The Georgian Ministries of Justice, Economy and Sustainable Development have proposed a new model of regulations connected to the purchase of agricultural land by foreigners.　

The Ministry of Justice says that the new model will bolster the national interest of Georgia as well as protect the rights of foreign investors. The initiators assume the decision serves to make Georgia attractive for foreign investments, which will in turn reinforce economic advancement.

Following the amendments, foreign citizens will be able to own agricultural land if they are a member of a household, are married to a Georgian citizen, or through inheritance. If a foreign citizen leaves the household, or divorces, he needs to sell the property within a six-month period.

In other cases, if a foreigner has a residence permit and the land is less than five hectares, s/he has the right to own the land. However, the total measure of land ownership is limited to 20 hectares.　

In addition, a legal entity established by a foreigner may purchase no less than 20 hectares of land, and in total, the land the entity owned should be less than 200 hectares. These rules appear not to apply to Georgia’s commercial banks, micro-finance organizations and international finance institutions.　

Finally, a foreign citizen has no right to purchase agricultural land within five kilometres of Georgia’s border or a border defined by the government.

Georgia Today