Pursuant to the Organic Law on Agricultural Land Ownership of 2019, foreign persons cannot own agricultural land in Georgia, and legal entities registered in Georgia, which are 50% or more owned by aliens and/or by legal entities registered abroad, may only own agricultural land under the following cirscuntances: i) on the basis of an investment plan, according to the decision of the Government of Georgia (typically for government 'endorsed' projects, such as infrastructure); and (ii) by a financial institution if the title to an agricultural land parcel arises within the scope of its activities as permitted by the legislation of Georgia (including if a creditor purchases a collateral). Leasehold of agricultural land by foreign and majority foreign-owned persons registered in Georgia is authorised. The maximum lease term for a state-owned agricultural land plot is 49 years, while there is no legal term limit for agricultural land leases between private parties. 
Previously, only foreign natural persons and legal entities registered abroad were restricted from owning agricultural land, being obliged to alienate any agricultural land in their possession to a Georgian citizen, household and/or legal person registered in Georgia within six months from the origination of their title to such an agricultural land.
"Chapter I – General Provisions
Article 1 – Scope of the Law
This Law applies to the agricultural land within the territory of Georgia. This Law regulates the relations related to the ownership of agricultural land parcels. 
[...]
Article 3 – Definition of terms
For the purposes of this Law, the terms used herein have the following meanings:
a) agricultural land – land area of either a pasture, a hayfield, an arable land (including the land under perennial crops) or a homestead land category, which is used or may be used for agricultural purposes with or without buildings and structures on it;
b) a citizen of Georgia – a citizen of Georgia, including a citizen of Georgia who is at the same time a citizen of a foreign country as provided for by the legislation of Georgia;
c) an alien – a natural person who is neither a citizen of Georgia nor a person having a status of stateless person in Georgia;
d) a dominant partner – a partner or a group of partners of a legal entity under private law registered in Georgia that owns more than 50 per cent of the equity/shares/units and/or constitutes a majority of the partners (in the case of partners of a general partnership or general partners (komplementars) of a limited partnership) or the founders/members (in the case of a non-entrepreneurial (non-commercial) legal entity) and, at the same time, has a practical ability to have a decisive influence on the decision of a legal entity in relation to agricultural land;
e) an investment plan – the documents on the use of an agricultural land parcel that provide for making investments in the production of agricultural products and/or other products, the introduction of innovation activities, the development of tourism infrastructure, the fulfilment of the projects of international, state and/or local importance, that will facilitate social and economic development of the state, protection of national security and creation of new workplaces.
Chapter II – Title to Agricultural Land
Article 4 – Title to agricultural land
1. Agricultural land may be:
a) in the ownership of the state of Georgia, an autonomous republic of Georgia, a municipality of Georgia;
b) in the ownership of a legal entity under public law of Georgia in the cases provided for by the legislation of Georgia;
c) in the ownership of a citizen of Georgia;
d) in the ownership of a legal entity under private law registered in Georgia, whose dominant partner is an entity determined by sub-paragraphs (a)-(c) of this paragraph;
e) in the ownership of an organisational entity, that is not a legal person, if the entities determined by sub-paragraphs (a)-(d) of this paragraph constitute the majority of its members and at the same time have a practical ability to have a decisive influence on the decisions of the organisational entity in relation to agricultural land.
2. Taking into consideration the limitations established by this Law, agricultural land may be:
a) in the ownership of an alien if the land was inherited by the alien;
b) in the ownership of a legal entity under private law registered in Georgia, whose dominant partner is an alien and/or a legal entity registered abroad or whose dominant partner cannot be established under paragraph 1(d) of this article, on the basis of an investment plan, according to the decision of the Government of Georgia.
3. The limitations established by this Law shall not apply to an international financial institution determined by an ordinance of the Government of Georgia or a financial institution determined by the legislation of Georgia, whose dominant partner is an alien and/or a legal entity registered abroad, or whose dominant partner cannot be established under paragraph 1(d) of this article if the title to an agricultural land parcel arises within the scope of activities, permitted by the legislation of Georgia, that are carried out by international financial institutions or financial institutions (including if a creditor purchases a collateral).
