Updated:
- We found no ban on mortgages by citizenship in National Bank acts or on bank pages. The bank decides after screening (KYC) and rarely gives reasons.
- The National Bank allows up to 90% of collateral in lari, 70% in foreign currency and 80% with confirmed income abroad (order No. 47/04). Banks show a down payment from 20%; Credo asks 40% in USD and EUR.
- A Moscow borrower applied to three banks: two refused, Credo approved a lari loan at 15.1%. In Batumi, Basisbank lent dollars at a 40% down payment. Single cases.
Can a Russian citizen get a mortgage in Georgia: the short answer
Yes in practice, but not guaranteed. TBC, Credo, Liberty and Terabank publish mortgages for clients with income abroad; we found no refusal ground based on Russian citizenship in National Bank rules or on bank pages. But a bank may refuse without explanation, and Russian-passport clients are screened longer than most foreigners (our mortgage page).
A mortgage in Batumi for Russians works as in Tbilisi: rules and products are national; price and liquidity differ. The average price in Batumi is $1,865 per m² (Galt & Taggart, 2025), so a $100,000 flat in the examples is about 54 m².
Mortgage in Georgia for foreigners: what the law says and what is confirmed
The National Bank sets LTV (loan-to-value) and PTI (payment-to-income) alike for all borrowers; Russians have no separate track. The one rule that mentions foreigners: from 1.07.2026 loans up to GEL 1 million go out only in lari, except to persons without Georgian citizenship (order No. 131/04, para. 1(3)(b); we read the text on matsne.gov.ge). A bank decides whether to offer a currency loan.
Since 26.02.2022 the National Bank requires compliance with US, EU and UK financial sanctions against Russia (statement of 19.09.2023). This explains close screening of money from Russia; it is not a ban on Russian citizens.
What banks check in Russians: KYC, source of funds, tax residence
Client screening (KYC) decides, not the passport itself. The bank looks at three things.
| What the bank checks | What it means | What to prepare |
|---|---|---|
| Source of income and down payment | Whether regular income can be proved and where the down payment came from. Credo: no income proof required; Liberty counts income abroad from GEL 500 | Income certificate, employment contract, 6–12 months of statements; sale, savings, gift or inheritance documents |
| Tax residence | Which country you tax in. The Tax Code allows data exchange under treaties (arts. 70, 279²); Georgian residence starts at 183 days (art. 34(2)) | Country of residence, supporting documents, days in Georgia |
| Sanctions lists and risk | TBC agreement (para. 7.1.1.6): the client must not be on UN, EU, US or Georgian lists | A consistent questionnaire; answers on public office and crypto |
Down payment, LTV, rates and income from abroad
LTV: 90% in lari, 70% in foreign currency, 80% with confirmed income abroad (order No. 47/04). PTI: lari 25% below GEL 1,500 of income, 50% from GEL 1,500; foreign currency with income in another currency 20% and 30% (National Bank page).
Rouble income is a third currency: under order No. 131/04 it counts as income in the loan currency only if its source is tied to a country where that currency is national. A currency loan against rouble income falls in the “different income currency” column (our reading); how a bank treats rouble certificates we did not find.
| Bank | Down payment | Currency and term | Nominal rates “from” |
|---|---|---|---|
| Credo | lari from 20%; USD and EUR 40% | lari 7–180 months; USD and EUR 2–120 | lari 14.65%; USD 8.50%; EUR 8.00% |
| Liberty | not stated; from 0% with extra collateral | lari up to 240 months; currency up to 120; by power of attorney | lari 11.8%; USD 8%; EUR 7.5% |
| Terabank | from 20% | non-citizens 6–72 months | lari 14.95%; USD 10.35%; EUR 9.75% |
| TBC (expats) | from 20%; “lease-based” from 0% | amount $3,000–300,000 | not on the page |
Two real cases of Russians: Tbilisi and Batumi
Reader stories, not statistics.
| Item | Moscow woman, Tbilisi (bought January 2023) | Russian man, Batumi |
|---|---|---|
| Bank | Credo approved; two of the three banks refused without explanation | Basisbank |
| Currency, term, rate | lari, 15 years, 15.1%; payment GEL 1,337 | dollars, 10 years, floating Term SOFR 6M + 6.62% (floor 9.5%); 11.3% at issue, effective 13.26% |
| Down payment | 40% in total, 20% of it a requirement for foreigners | 40% ($15,200 of $38,000); banks wanted at least 40% without income proof |
Account and transfers: what is known in 2026
See the guide “Bank account in Georgia and transfers”. Confirmed: Zolotaya Korona has sent no transfers to Georgia since 24.07.2026; bank transfers to an IBAN from Russian banks that still serve this route remain. Receipts from Russia in August 2026 were about $5 million, 88% lower than a year earlier (JAMnews, 16.09.2026).
