No risk of influx: Irakli Rukhadze refutes settlement fears over Eagle Hills investment

Fears that Eagle Hills’ planned investment in Georgia could result in large numbers of foreign nationals moving to the country are groundless, Irakli Rukhadze, the founder of Hunnewell Partners, told Business Insider Georgia as he assessed the company’s planned investment projects in the country.

“There is a major group - a truly large, verifiable and very serious group - that has expressed a desire to invest in Georgia. I don’t know the exact terms myself, so I cannot comment on them, but I can speak about the fears I’ve been hearing”, Rukhadze said. “There may be many concerns, but the main one is this: will this investment bring people here to relocate, people who may be good or may be bad?”
According to Rukhadze, such concerns are misplaced.

“This fear is unfounded because investment and the right to settle are two completely different dimensions. You can go and buy property in the US very easily, even without visiting, but that does not guarantee you a visa - let alone the right to reside there. Property ownership and matters of residency or settlement are entirely different issues handled by different authorities, and they cannot be automatically linked unless explicitly stated in an agreement”, he continued.

Rukhadze added that he has not seen the agreement with Eagle Hills, but he strongly doubts it would include any provision granting residency rights to buyers or investors.

“I would be very surprised if the Georgian Government delegated such authority to a private investor. And if that is not the case, then these fears are unfounded”, Rukhadze concluded.