Mamuka Makharadze, CEO of ELT Group, discussed the recent changes in the D5 visa regulations during an interview on the show Real Estate Prospect. While acknowledging the focus on raising investment amounts, he stressed that the key to the decision's impact lies in its effectiveness and how the process will be handled.
Makharadze emphasized that the most important aspect for the sector is ensuring that the process is transparent, simple, and predictable. Clear and understandable criteria for both developers and investors are essential for a stable and attractive investment environment in Georgia. He pointed out that countries around the world are in active competition to attract international investors and suggested that Georgia can adopt best practices from nations with higher investment thresholds for visa eligibility, such as $300,000-$400,000.
The CEO also noted the need to distinguish between short-term, one-year investment visas and those linked to longer-term investments, which include a $300,000 threshold for a five-year visa, leading to permanent residency. He reiterated that the focus should not solely be on the amount of investment but on the broader impact of the change, with the process needing to be clear and easy to navigate for all parties involved.
In their practice, ELT Group provides recommendation letters for potential investors in some cases, although this is not common. They focus on investors who make long-term decisions that contribute to market stability rather than speculative deals. Makharadze highlighted a growing trend for second homes, especially from European investors, notably from Germany and the UK, who view real estate as an additional income source. This trend, combined with Georgia's stable environment and lower bureaucracy, makes the country increasingly attractive for international investors.