A rouble account at TBC with direct transfers from Russia appears only in a consultant’s promotional article (vc.ru, April 2026), unconfirmed by the bank. Credo requires an account before applying.
Residence status and the mortgage: what a $150,000 purchase gives
The short-term owner’s permit goes to a foreigner who owns property (not agricultural land) worth over $150,000 in lari equivalent, from 1 March 2026 (art. 15(j); guide “Residence permit and appraisal”). A certified appraiser sets the value, not the contract price. At GEL 2.5979 per $1 (National Bank, 20.10.2026) that is about GEL 389,685 (illustration: the law names no rate).
Whether a flat bought under a bank pledge counts is not stated in the sources: ask SDA before buying. A mortgage gives no permit by itself; ownership arises on NAPR registration.
Developer instalments as an alternative to a mortgage: terms and risks
In the Galt & Taggart survey (November 2025) most primary sales in Tbilisi go through developers’ instalments. Former deputy governor Otar Nadaraia (SOVA, 8.10.2026) calls them quasi-mortgages: 2–3 years of payments, the balance usually refinanced by a bank, often in currency, with no PTI limit or rate disclosure. The contract does not oblige a bank to lend the balance and the bank may refuse (our inference).
Mortgage calculator Georgia: formula and a dollar example
The payment is an annuity, as in our mortgage calculator (default rate 10%): M = P·r / (1 − (1 + r)^(−n)), P the loan, r the annual rate divided by 12, n the months. Examples are illustrations, not bank offers; computed in Node, without fees and insurance.
| Down payment | Loan P, $ | Annual rate | Monthly payment, $ | Interest paid, $ |
|---|---|---|---|---|
| 40% | 60,000 | 8.5% (Credo USD “from”) | 743.91 | 29,270 |
| 40% | 60,000 | 10.35% (Terabank USD “from”) | 804.58 | 36,549 |
| 40% | 60,000 | 11.3% (Batumi case) | 836.72 | 40,407 |
| 30% | 70,000 | 10.35% | 938.68 | 42,641 |
| 20% | 80,000 | 10.35% (LTV 80%) | 1,072.77 | 48,733 |
$ per month
Annuity formula; “from” rates of Credo, Terabank and the Batumi case; October 2026
Illustration: no fees or insurance; not a bank offer.
Mortgage calculator Georgia in lari: payment and income needed
Example 2: the same property in lari, GEL 260,000 (about $100,000), 180 months. Minimum income at PTI 50% is twice the payment; other debts are ignored, and whether a bank counts income from abroad is unknown.
- Exchange rate: GEL 2,146.08 a month is about $894 at 2.40 per $1, $826 at 2.5979, $766 at 2.80, $715 at 3.00 (assumptions, not a forecast).
| Down payment | Loan P, GEL | Rate | Payment, GEL | Minimum income at 50%, GEL |
|---|---|---|---|---|
| 40% | 156,000 | 11.88% (market average, March 2026) | 1,860.24 | 3,720 |
| 40% | 156,000 | 14.65% (Credo “from”) | 2,146.08 | 4,292 |
| 40% | 156,000 | 15.1% (Tbilisi case) | 2,194.05 | 4,388 |
| 20% | 208,000 | 14.65% | 2,861.44 | 5,723 |
Documents for a mortgage as a Russian citizen: checklist
Whether income certificates need an apostille and translation we did not find: ask the bank.
- Passport (original), a Georgian phone number, an address in Georgia (a short-term rental in the Batumi case).
- Income certificate and employment contract; foreign bank statements with regular credits (Bank of Georgia).
- A power of attorney if you do not apply in person: Liberty accepts it, many banks do not (pbservices); apostille and Georgian translation needed (guide “Buying without travelling”).
- A power of attorney if you do not apply in person: Liberty accepts it, many banks do not (pbservices); apostille and Georgian translation needed, Russia is in the Hague Convention since 31.05.1992 (guide “Buying without travelling”).
Reasons for refusal and what to do after one
There are no refusal statistics for Russians, and the sources describe no appeal procedure.
- Ask in writing what was missing.
- Recalculate: smaller sum, bigger down payment; for lari check PTI against your income.
