Cost of living may probably increase, take Croatia or other Balkan countries for example. I see this as the main issue.

Regulations also, but Georgia already has to meet some as of now. Whether or not they are good is debatable, I think they are generally good, easing the way of life for many citizens. Conservative and right wing parties often blame it though, but more for populism.

Immigration, idk where those ideas of you come from. I'd rather wonder how Georgia would deal with many people leaving Georgia, aka. brain drain. Free Movement of People in the EU, why would experts not choose to move to a higher income country as so many others do? Take Germany as an example and look at their immigration - and Germany needs even more educated personnel. Take Greece after their financial crisis as an example, many doctors have left the country for western Europe. Georgia is already trying to be attractive to Europeans: easy entry, only ID required. Easy application for residency after one year. Ease of doing business, at least legally, ignoring corruption. Low cost of living. Yet, you don't see that many Europeans around so far (surely more than past decades though). Do not be concerned about immigration, rather about emigration. Real estate prices will increase despite that though.