WHY IS THIS INVESTMENT A BETTER OPTION
THAN MY LOCAL COUNTRY?
Straddling Europe and Asia, and nestled between the awe-inspiring Caucasus ranges, Georgia is a melting pot of natural beauty, ancient cultural heritage and impressive modern infrastructure. It is set on the Black Sea and is bordered by Turkey, Azerbaijan, Armenia and Russia.
Georgia boasts a diverse landscape, an abundance of rivers and waterfalls, glaciers, deserts, cities carved into cliffs, winter and summer resorts, mineral and thermal waters, historical sites, medieval culture, traditional Georgian hospitality, mouth-watering cuisine and world-famous ancient Georgian wine, making it an especially desirable and attractive tourism destination for anyone loving history, rich culture and nature on the grandest of scales. Georgia has come a long way particularly in the past 10 year it is currently ranked 6th in the world for ease of doing business in the world. Georgia is definitely open for business and they are embracing foreign investment.
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FAQ ABOUT GEORGIA
It’s easy to see why Georgia is quickly becoming a tourism hot spot when you consider the beautifully diverse landscape, the sunny sub-tropical weather, the unique architecture, the elaborate foods on offer, the deeply rooted wine culture, the fascinating history and the ease with which you can conveniently access the rest of Europe. It truly is a playground of wonder and delight waiting to be explored.
If that’s not enough, what really sealed the deal for us was the the low cost of living, simple residency and tax incentives for foreign investors. Unlike other regions of Eastern Europe, Georgia has all the conveniences and comforts of developed 21st century living. Put simply, Georgia offers the complete package and is by far the best deal across the board right now.
Currently there are 3 important factors driving Georgian property prices up:
- Infrastructure improvements are the cornerstone to any real estate price rises. There are billions (with a B) of dollars being spent on improving Georgia right now. New highways, convention centers, sports stadiums, shopping complexes and casinos are under construction as we speak. Prices all over Georgia are set to increase, however if you know the best districts and the right people you can expect an even higher return.
- As Georgia’s tourism industry continues to rise by 20% year after year prices where tourists want to rent will rise significantly in parallel fashion. Over the next four to five years, forecasts predict double digit returns. With Georgia’s population sitting at just 3.7 million, visitors to the country last year more than doubled the population! That’s only 700,000 less people travelling to Georgia than to Australia!
- The population of Georgia is set to rise with retirees from wealthy western nationals looking to move here for the quality low cost living in their later years. With an influx of residents, naturally property prices go up.
FaceTime, Email, Skype, WhatsApp, Viber, Messenger or just an old fashion phone call! The Internet Age has made it possible to purchase overseas and stay in touch with property managers, advisors, bankers and support staff with just a touch of a button. This means there’s very little difference between overseas and buying interstate Australia.
Banking in Georgia is sophisticated yet surprisingly simple. Just like in Australia most transactions can be taken care of online, meaning there is no need to enter a branch other than to open an account. Unlike in Australia, Georgia have 24-hour banks complete with tellers. So if you were in country and needed to visit the bank there’s no rush to beat the que - now that’s service!
To open an account, you will need a valid passport and to visit Georgia in person or engage a solicitor to apply for the account for you. Accounts can be opened in local Georgian Lari, Euros and US dollars. It’s the easiest process we’ve seen after opening bank accounts on 4 different continents!
Georgia was one of the first countries to implement a shared banking platform linking multiple currencies. Your foreign debit and credit cards work at ATMs all over the world. These transactions are subject to the usual fees charged by the issuing bank, however they are much lower than the charges of Australian banks. For extra piece of mind you’ll also have a banking app on your Australian mobile phone giving you instant access to your accounts 24/7.
For foreigners Georgia is a low-tax or even a no tax jurisdiction. This means you are exempt from taxes on most if not all income from outside Georgia. You should obviously seek local tax advice to understand your personal circumstances, although in our experience many of our clients legally pay no tax at all.
In Australia the heftiest tax on property is stamp duty or capitals gains tax. Georgia has neither of these taxes in place.
Income earned from leasing a property is taxed at just 5% and depreciation on a property can be calculated at between 5-10% per year. That’s 2-4 times more than Australian allowances.
No, your residency status abroad has no effect on your citizenship.
Residency and citizenship are two different things. If you're an Australian citizen, the only way to lose your citizenship is to renounce it formally. This is a serious step that you can't take accidentally.
No. If you're an Australian you can become a resident of multiple countries. Becoming a full time tax resident however does require some extra steps and working with an advisor is recommended.
Yes but again each personal circumstance is different. This depends on investment amounts and net worth. Speaking to an advisor to understand your personal circumstances is recommended.
If you pack up a couple of suitcases and head out the door, your total cost could be as little as $4000. However, if you know you intend to stick around beyond the time allowed a tourist and therefore need to establish formal residency, you’ll need to add some expenses. Regardless the costs are extremely low compared to the savings you’ll make paying the Georgian cost of living.
Make contact with us and buy a plane ticket. We will give you a full tour!
Nowhere on Earth is perfect, but Georgia checks every box we can think of.
According to the 2019 International Crime Index Georgia is ranked as the 6th safest country in the world with a crime rate that is actually lower than that of Australia. Georgia also has a low corruption index and its government policy has been voted one of the best in the world.
To represent transparency, in 2009 Georgia rebuilt their largest government buildings including the justice house and the police headquarters to be made of glass - now that’s going the extra mile!
Since 2013 the Georgian government has undertaken massive health care reforms including the introduction of a Universal Health Care program funded by the state for all citizens. Just like in Australia however, if you are a non-resident some services are not covered so it is a good idea to have private health insurance.
Alternatively, over 2 million westerners went overseas last year for quality, affordable health care. Of course, you need to do your research and you need to make the right decisions for yourself.