๐Ÿ‡ฌ๐Ÿ‡ช Georgia

Europe
4 residency programs
Territorial taxation

Countries / Georgia

Georgia (Georgian: แƒกแƒแƒฅแƒแƒ แƒ—แƒ•แƒ”แƒšแƒ) 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.

Known for

Fact Sheet

Continent

Europe

Demonym

Georgian

Calling code

-

Driving side

Right

Motto

Strength is in Unity (แƒซแƒแƒšแƒ แƒ”แƒ แƒ—แƒแƒ‘แƒแƒจแƒ˜แƒ!)

Cost of Life

Cost of Living Index
28.48
Rent Index
9.80
Groceries Index
23.05
Restaurant Price Index
26.66
Local Purchasing Power Index
24.88

Residency Programs (4)

Taxation overview

Tax system

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.

Tax rates

Personal Income Tax (PIT) on local revenue

Flat tax of 20%.

From:

  • Georgian income, if resident

Special tax regimes

  • Individuals with annual turnover of less than 30,000 GEL (9,479 USD), no employees, and who register as a micro business will be exempt from tax on their business income.
  • Individual entrepreneurs with annual turnover of less than 500,000 GEL (157,978 USD) may register as a small business and pay 1% tax on their turnover. The rate increases to 3% if annual turnover will exceed 500,000 GEL (157,978 USD).
  • rental income of an individual will be taxed at 5%
Local Dividend Tax

Flat tax of 5%.

From:

  • Georgian dividends, if resident or non-resident

Non-resident earning dividend from Georgian sources, are subject to a base WHT of 5%. That rate can amended by a DTA (see list DTA documents below).

Foreign income

Not taxable

From:

  • Foreign income, if resident
  • Foreign dividends, if resident

Rates Year of Assessment

YA 2020

Tax Treaties (56)

Georgia has concluded 56 tax treaties (also called double tax agreements, or DTAs) with other countries to avoid or mitigate double taxation. Such treaties may cover a range of taxes including income taxes, inheritance taxes, value added taxes, or other taxes.
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