High Net Worth Program Georgia:
Get A Tax Residency exempted from the 183 Days rule
For those with big earnings, the High Net Worth Program Georgia provides a tax residency in Georgia without living in the country for 183 days.
For High Net Worth Individuals with an income above 200,000 GEL per year or owners of assets above 3 million GEL, it is an extraordinary opportunity to claim tax Residency In Georgia without living in Georgia. Indeed, the 183 days of physical presence required to obtain tax residency in Georgia are bypassed with this program.
Benefits Of A Tax Residency Through The High Net Worth Program Georgia
Transferring your Business and personal tax residence to Georgia can drastically reduce your current tax obligations.
You can benefit from Georgia’s very advantageous tax regimes.
- 20% flat-rate on Personal Income Tax.
- 1% tax for Individual Entrepreneurs with the Small Business Status.
- 5% Profit Tax for VZ company status working in the IT field
- ZeroTax on most types of passive income earned outside of Georgia.
- 15% LLC standard Corporate Income Tax – 5% dividend tax, and no tax on Profits until the time of distribution occurs.
High Net Worth Program Georgia: For Whom?
The High Net Worth Program Georgia is perfect for all those who, for various reasons, need a tax residence quickly to avoid paying taxes where they are resident or their country of origin. Furthermore, if you decide to transfer your tax residence to Georgia, it might be worthwhile to register a company there and benefit from the many tax advantages. Otherwise, on a personal level, you will be liable for a Personal Income flat tax rate of 20%.
The High Net Worth Program Is Perfect For:
- Digital nomads want to avoid paying taxes in their country of residence or citizenship.
- Those who do not have tax residency elsewhere and want to benefit from an Express Tax Residency while avoiding the 6-month presence requirement that activates a legal tax residency (as is the case in many countries). Obtaining tax residency in Georgia quickly through this program ultimately allows them to avoid being taxed in other countries.
However, it is very important to note that obtaining tax residency in Georgia does not mean you can reside in any other country and avoid paying taxes there. Indeed, once you are present in a country where you perform active work or run a business from that country, you may trigger certain tax obligations.
Who Is Eligible For Tax Residency In Georgia through The High Net Worth Program Georgia?
The program is reserved for individuals only: Georgian citizens, Foreign citizens, and Stateless persons.
Requirement To Fulfill The High Net Worth Program Georgia
You shall :
- Prove your assets exceed 3 million GEL (assets are defined as “all items and intangibles, which may be bought, owned, transferred and used by individuals without restriction”).
- Documents proving that your assets have a total value of more than 3 million GEL are audited and performed by a certified expert in Georgia.
- Prove an annual income for the last three years that exceeds 200,000 GEL/year. Foreign bank statements proving your income are accepted.
Also, You Shall
- Have a legal residence permit, a Georgian resident’s identity card, or Georgian citizenship. Please note that you can apply even if you don’t have a Georgian legal residency.
- Certify that you receive an income of at least 25,000 GEL during the tax year from a Georgian source.
- You shall renew this Tax residence annually and update the documents requested for each renewal if you wish to continue with Georgian tax residency.
Documents Required To Apply To The High Net Worth Program Georgia
The most important documents mandatory to apply to the High Net worth residency program
Prove Your Assets
The documents which prove your assets: the total value must exceed 3M GEL (equivalent in USD or euros). Please note that these valuation documents must be issued by an Expert recognized by the country’s legislation in which the expert performs his professional activities.
Or Prove Your Annual Personal Income
The documents proving an annual personal income exceeding GEL 200 000 (equivalent in USD or euros) for the past three years.
Prove Your Georgian-Source Income
The document issued by the Revenue Service of Georgia shows that the applicant received Georgian-source income exceeding GEL 25,000 during the year when the application occurred. If you do not have such a Georgian-source income when applying, please consult one of our advisers; Happy Georgia has a solution for you.
High Net Worth Program Georgia: The Application Process
Once all the mandatory documents are ready, you can apply for the High Net Worth Residency Program.
Please note that the application is processed in 30 working days. Frequently, the Georgian administration asks for additional requirements, and the applicant will have to provide these requested documents within 30 days to complete the application.
According to this processing time, we advise starting a High Net Worth Individual application 90 working days before the end of the Georgian tax year (Dec 31st).
Please contact one of our advisers to learn more about the High Net Worth Program Georgia. Happy Georgia will be pleased to help you with this application process, and according to your particular situation.