Moratorium on sales of land to foreigners in Georgia enters into force

The law prohibiting the sale of land to foreigners and foreign firms has entered into force after President Mikheil Saakashvili signed the bill on Friday. The amendments made to the law on ownership of agricultural land establish a moratorium on the sale of land to foreign citizens and companies registered abroad before December 31, 2014. The law also requires the government of Georgia during six months to develop a unified state policy on ownership of agricultural land for the rational use and protection of land resources.

In the same period, the government should ensure forming a unified land cadastre and land tenure systems on all territory of Georgia.
(Trend)