4. The title to an agricultural land parcel of a legal entity under private law registered in Georgia, whose partner is a legal entity under private law registered in Georgia, shall be determined in accordance with the dominant partner of a partner legal entity, taking into consideration the procedures established by paragraphs 1 and 2 of this article. This rule shall apply to each subsequent partner legal entity. [...]" (Organic Law on Agricultural Land Ownership was adopted on June 25, 2019)
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"Chapter Six - Lease of agricultural land
Article 592 – Concept
1. Under a farm lease contract, a plot of land is transferred for agricultural use, with or without residential or utility buildings (enterprise) intended for economic use.
2. The rules governing lease contracts shall apply to a farm lease unless otherwise prescribed by the farm lease.
[...]
Article 605 – Termination of lease upon expiry of its period
The lease relationship shall terminate by the lapse of the term of the contract. A contract concluded for a term of more than three years may be extended for an indefinite term if an offer of one party to extend the lease is not rejected by the other party within three months. The offer and the rejection shall be made in writing. [...]" (Civil Code of Georgia, June 26, 1997, as amended)
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Chapter II - State-owned Agricultural Land
Article 7 - Forms of privatisation of state-owned agricultural land and agencies conducting privatisation
1. The forms of privatisation of state-owned agricultural land are:
a) an auction;
b) direct sale: b.a) direct sale; b.b) competitive direct sale; b.c) direct sale of leased agricultural land;
c) transfer of title free of charge.
1¹ . A legal entity of private law registered in Georgia defined in Article 4 (2) (b ) of the Organic Law of Georgia on Agricultural Land Ownership may acquire agricultural land under paragraph 1 (b) of this Article, in the form of privatization provided for in subparagraph (b).
[...]
Chapter VII - Use of State Property [...]
Article 36 - Procedure for transfer of state property for use to natural persons and legal entities under private law [...]
A state-owned agricultural land plot may be transferred for use to natural persons and legal entities under private law for a maximum term of 49 years, except for the cases determined by law. With the consent of the property administrator, the National Forestry Agency, a legal entity under public law operating within the system of the Ministry of Environment and Natural Resources Protection of Georgia, and in the case of the Autonomous Republic of Ajara, the LEPL Ajara Forestry Agency, a legal entity under public law operating within the system of the subordinate authority of the Government of the Autonomous Republic of Ajara, the Department of Environment and Natural Resources Protection shall transfer for use the lands of the state forest fund for agricultural purposes for a maximum term of 10 years, and for non-agricultural purposes for a maximum term of 49 years. [...] (Law on State Property, July 21, 2010,as amended  [google translation])
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Previously: up to 2018
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"Article 4. Ownership of agricultural land
1. The following have the right to own agricultural land (including inherited land):
a) a citizen of Georgia, a household, a legal entity registered in Georgia by a citizen of Georgia in accordance with the legislation of Georgia;
b) a foreigner, a legal entity registered abroad, a legal entity registered by a foreigner in Georgia in accordance with the legislation of Georgia.
1(1). Foreigners  and legal entities registered abroad are obliged to alienate agricultural plots of land in their possession within six months from the origination of ownership rights to Georgian citizens, households and/or legal entities registered in Georgia in accordance with Georgian legislation. 
[The words "foreign and" of paragraph 1 of Article 4 shall be declared invalid  - Decision No. 3/1/512  of the Constitutional Court of Georgia dated June 26, 2012 - website, 07.04.2012].
1(2). In case of non-fulfilment of the obligations provided for in paragraph 1(​1) of this article, a foreigner and a legal entity registered abroad will be deprived of their agricultural plots of land in favor of the state by a court decision and due compensation.
1 3 . When confiscating agricultural land, the norms established by the law of Georgia "On the procedure for confiscation of property for essential public needs" are used. [...]" (Law of Georgia on Agricultural Land Ownership, 22 March 1996 [unofficial translation])
Organic Law on Agricultural Land Ownership, June 25, 2019
Civil Code of Georgia, June 26, 1997, as amended.
Law on State Property, July 21, 2010,as amended 
Law of Georgia on Agricultural Land Ownership, 22 March 1996
[<a href="https://matsne.gov.ge/en/document/view/4596123?publication=0">Law</a>],[<a href="https://matsne.gov.ge/en/document/view/31702?impose=original&publication=103">Code</a>],[<a href="https://matsne.gov.ge/ka/document/view/112588?publication=36">Law</a>],[<a href="https://matsne.gov.ge/en/document/view/32998?publication=17">Law</a>]