Georgia allows Russian citizens to live, work and discover business in their territory, without requiring them to obtain visas and any other permits. This led to the fact that a large number of Russians who left chose Georgia.
According to news agencies, more than 112,000 Russian citizens came to Georgia this year, which will give a ten percent increase in economic production in Georgia by the end of 2022 . Moreover, all industries are doing well, from micro-enterprises to corporations.
However, not everyone perceived the economic boom as a positive moment, since the cost of living for Georgians has increased. With the arrival of tens of thousands of Russians, housing, as well as rental prices, have risen. According to some reports, rents in Tbilisi have already jumped by 75 percent this year.
Georgian sources claim that Russians transferred more than 1 billion euros to Georgia between April and September, mostly through money transfer services . This is five times more than in the same months last year. At the same time, about half of the Russians who have made it to Georgia work in the technology sector: “Most Russians who have entered the country are high-class, wealthy people who have business ideas, they may be interested in investing in Georgia.”
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In this regard, local business leaders are expressing concern that the country is facing a “hard hangover”; in the event of Russians returning home, and the recovery that the country recorded this year is temporary and does not guarantee sustainable growth in subsequent years.