TAX & LAW BRIEF
THE DRAFT AMENDMENTS TO THE LAW OF GEORGIA ON AGRICULTURAL LAND OWNERSHIP
The draft amendment has been submitted to the Parliament according to which the following persons may have the ownership right on the agricultural land:
a) A state, a municipality, a legal entity of public law, a citizen of Georgia, household, a legal entity registered in Georgia whose more than 50% shareholder is a citizen of Georgia or a legal entity established by a citizen of Georgia; Commercial bank or microfinance organization, as well as an international financial institution established under Georgian legislation.
b) A foreign individual if he meets one of the following criteria:
- He has a permanent or investment residence permit;
- The land has been obtained through heritage;
- The co-ownership of the land is obtained through a marriage with a citizen of Georgia or as a result of being household member that is formed by the Georgian citizens.