Mortgages for Foreigners in Georgia: Terms and Approval Odds

The risks associated with foreign clients are now factored into interest rates and down payments. Obtaining a loan with "just a passport" is a thing of the past—today, mortgages for foreigners in Georgia require solid proof of solvency.

Candidates from the Russian Federation and Belarus undergo strict, multi-stage compliance checks. That said, mortgages in Georgia for Russians are legally permitted. The main requirement is absolute transparency of income and the absence of negative records in international databases.

Conditions and Figures: What to Expect

When planning to buy an apartment in Batumi using bank leverage, calculate your financial burden carefully. Conditions for non-residents are tighter than for local borrowers:

• Down Payment (LTV): Minimum 30–40% of the appraised value (bank valuation), which is often lower than the market price.
• Term: Usually up to 10 years, rarely up to 15.
• Interest Rate: Floating or fixed, in the range of 9–13% (in USD or EUR).
• Collateral: Exclusively the property being purchased. Guarantors are rarely required.

Important Nuance: Banks are much more willing to finance completed properties that have an Occupancy Permit. Banks are extremely reluctant to lend at the "off-plan" (excavation) stage due to development risks.

Document Package for Approval

To ensure your application isn't rejected, prepare in advance. The standard set for a non-resident includes:

1. Valid international passport.
2. Personal bank account statement for the last 6–12 months (showing cash flow).
3. Employment contract or business contracts (for sole proprietors/business owners).
4. Tax returns (personal income tax) for the previous year.
5. Report from an independent appraiser (ordered via the bank).

Documents must be translated into Georgian and notarized.

Due to the high entry barrier for mortgage programs and difficulties with income verification, the market has pivoted towards internal installment plans from developers. This is simpler, faster, and cheaper to maintain.

If your goal is real estate in Batumi for Russians without gathering certificates and facing red tape, an installment plan is the most effective tool.

• Term: 12–48 months (until construction is completed).
• Down Payment: 10–30%.
• Interest: Usually 0%.
• Bureaucracy: Only a passport is needed.

Many investors use a resale strategy: they enter the deal at the excavation stage using an installment plan, and before the building is delivered, they sell via assignment of rights, locking in a profit.

Investments require precise calculation. Besides the cost of the property, the buyer incurs associated expenses that are often overlooked:

• Currency Conversion: Deals are conducted in USD, but payments often involve cross-rates if your funds are in RUB or GEL. Losses can reach 2–3%.
• Registration Fee: The Public Service Hall (Public Registry) charges a fee for expedited processing (from 50 to 300 GEL).
• Bank Commissions: Banks charge a commission for opening a non-resident account and originating the loan (up to 1–2% of the loan amount).

The procedure for acquiring property rights in the republic is transparent and digitalized. Transactions are recorded in the Public Registry (NAPR). With our agency's support, the process looks like this:

1. Audit and Selection: Analysis of budget and strategy (passive rental income or speculative resale). Filtering out illiquid assets.
2. Account Opening: Currently the most difficult stage for Russians. We help pass KYC (Know Your Customer) protocols in loyal bank branches.
3. Legal Check: Analysis of the cadastral code for liens or mortgages from previous owners.
4. Registration: Signing the agreement at the Public Service Hall.

Fully remote operations are possible. This solves the problem of how to buy an apartment in Batumi for a Russian citizen while remaining outside the republic. You execute a Power of Attorney (PoA) at a notary in your city, send the original, and our lawyer represents your interests.