According to the Knight Frank Active Capital 2020 study, it is predicted that in 2021 the focus of investors will be on capital flows to the countries of refuge, as well as to the “nearest neighbors”, where potential operational barriers are lower and the risks are more understandable. Among such specific jurisdictions, Georgia for business in 2021 may become an ideal “quiet bay” for creating a new direction or relocating its activities.
For a business that you opened in Georgia, it is important to have a bank account in the country. But there is a risk that the bank may refuse to open you without explaining the reasons and this will be absolutely legal, spelled out in the internal policy of the financial institution. Based on our practice, we have collected the main reasons for closing bank accounts in Georgia and other countries, as well as recommendations for working with Georgian banks.
With an unstable financial situation in the country or the world, the purchase of real estate is always the most profitable and reliable investment. The main thing is to choose the right country for the investment to work for you. In this article we will analyze why buying real estate in Georgia is a strategically correct decision, and why a spare apartment or house abroad is your irreplaceable insurance in case of problems.
Despite the fact that cryptocurrency has long been a legal tender, there is still no global understanding of how to classify and effectively tax this large element of income of individuals and legal entities. The main purpose of taxation of cryptocurrency is to combat the illegal turnover of funds. Let’s look at what taxes an investor in cryptocurrency pays if he is a tax resident of Georgia, and find out from what taxes private investors are exempt, and what taxes legal entities must pay. Also, in particular, what are the taxes in the field of cryptocurrency in Georgia, how the exchange of cryptocurrency and the sale of computing (hash) power for generation are taxed.
Before starting your own business or getting a job in the EU, you need to study the tax system in detail. Wages and living standards in Europe are really high, but at the same time taxes can completely dash all your hopes for a bright future. In this article, we will analyze the tax systems of European countries in comparison with Georgia.
Despite the global pandemic, the Georgian government is trying to make the business environment in the country attractive to investors. Considering all the challenges this year, the atmosphere for business looks stable thanks to preferential tax systems, which is a clear incentive for foreign companies to move to this country. Georgia is attracting more and more attention from the international business community as it is becoming a profitable investment destination with low taxes and simple registration rules.
Customs duties in Georgia 2021 are levied on goods that are transported across the border and undergo customs control. Georgia, which is located between Europe and Asia and also has direct access to the sea route, is a convenient point for the transit of goods. Taking into account this peculiarity of the location, the government of Georgia does not pose any obstacles to multilateral trade, therefore, the country has an agreement with most states on the smooth export and import of any legal goods. Such a policy stimulates the growth of foreign investment and the trade and economic development of Georgia.
A double taxation agreement is usually concluded between the two countries. The agreement prescribes the rules for the collection of taxes on the income of a resident of one country received in another. The agreement specifies the types of taxes subject to the document and the legal entities to which they apply.
Photo: Katya Ostrovskaya
Georgia is a real example of the fact that radical reforms can bear fruit. From year to year, this small country proves to the whole world that it is real to change the situation and reach the top of all world rankings. This year was no exception for Georgia, and traditionally the country has risen by a couple of lines. The investment attractiveness of Georgia is also determined by the fact that, unlike countries such as Singapore, the USA, New Zealand, Norway, Great Britain, South Korea, and other world business powers, Georgia is the only country where it is possible to stay for an almost unlimited amount of time without a visa – you only need once to cross the border a year.
In recent years, Georgia has become one of the most attractive destinations for those who want to change their place of residence for a while, or even forever. Therefore, the question of how to obtain a residence permit in Georgia is leading in the search engine query line.