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Georgia (Georgian: แกแแฅแแ แแแแแ) is a country in the Caucasus region of Eurasia. Located at the crossroads of Western Asia and Eastern Europe, it is bounded to the west by the Black Sea, to the north by Russia, to the south by Turkey and Armenia, and to the southeast by Azerbaijan.
Since the early 21st century visible positive developments have been observed in the economy of Georgia. In 2007, Georgia's real GDP growth rate reached 12 percent, making Georgia one of the fastest-growing economies in Eastern Europe. The World Bank dubbed Georgia "the number one economic reformer in the world" because it has in one year improved from rank 112th to 18th in terms of ease of doing business. Georgia improved its position to 6th in World Bank's Doing Business report 2019.
Residency Programs (4)
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Business Owner/Employee Residence Permit EmploymentTemporary residencyno investment requirement$3,504 / year income
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Investor Residence Permit InvestmentPermanent residency$300,000 investment$120,000 / year income
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Real Estate Permanent Residence Permit Real EstatePermanent residency$300,000 investmentno revenue requirement
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Real Estate Short Term Residence Permit Real EstateTemporary residency$100,000 investmentno revenue requirement
Cost of Life
Taxation overview
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Tax system
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Territorial taxation
Countries with a territorial taxation system only levy income tax from local income. Foreign income usually won't be taxed by that country.
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Tax summary
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Personal income tax (PIT)
20%
Corporate income tax (CIT)
15%
Value-added tax (VAT)
18%
Social security contributions
- Social security contributions: There are no social security contributions in Georgia.
- Pension contributions: 4% transferred to individual private pension account
Withholding tax (WHT)
- Resident WHT rates: Not applicable on Dividends, Interests and Royalties
- Non-resident WHT rates: 5% on Dividends, Interests and Royalties
Capital gains tax (CGT)
- As Corporation: subject to standard Corporate income tax (CIT) rate
- As Individual: 5%
Net wealth/worth tax
Not taxable
Inheritance and Gift tax
Not taxable
Controlled foreign companies (CFCs)
- Controlled by Corporation: No
- Controlled by Individual: No
Disclaimer: This tax summary is for information only and shall not be construed as tax advice. Every situation is different. Should you consider moving to Georgia, we highly recommend you liaise with a local tax advisor to confirm your future tax regime.
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Year of Assessment
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YA 2021