News
BGI acts for IFIs
23 February 2015The Asian Development Bank (ADB) has just completed a deal worth GEL100 million (approximately $48.54 million) from its first ever sale of Georgian lari bonds with BGI Legal acting as local counsel for the underwriter (TBC Broker LLC, a subsidiary of TBC Bank JSC) in the bond issuance leg of the transaction. The proceeds of the bond issue have been lent to TBC Bank and will be used to provide investment and support the development of small businesses in Georgia.
"BGI Legal is extremely pleased to have been involved with this largest ever lari bond offering which will undoubtedly make a significant difference for small businesses in Georgia and indeed have an impact on the Georgian economy as a whole", said partner, Lasha Gogiberidze.
For more information on the deal, please follow the links below:
http://cbw.ge/home/tbc-bank-obtains-gel-100-million-loan-from-adb/
BGI Legal has also recently acted for another IFI in a GEL denominated bond issue, more details of which can be found in the following link: http://ifcext.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/1F87C331263B820785257DEF00533EE0?OpenDocument
BGI partner, Lasha Gogiberidze, is re-elected to AmCham`s Board of Directors
24 October 2014BGI Legal is delighted to advise that Lasha Gogiberidze has been re-elected to serve another two-year term following the recently held elections for seats on the Board of Directors at AmCham's annual General Assembly meeting on October 23rd 2014.
AmCham Georgia is the leading international business association supporting and promoting US and Georgian economic and commercial relations and representing the interests of businesses in Georgia. Its work covers a broad range of areas of interest to its members and potential investors.
For further information please follow this link: http://amcham.ge/diary_item.php?item=141
Photos of the event are also available to view : http://amcham.ge/album.php?item=141
Georgian representative elected as president of The Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI)
25 September 2014Lasha Gogiberidze from BGI Legal was delighted to attend the recent 28th CACCI (The Confederation of Asia-Pacific Chambers of Commerce and Industry) conference in Kuala Lumpur, Malaysia on September 17-19, 2014. Representatives of regional chambers of commerce gathered for this successful event which was led by outgoing CACCI President Ambassador Benedicto V. Yujuico from the Philippines and attended by over 300 delegates including many leading business figures from twenty two Asia-Pacific countries.
CACCI was established in 1966 with an aim to provide both a forum and a platform for promoting business people, increasing regional business interaction and highlighting local economic growth. CACCI's conferences enable delegates to exchange views on current developments and discuss main issues of concern to the business sector.
BGI Legal was particularly delighted to see a representative of Georgia, Mr. Jemal Inaishvili, elected as a president of CACCI for the first time. BGI Legal warmly congratulates Mr. Inaishvili on this appointment and wishes him success in his endeavours in this challenging office.
LEGAL ALERT
25 July 2014GENERAL BACKGROUND
On March 5th, 2014, the Parliament of Georgia adopted a new Law on Status of Foreigners and Stateless Persons which shall completely replace the current law of December 27th, 2005. The new law is set to enter into force on September 1st, 2014. The Government of Georgia will then adopt numerous acts required to implement the new regulations including among others, new rules on granting and extending visas and residence permits.
Foreigners holding valid visas should not be obligated to re-apply for a new visa until they first exit Georgia. Once they exit however, re-entry will fall under the regulation of the new law. With regard to foreigners holding valid residence cards, they should not be subject to the new requirements until the expiry date of their residence cards. All procedures applicable to granting of residence permits should remain unchanged up to September 1st, 2014.
SUMMARY OF CHANGES
Entry to Georgia
• The new law has added a temporary ID card to the basis of lawful stay.
• Foreigners not requiring a visa to enter Georgia will be entitled to stay in Georgia for no longer than 90 calendar days. throughout any 180-day period instead of 360 days.
• A list of citizens enjoying visa-free entry is no longer included in the law.
• Visa free stay is allowed for tourism purposes only.
• The new law has changed the rules on detention of foreigners being in breach of visa requirements.
Visa
• Visa categories have changed from diplomatic, service, ordinary, transit and study to diplomatic (category A), special (category B), ordinary (category C), immigration (category D) and transit visas (further divided into subcategories based on the purpose of travel to Georgia).
• The new law divides visas into long-term and short-term categories. Short term visas may be granted with the right of one or multiple entries.
• Visas may be granted at the border in exclusive cases at the decision of the Ministry of Internal Affairs of Georgia; one should apply for a Georgian visa to the diplomatic mission or a consulate of Georgia in the country of his/her citizenship or residence, or in the neighbouring country.
• Additional documents and procedures are required for obtaining a visa.
• The new law has amended the basis for refusal to grant a visa.
Residence Permit
• The new law has introduced new types of residence permits, including (a) labour residence permit; (b) education residence permit; (c) family reunion permit; (d) residence permit for a former Georgian citizen; (e) residence permit for stateless persons; (f) special residence permit; (g) permanent residence permit; (h) investment residence permit. Obtaining of each type of the residence permit is possible on the basis of a corresponding type of visa.
• The investment threshold for the purposes of obtaining of a corresponding permit has been increased.
• Application from abroad is no longer possible.
NOTE: The above is a short summary of recent changes. Therefore it does not contain exhaustive information for all scenarios. Requirements for each individual may vary on a case-by-case basis. For any further information please do not hesitate to contact our offices.