Georgia 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. The capital and largest city is Tbilisi. Georgia is a unitary, semi-presidential republic, with the government elected through a representative democracy.
Georgia boasts with one of the largest collections of historical and architectural monuments in the world, as demonstrated by the fact that it is the country with one of the highest number of UNESCO World Heritage titles.
European Parliament has already approved visa-free travel for Georgian citizens to the Schengen Area. The visa waiver applies to the Schengen Area, which includes 22 EU member states (all except Ireland, the United Kingdom, Croatia, Cyprus, Romania and Bulgaria) in addition to Iceland, Liechtenstein, Norway and Switzerland.
Stable economic development, liberal and free market oriented economic policy, 6 taxes only and reduced tax rates, reduced number of licenses and permissions, dramatically simplified administrative procedures, preferential trade regimes with foreign countries, advantageous geographic location, well developed and integrated transport infrastructure, educated, skilled and competitive workforce presents a solid ground for successful business in Georgia.
Georgian legislation provides flexible and accessible ways of obtaining legal right for entering and staying on the territory of Georgia for the foreigners. The ground for gaining temporary residence permit includes exercising the entrepreneurial or labor activities in Georgia.
For more information, please visit the government website:http://georgia.travel/en
A foreigner legally staying in Georgia and having any of the below-listed residence permits, has the right to receive the other type of residence permit in case he/she meets the requirements set for receiving the latter.
Georgia residence permits are following:
- Work residence permit is issued to persons coming to Georgia for entrepreneurial or labor activities as well as to freelancers;
- Study residence permit is issued to persons coming to Georgia to study at authorized educational institutions;
- Residence permit for family reunification is issued to family members of a foreigner holding a residence permit and/or person who has been granted a status of stateless person in Georgia. Family members include: a spouse, child, and a parent, also an underage or incapacitated person being fully dependent and/or being under their care (guardianship);
- Residence permit of a stateless person is issued to a person whose status of stateless person has been established in Georgia;
- Special residence permit is issued to a foreign citizen who, based on a reasonable doubt, might be a victim of human trafficking. Such instances are specified in the Law of Georgia on Combating Human trafficking. a special residence permit is also issued to a foreign citizen who has written endorsement from a member of the government of Georgia, asking to issue a temporary residence permit to the person. it can also be issued to a foreigner subject to expulsion, after 5 years since he/ she was granted the right of temporary stay, and to the citizen of foreign country who has a status of Compatriot residing abroad;
- Investment residence permit is issued to a foreign citizen who invested at least Gel 300 000 in Georgia. this provision is prescribed in the Law of Georgia on Promotion and Guarantees of investment. in such cases, residence permits are also issued to the investor’s family members, which include a spouse, underage dependent and/or fully dependent incapacitated person;
- Temporary residence permit is issued to a foreigner, who according to the Law of Georgia on elimination of domestic Violence, Protection of and Support to its Victims, has been recognized as a victim of domestic violence;
- Short-term residence permit is issued to the person – and his/her family members – who, according to the rule established by Georgian legislation have the right to immovable property (except for agricultural land), with the market price above USD 35 000 equivalent in Gel.
To make it simplify:
- Temporary residency may be obtained through:
- Purchasing immovable property with minimum value of USD 35, 000; or
- Employment or holding shares in Georgian enterprises; or
- Permanent residency may be obtained through:
- Making investment with minimum value of GEL 300 000; or
- Holding temporary residency for at least 6 years;
For obtaining residency, one shall be submit together with application and identify document, proof of qualification for any of the abovementioned grounds like audit report on value of property or investment, employment or corporate documents etc. The foreigners who possess residence permit have right to bring family members to Georgia and obtain residence permit for them. Permanent residence permit for foreigners can be obtained by investing at least 300 000 GEL in Georgia. Investor’s family members also receive permanent residence permit.
- STRATEGIC LOCATION
Geographical location of the country assures easy access to the growing economics of the CIS countries and to the European and Middle East markets.
- RELIABLE INFRASTRUCTURE
Highly developed and vibrant transport and communications network makes Georgia well-connected internationally through the land, the sea and the air.
- LOW TAXES
Few taxes at lower rates, including flat tax rates on personal income (20%), and corporate profits (15%), make Georgia the most attractive tax regime in the region.
- PREFERENTIAL TRADE REGIMES
Deep and Comprehensive Free Trade Agreement with EU, FTA with CIS countries and Turkey, together with General Schemes of Preference with US, Canada, Japan, Norway and Switzerland, translate into access to almost 1 billion market without customs duty.
- CORRUPTION FREE ENVIRONMENT
Tough anti-corruption measures have significantly improved tax and customs administration, as well as increased state revenues, scaled back Georgia's shadow economy, and produced a significant decrease in corruption in the public and private sectors as measured by international ratings.
- STABLE BANKING SECTOR
The banking sector, which is completely private, is growing rapidly, as foreign investors enter the sector and Georgian banks tap into international capital markets.
- SIMPLIFIED LICENSING PROCEDURES
Total number of licenses and permits required in Georgia has been slashed by 84%, and statutory deadlines imposed for government to respond to applications.
- FAST-GROWING PRIVATIZATION POLICY
Privatization of state-owned property is increasing investment and improving Georgia’s competitiveness. Investors may initiate an expedited, competitive process to privatize assets needed for an investment project.