The Legal Affairs Committee of the Parliament of Georgia has confirmed changes to the law on foreigners and the legal status of individuals without citizenship.

It was the second reading of the amendments in the committee and the changes will now be discussed at the plenary session of the legislative body.

The changes read that:

To receive a one-year residency permit on the basis of property, a foreign national must purchase real estate worth 100,000 USD. The mandatory amount currently is 35,000 USD.

A foreign citizen will be allowed to apply for a labor residence permit if he/she will be employed by a company which reports turnovers of no less than 50,000 GEL per foreigner employed.

The changes will also mandate a minimum salary for each employed foreigner and the company hiring foreigners will be obliged to immediately inform the Ministry of Justice of Georgia if the labor agreement is suspended.

The investment residency permit will be issued if a foreign citizen invests no less than 300,000 USD in Georgia, instead of the current 300,000 GEL.

Foreigners who wish to receive permanent residence permit in Georgia will receive a five-year permit initially only if they present documents proving they have a turnover of 120,000 USD or more annually.

Foreigners holding investment residency permits for five years [those who manage to present documents attesting to 120,000 USD in annual turnover over the course of five years] and who invest at least 300,000 USD in Georgia, will be able to receive permanent residency permits.

Tbilisi Mayor Kakha Kaladze stated today that Georgia’s door is open to all visitors as Georgia is a hospitable country. However, he said that the residency issues need to be regulated to meet the interests of Georgian citizens.

He stated that those foreigners who wish to live in Georgia will have to provide an “adequate contribution” to the state economy.