Georgia is a country located at the crossroads of Eastern Europe and Western Asia. It is known for its rich history, diverse culture, and stunning landscapes. Georgia has experienced periods of independence and foreign domination throughout its history, which have contributed to its unique identity and blend of cultures.
Georgia is situated in the South Caucasus region, bordered by Russia to the
north, Azerbaijan to the southeast, Armenia to the south, and Turkey to the southwest. It also boasts a
coastline along the Black Sea to the west. The country’s strategic location has made it a key player in
regional politics and trade routes.
Size and population:
Georgia covers an area of approximately 69,700 square kilometers (about 26,900
square miles). The country has a population of around 3.7 million people, with Georgian being the
Georgia employs a civil law legal system based on the constitution adopted in 1995.
The country has made significant efforts to improve its legal system and combat corruption, aiming to
attract foreign investment and establish a strong and stable business environment.
Georgia has developed a modern and efficient banking system that has contributed to the country’s economic growth. The banking sector is renowned for its stability and innovation, attracting foreign banks and investors. The country has also been proactive in adopting financial technologies, making
services such as online banking and digital payments widely available.
Georgia has adopted a favorable tax regime that aims to attract foreign investment and promote economic development. One of the key features is the low corporate income tax rate, which has been set at 20%.
Corporate tax rates range from 0 – 20%
Value Added Tax (VAT) is 18% (applicable only in certain cases).
Free Trade Agreements:
Georgia has signed various free trade agreements that contribute to its economic openness and international integration. The country is a member of the World Trade Organization (WTO) and has free trade agreements with the European Union (EU) and several other countries. These agreements provide businesses with preferential access to key markets, stimulating trade and investment.
Residency in Georgia
Streamlined Residency Application Process- Georgia offers a relatively straightforward and efficient residency application procedure. Depending on the type of residency you’re seeking, the process can be more accessible compared to other countries.
Tax benefits – Foreigners residing in Georgia for at least half a year automatically become tax residents. Georgia employs a territorial tax system, meaning it taxes its residents solely on income sourced within Georgia. You’ll benefit from low taxes on your locally generated income, as the does not tax rental income, dividends and capital gains from abroad or foreign-owned businesses.
Low Cost of Living – Georgia ranks 13 th out of 135 countries for having one of the world’s lowest
costs of living.
Convenient Access to the Georgian Banking System – Residents of Georgia enjoy a favorable relationship with local banks. Residency status is closely aligned with Georgian citizenship, making it easier to apply for a Georgian bank account without the need for additional security procedures.
Investor-Friendly Environment – Georgia actively seeks foreign investment and has implemented policies to attract investors. As a result, the government has established free economic zones and offers various incentives to stimulate economic growth.
1) Residence Permit based on Entrepreneurship
1 – The annual turnover must exceed GEL 50,000 per employed foreigner. In other words, a company with two or more foreign employees must have a turnover that is doubled or tripled, depending on the number of employees.
2 – The applicant’s monthly income must exceed the Georgian minimum wage by at least five times or a minimum of GEL 15,500. After meeting these criteria, temporary residency is granted for a maximum of 6 years.
2) Residence Permit based on Employment in a Georgian LLC
1. Certificate of income (signed by the company director) or Employment contract (either document
can be used interchangeably)
2. Statement of turnover of the LLC (can be given by the accountant) If the company is a VAT payer, the certificate must be from the tax office. If the company is not a VAT payer, the certificate should be obtained from the bank (issued in the presence of the director).
3. The company turnover of at least GEL 50,000 per year for each non-resident employee.
4. Salary must be a minimum of GEL 1,500 after tax deduction.
3) Residence Permit based on Real Estate Investment
The property (with the exception of agricultural land) must have a market value exceeding USD 100,000 or the equivalent sum in GEL.