Land Sale to Foreigners is Temporarily Banned

According to amendments, drafted for bill “On Agricultural Land Ownership”, obtaining of land ownership right is suspended to the foreigners and foreign legal entities until January 1, 2015. Authors of this legislative initiative are MPs Zurab Tkemaladze and Gigla Agulashvili.

As Agulashvili notes, initially, announcement of moratorium has been planned until 2017, but later the term has moved back. “We think that the government would have a strategy regarding Land Code within a year or even earlier, in about 6 months”, he declares.

Agulashvili points that moratorium will not be negatively reflected on investment environment, because investments’ inflow in agriculture sector was small through the years.