation, so Russian citizens earning income in Georgia must pay taxes in both countries. Acquiring property in Georgia does not necessarily need to be reported to the Russian tax authorities, except in certain cases.

Taxes on real estate acquisition
There are no taxes on the purchase of real estate in Georgia, but the buyer will have to pay a fee for the registration of property rights.

Investment opportunities
Despite this, real estate in Georgia continues to be of interest to foreign investors, represented by a variety of properties in different price categories.