3 – Georgia is very attractive for IT people
IP registration is simplified as much as possible. All you have to do is reserve a legal address with a professional (feel free to Get into contact with me if you need useful addresses), make an appointment online and then go to the Public Services House in Tbilisi. Professional help is often needed as the only language allowed for signing documents is Georgian. It is also necessary to register with the Georgian Revenue Service (known as RS, Revenue Service). An accounting specialist can help you complete all of these administrative procedures for a relatively small fee.
Local taxation is very attractive for small businesses. Georgia has created a special tax program for small businesses: the status of a small business with a tax of 1% of the collected turnover.
4 – Opening a bank account is very fast and very easy
There are several banks in Georgia. The two main banks are TBC Bank and Bank of Georgia. The big advantage is that Georgia is connected to the IBAN network, which allows you to transfer (or receive) funds very quickly for free or relatively inexpensively.
Opening a bank account usually only takes a few minutes (at TBC bank). You will only be asked for your passport (or valid ID) + valid Georgian phone number. Opening an account is instant. You will receive your IBAN account on the same day. It is possible to open a multi-currency account (lari, US dollars, euros, pounds sterling). Your personal bank card (Mastercard or Visa) will be available the next day at the agency. Bank fees are low: count a few euros per year for maintenance costs.
5 – Visa for 1 year (365 days)
Georgia issues upon arrival at the Georgian airport a free visa valid for 1 year (365 days) to citizens of more than 94 countries of the world. This program, of course, includes France, as well as Russia and most European countries. Georgia’s policy today is one of the most liberal in the world. You only need to leave Georgia for one day and then return the next day to use your new 1 year visa again. Exceptional immigration regime in the world!
Thus, the Georgian immigration program makes the emigration strategy particularly quick and simple. With the war in Ukraine, many wealthy Russians left their country to flee the war and settle in Georgia, which caused a real explosion in property prices (in a few months, the cost of renting apartments rose by more than 50%). According to a study published in Le Figaro, more than 15,000 Russian millionaires will leave Russia in 2022 to settle abroad. Georgia is well positioned to host all these very wealthy clients as the local taxation is very low, the local culture shares many values with Russia and above all the local population is fluent in Russian (all Georgians over 35 are fluent in Russian) . ).
6. Low cost of living: This attracts digital nomads, tourists and retirees.
The cost of living is generally very low in Georgia.
Energy price is very low (natural gas, electricity)
Natural gas (used for heating and cooking) comes from a neighboring country: Azerbaijan, while local electricity is mainly produced by hydroelectric power plants (dams). The local government is investing heavily in local power generation capacity.
All local products are very affordable (fruits, vegetables).
Locally produced fruits and vegetables are very affordable. An 11 kg watermelon costs about 6 euros in a supermarket (more than 22 euros in France). Vegetables like onions or potatoes are very affordable.
7 – The price of construction in Georgia is very low
You can buy real estate in Georgia from 500 euros per square meter. The price varies greatly depending on the residential area, related services (registration or not) and the condition of the property (white frame, black frame, green frame, turnkey, etc.). In the prestigious Vake district, one has to count from 1300 to 2500 dollars per square meter. In more popular areas such as Saburtalo, property can be purchased for less than $1,000 per square meter.
8 – Maintenance and maintenance costs are very low
The maintenance and upkeep costs of the apartment are very low.
A mid-range gated community (with a security camera) costs about $0.50 per square meter per month.
For an 80 square meter apartment, that’s about $40 a month.