High Net Worth Program Georgia:
Get A Tax Residency without living in Georgia
For those with good earnings, the High Net Worth Program in Georgia provides a tax residency in Georgia without living in the country.
For High Net Worth Individuals with an income above 200,000 GEL(≈75,000$) per year during the last three years OR owners of assets above 3 million GEL (≈1.1M$), 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.
The Georgian High Net Worth Tax Residency Program Benefits:
You can get and maintain your Georgian tax residency without a minimum stay in the country. So with this program, you skip the 183 days-of-stay rule.
Residency & Family:
- You can live, stay, and work as much as you want.
- You can bring your family and live in Georgia if you wish.
- You can buy and sell any real estate asset (except agricultural land).
Tax benefits on foreign income
Thanks to Georgia territorial taxation:
- Your passive foreign income (dividends, interests, capital gain, shares, and crypto trading…) is tax-free in Georgia.
- Your active foreign income (income generated by your day-to-day active work) is tax-free while performed outside Georgia.
- Many tax incentives for your income while generated from work performed in Georgia.
Easy to obtain, Easy to maintain:
- You can obtain your Georgian Tax Residency in less than 4 weeks.
- After obtaining your residency, you can maintain it with minimum effort.
Costs and fees:
The costs and fees associated with obtaining and maintaining your Georgian Tax Residency are relatively low compared to other jurisdictions.
Favorable banking environment:
- You can open a local Georgian bank account with no minimum balance.
- Easy access to international payment systems.
Favorable & Business Friendly environment:
Georgia has a favorable business-friendly environment that encourages entrepreneurship and attracts new business. This environment is created through a combination of low taxes, efficient regulations, access to capital, and a highly-educated and skilled workforce.
It also has a modern infrastructure that facilitates the flow of goods and services and a competitively priced energy sector. These factors make Georgia an attractive place for businesses to start, expand, and thrive.
Many Ways to do Business:
- Individual Entrepreneur: 1% tax on income up to 500,000 GEL (190,000$) and 3% on above. No VAT on online services invoiced to foreign customers.
- IT Virtual Zone Company: Designer for IT and software developers, 0% on foreign income, no VAT, and 5% on dividends.
- International Company Status: Only 5% on income on employees’ salaries, 5% corporate income tax, and 0% on dividends.
- Free Industrial Zone: 0% corporate income tax, no VAT, and many other tax incentives.
- And of course, the usual LLC: 15% corporate tax on distributed dividends only.
A thriving real estate market:
- Low Property Taxes: Georgia has some of the lowest property taxes in the country, making it an attractive place for real estate investors. Property tax is payable at the rate of 1% on the annual average residual value, and the rental income from a property is taxed at 5%
- Georgia has other tax benefits for real estate investors, including a homestead exemption and the ability to deduct mortgage interest and property taxes.
- Appreciation Potential: Georgia real estate has seen steady appreciation over the last few years, making it an attractive option for long-term investors. 4. Tax Benefits: Georgia has several tax benefits for real estate investors, including a homestead exemption and the ability to deduct mortgage interest and property taxes.
- Good Rental Market: Georgia has a very strong rental market, with a growing population of tenants looking for rental properties and an ever-increasing short-time rental demand like Airbnb.
- Visa-free travel to more than 90 countries.
- Low cost of living.
- A modern and safe environment.
- Fast internet connection.
- A friendly and welcoming culture.
Please contact one of our advisers to learn more about Georgia’s High Net Worth Program. Happy Georgia will be pleased to help you with this application process according to your particular situation.