Opposition MPs Roman Gotsiridze and Khatia Dekanoidze submitted a legislative initiative to the parliament with the demand to terminate issuing investment and short-term residence permits to Russian citizens till the end of 2024.

As Roman Gotsiridze explained at the press conference, the Georgian legislation grants a residence permit to a foreign citizen if he/she purchases real property with a market value of no less than USD 300,000 or invests the same amount in the country. He further clarified that granting a residence permit is possible by purchasing real property valued over USD 100, 000 in the national currency.

Investment residence permits for foreign citizens are valid for 5 years, while short-term residence permits are issued for a 1-year term. Both permits give the right to temporary living, unlike permanent residence permits.

“Due to the difficult socio-economic situation in Georgia, a massive outflow of Georgian citizens from the country has been observed lately, and in response to this, a large number of Russian citizens, most of whom have considerable financial resources, are entering the country,” Gotsiridze said.

The MP indicated the alarming statistics saying Russian citizens purchased 10 thousand apartments from 2022 to June 2023. They register their businesses giving them legal grounds to obtain residence permits.

“The price of real estate property has also increased significantly, which makes it difficult for Georgian citizens to buy or rent an apartment,” said Gotsiridze.