Georgia
Residency through property
According to new regulations that came into force on July 5th, 2019, the minimum price requirement for real estate increased and became USD 100,000 (instead of the USD 35,000 it was previously).
The Temporary residence permit of Georgia is issued for periods of 6 months up to 6 years. Usually, the first issue is for a period of 6 months or 1 year.
After the applicant receives their Georgian Residence Card, his/her spouse and children are also eligible for a TRP.
Applicants that are interested in establishing a company in Georgia do not necessarily need to visit the country to do so; using power of attorney, our service partners in Georgia will be able to handle all the paperwork and bureaucratic processes, and also make the necessary submission for applying for temporary residency.
After 10 years of continuous, legal residency in Georgia, foreigners may be eligible to apply for Georgian citizenship, if they meet certain conditions, such as knowing the local language, history and customs, and/or have married a Georgian citizen, or are engaged in economic activities considered important to the Georgian state and economy.
investment
Real Estate
Purchase of non-agricultural real estate in Georgia worth a minimum USD 100,000.Requirements
- Documents certifying USD 100,000 investment in real estate or investment in a newly-formed Georgian company.
- Criminal Record report from your local police agency.
Restricted Nationalities
No nationality is officially restricted
dual citizenship
Dual citizenship is not recognized in Georgia. To become a citizen of Georgia, you must renounce your previous nationality.
Dual Citizenship not permitted except by special Presidential Decree
Documents Required
- Certificate of legal stay in the country
- Certified copy of passport
- Real estate sales and purchase agreement
- Proof of ownership or rental housing
- dual citizenship No
- Family members included Yes
- land ownership Yes
- Physical residence required No
- Personal visit required No
- Language skills required No
- Interview required No
- Investment Single $100,000
- Investment Family 4 $100,000
- Minimum annual income -
- Time to citizenship 120
- Time to permanent residency 66
- Visa-free countries 122
- Financing available No
Benefits
citizenship benefits
permanent residency benefits
Country details
Visa Free Travel
Taxes
Tax residents in Georgia are those who reside for at least 183 days in Georgian territory.
Tax residents are only taxed on their Georgian-source income. This means that income earned abroad is not subject to Georgian taxation.
The flat tax rate is 20%, although dividends and interest income is taxed at a 5% final withholding tax on source and not included in the personal tax base.
Rental income from residential properties are also subject to a reduced 5% tax rate, provided that no deductions are taken from this income.
Capital Gains are usually subject to the income standard tax rate, but an exemption may apply from gains on the sale of real property, if it has been held at least two years. Gains on the sale of a residential property with an attached land plot are subject to a reduced tax rate of 5%.
Individuals owning real estate are subject to a real property tax ranging from 0.8% to 1% on the property market value. However, households with annual income below GEL 40,000 are exempted and those with annual income between GEL 40,000 and GEL 100,000 are subject to a reduced tax rate ranging from 0.05% and 0.2% on the property market value.
In Georgia, there are no net wealth, inheritance or transfer taxes. Gifts of a certain value may be subject to taxation.
The V.A.T. standard rate is 18%. Certain goods and service transactions are tax exempt.
Regarding corporate taxation, resident entities are subject to a 15% tax on their profits, whether derived from local or foreign sources. Undistributed profits are not subject to taxation. If you want to learn more about Georgia’s corporate taxation, legal framework and tax treaties, you can check out incorporations.io/georgia.
This should not be construed as tax advice. We have access to a global network of qualified attorneys and accountants who can give you the proper advice for your particular circumstances. Contact us for further information.
- Property tax Yes
- Transfer tax No
- Inheritance tax No
- Net worth tax No
- CFC law No
- Tax residency days 183
- Personal income tax rate 20%
- Capital Gains tax rate 20%
- Investment income tax rate 5%
- Territorial taxation Yes