- Apply to another bank (TBC, Bank of Georgia, Credo, Liberty, Terabank, Basisbank): in the 2023 case two refused and the third approved.
| Reason | How it shows | What you can do |
|---|---|---|
| Weak proof of income or down payment | Incomplete statements, sums that do not match the questionnaire | Gather 6–12 months of statements, certificates, sale documents; fix the questionnaire |
| PTI not met | Payment above the allowed share of income; the 25% limit widens to incomes below GEL 2,000 (1.02.2027) and GEL 2,500 (1.09.2027) | Smaller sum, bigger down payment (LTV uses the bank’s valuation), longer lari term, a co-borrower (Liberty: up to three borrowers) |
| No account or document errors | Credo waits for an active account; power of attorney without Georgian version; encumbrance on the property | Open an account early; fresh NAPR extract; a lawyer |
Mortgage in Batumi for Russians: steps and timing
Timing: a decision takes from a few days to 2–3 weeks (pbservices, 15.09.2026); the Moscow borrower needed about 3 weeks, in Batumi approval came the next day.
- Choose the currency by your income currency; check National Bank LTV and PTI.
- Ask two or three banks for written terms for a Russian citizen: down payment, effective rate, documents, time.
- Open an account if required; gather the documents above.
- Check the property in a NAPR extract, apply, pass the valuation.
- Sign the sale and mortgage agreements: at the bank, by power of attorney or digitally.
- Register right and pledge at NAPR: GEL 150 (4 working days), GEL 270 (1 day) or GEL 350 (same day).
Frequently Asked Questions
Can a Russian citizen get a mortgage in Georgia?
We found no ban by citizenship. The bank decides after KYC: income, tax residence, sanctions lists. Russians are screened longer; refusals are not explained.
Mortgage in Georgia for foreigners: what down payment is needed?
Banks: from 20% (Credo 40% in USD and EUR); pbservices says 30–40%. National Bank: up to 90% of collateral in lari, 70% in currency, 80% with income abroad.
Is a mortgage in Batumi for Russians different from Tbilisi?
Rules and products are national. Price (Batumi $1,865 per m², Galt & Taggart, 2025) and the bank’s valuation differ.
Do I need a residence permit for a mortgage in Georgia?
Formally no: bank pages do not require it, and the Batumi account lists no permit among the documents. An owner’s permit needs property above $150,000 by appraisal (from 1.03.2026).
Does a bank count income from Russia in roubles?
The National Bank allows income outside Georgia (LTV up to 80%). How a bank treats rouble certificates we did not find: ask.
Mortgage calculator Georgia: how to work out the payment?
Use the site’s mortgage calculator or M = P·r / (1 − (1 + r)^(−n)). Example: $60,000 over 120 months at 10.35% is $804.58 a month.
Is the 80% LTV rule for income abroad still in force?
Order No. 47/04 has no end date, 2026 decisions left LTV unchanged, no repeal found. Confirm LTV with the bank.
What to do if a bank in Georgia refuses a mortgage?
Ask for the reason in writing, check documents, recalculate the sum and down payment, apply to another bank.
Sources: National Bank of Georgia: PTI and LTV requirements · National Bank of Georgia: Financial Stability Committee decision, 26.02.2025 · Matsne: National Bank order No. 47/04 of 27.02.2025 (LTV, income abroad) · Matsne: National Bank order No. 131/04 of 15.06.2026 (loans up to GEL 1 million in lari, exceptions) · National Bank of Georgia: Financial Stability Committee decision, 25.02.2026 (PDF) · National Bank of Georgia: committees’ decision, 6.05.2026 (PDF) · National Bank of Georgia: compliance with sanctions regimes, 19.09.2023 · TBC Bank: mortgage for expats · Credo Bank: mortgage for expats · Liberty Bank: mortgage for emigrants · Terabank: mortgage for emigrants and people with income abroad · pbservices: mortgage in Georgia for foreigners (15.09.2026) · SOVA: who can afford real estate in Tbilisi (8.10.2026) · Georgia Today: mortgage lending in Q1 2026 (27.04.2026) · T—Zh: a Russian woman’s mortgage in Tbilisi (16.05.2026, personal account) · T—Zh: a mortgage in Batumi, personal account (11.01.2025) · vc.ru: TBC rouble account, a consultant’s promotional article (April 2026, unconfirmed) · JAMnews: transfers from Russia fell 88% (16.09.2026) · Madloba: sending money from Russia to Georgia (checked 3.10.2026) · Law of Georgia on the Legal Status of Aliens and Stateless Persons (matsne.gov.ge) · National Agency of Public Registry: registration fees