Georgia vs Spain Property Investment

Apartments and non-agricultural property

Georgia's Civil Code permits persons from other countries to participate in private-law property transactions. Acquisition of immovable property requires a written transaction and registration. Check the parcel's actual registered category and encumbrances; a property advertisement is not proof of title.

Reviewed: 2026-09-07Matsne — Civil Code of Georgia, Articles 8 and 183

Agricultural land needs separate legal review

The Organic Law restricts foreign ownership of agricultural land. Exceptions include inheritance and certain Georgian entities with a government-approved investment plan. Forming a local company alone does not remove the restriction. A house situated on agricultural land needs review of the underlying parcel.

Reviewed: 2026-09-07Matsne — Organic Law on Agricultural Land Ownership

Foreign buyers and the property register

Foreign buyers can purchase Spanish property and need a NIE identification number for the transaction. Obtain the land-registry extract and check the owner's title, charges and the property's legal status. Non-EU nationals can require a military permit in designated defence zones; exemptions depend on the exact location.

Reviewed: 2026-09-07UK Foreign Office — buying property in SpainRegistradores de España — international land-registry service

Registration is a fee, not an all-in cost

NAPR lists registration of an immovable-property right at GEL 150 within four working days. Faster processing and other services have separate charges. Legal review, translation, surveying and transaction-specific taxes are additional.

Reviewed: 2026-09-07NAPR — Immovable Property Registration fees

Resale and new-build tax follow different rules

Used housing is subject to the relevant autonomous community's transfer tax; Madrid's general property-transfer rate is 6%. New housing normally attracts 10% VAT, with specific reduced-rate exceptions. Registration, notarial and professional costs sit on top, and the rate varies by community.

Reviewed: 2026-09-07Agencia Tributaria — VAT or transfer tax on home purchaseComunidad de Madrid — property transfer tax

Qualifying residential rent: 5% of income

The Revenue Service describes a 5% income-tax rate for an individual letting residential space for residential purposes without deducting expenses. Eligibility and the actual use matter. This is not a general net-return estimate or a blanket rate for every accommodation business.

Reviewed: 2026-09-07Georgia Revenue Service — residential letting tax guidance

Property and land are assessed separately

The Revenue Service property-tax calculator distinguishes household-income bands up to GEL 40,000, GEL 40,000–100,000 and over GEL 100,000, and separates land from other property. Use the property's municipality, classification and the relevant household-income rules to establish liability.

Reviewed: 2026-09-07Georgia Revenue Service — property-tax calculator

Nonresident rental income depends on tax residence

AEAT lists a 19% nonresident income-tax rate for residents of the EU, Iceland, Norway and Liechtenstein, and 24% for other taxpayers. Tax-base and expense-deduction rules also differ. Nationality alone does not determine the category; use the applicable tax residence, treaty and current deduction rules.

Reviewed: 2026-09-07Agencia Tributaria — nonresident rental income

Borrowing in foreign currency carries a lower loan-to-value ceiling

The National Bank of Georgia's responsible-lending regulation caps payment-to-income and loan-to-value for loans to individuals, and the ceilings differ by currency: the published loan-to-value maximum is 85% for lari lending and 70% for foreign-currency lending, with stricter payment-to-income limits where the borrower's income is not in the loan currency. Expect a larger deposit for a euro or dollar loan than the lari headline suggests.

Reviewed: 2026-09-12National Bank of Georgia — regulation on responsible lending to natural persons

A real nonresident mortgage application route

Banco Santander advertises a mortgage product for people living outside Spain. That is an application route, not a guarantee for any applicant, foreign income or investment property.

Reviewed: 2026-09-07Banco Santander — mortgages for nonresidents

Research implication: check the accommodation category

The sourced tax concession is expressly tied to residential letting. Before modelling a holiday apartment, confirm the accommodation activity's tax and operating treatment and any building restrictions. This dataset has not verified a nationwide short-term-rental licensing position.

Reviewed: 2026-09-07Georgia Revenue Service — residential letting tax guidance

Barcelona is a local regulatory example

Barcelona's municipal housing publication records the plan not to renew its tourist-flat permissions, with a phase-out intended for November 2028. This is a city-specific policy. Before underwriting any Spanish holiday let, verify municipal and regional permissions and condominium rules for that address.

Reviewed: 2026-09-07Barcelona City Council — The New Housing Law

Property can support an application, not automatic residence

The State Services Development Agency lists a short-term residence route for non-agricultural immovable property with an independently assessed market value exceeding USD 150,000 equivalent in GEL. It requires an application, lawful-stay evidence, title and an accredited valuation. Purchase price alone does not establish eligibility.

Reviewed: 2026-09-07State Services Development Agency — residence permits

New investor visas ended in April 2025

Spain's consular guidance states that investor visas were abolished from 3 April 2025. A new property purchase should not be presented as a route to an investor visa. Existing applications or authorisations require review under their transitional rules.

Reviewed: 2026-09-07Spanish Ministry of Foreign Affairs — investor visa notice