Whether you are looking to establish a new home outside your native country, or simply want a Second Passport as a “PLAN B”, the Republic of Georgia currently offers a unique opportunity. If you qualify you may be able to obtain a Georgian citizenship in under six months without having to make a large investment in the country. This is simply not available in any other country in the absence of ancestry or in some case religious affiliation.
- A resident of Georgia for five years,
- Pass a language proficiency test in Georgian,
- Pass a test on the history of Georgia, and
- Is gainfully employed or owns real estate in Georgia.
When approved you lose your prior citizenship(s).
There is an important exception to this. Under Article 17 of the “ORGANIC LAW OF GEORGIA ON GEORGIAN CITIZENSHIP” the President of Georgia has the authority to waive these requirements and allow immediate issuance of citizenship without having to abandon current citizenship if the person has performed outstanding services for Georgia in scientific or social activities or has a profession or qualifications which are of interest to Georgia; or if granting of citizenship is in the interest of Georgia.
The President’s office has created a loose set of rules on how such applications will be processed, and there are some unwritten guidelines which encourage application for some, and discourage applications from others. If you qualify for such citizenship the process takes about six months.
There are many reasons to consider the Republic of Georgia. Georgia offers a streamlined tax system for businesses:
- A flat 15% tax on corporate income (with many exemptions and exceptions available) with the tax deferred until profit is distributed based upon the Estonian Model.
- A flat 20% tax on personal earned income.
- A flat 5% tax on dividends paid to shareholders.
- A VAT tax of 18%.
Even paying the taxes is simple, easy, and efficient. Businesses in Georgia do not spend all their time complying with burdensome regulations, and preparing lengthy tax reports. They run their business.
In addition to the appealing tax system, there are numerous programs that allow companies to benefit from tax-free income:
- Numerous Tax Free Zones throughout the country.
- Tourist Promotions Programs that give investors a tax-free period of up to 15 years on investments related to tourism.
- The Virtual IT Free Trade Zone which provides an unlimited tax exemption on any income earned in the IT industry on sales outside of Georgia.
- The International Financial Company which provides an unlimited tax exemption on any income earned in the financial industry with parties primarily outside of Georgia.
Finally, Georgian citizenship provides protection from extradition.
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