Tbilisi
EY
Kote Abkhazi str., 44
Tbilisi 0105 Georgia
Executive and immigration contacts
Tato Chantladze
Tina Kachakhidze
+995 (32) 215-8811
Fax: +995 (32) 215-8822 Email: tato.chantladze@ge.ey.com
+995 (32) 215-8811, Ext. 2112
Fax: +995 (32) 215-8822 Email: tina.kachakhidze@ge.ey.com
A. Income tax
Who is liable. Resident individuals and nonresident individuals are subject to income tax on income received from Georgian sources.
For tax purposes, individuals are considered resident if they actu ally are located on the territory of Georgia for 183 or more cumulative days in any continuous 12-month period ending in the current tax year (that is, the calendar year) or if they are in Georgian state service abroad during the tax year. For purposes of the above residency test, the days considered are the days when the individual is actually located on the territory of Georgia, as well as the days spent by the individual outside the territory of Georgia for medical treatment, vacation, business trip or study purposes. The time of actual presence does not constitute time spent in Georgia by the following individuals:
• Persons with diplomatic or consular status as well as their fam ily members
• Staff members of an international organization under Georgian international agreements, state servants of a foreign country, including their family members, but excluding citizens of Georgia
• Persons moving from one foreign country to another through the territory of Georgia
• Persons residing in Georgia for medical treatment or vacation purposes only
The status of residency is determined for each tax period. Days that were taken into account in determining the residency of an individual in the preceding tax period are not taken into account in determining residency in the current tax period.
In addition, high net-worth individuals may become residents of Georgia for tax purposes even if under the above general rule on residency, they are not deemed to be Georgian residents. For this purpose, high net-worth individuals are individuals who hold property with the value in excess of GEL3 million or whose
annual income for each of the preceding three years exceeded GEL200,000.
The Minister of Finance and the Minister of Justice of Georgia set the rules and conditions for granting the status of Georgian resident to high net-worth individuals. Under these rules, an individual qualifying as a high net-worth individual in Georgia may become a Georgian resident if he or she holds a local per sonal identification card or residence permit or proves the receipt of annual Georgian-source income of GEL25,000 or more. If these conditions are satisfied, the Ministry of Finance of Georgia grants Georgian residency to such individual for a tax year based on the submitted application.
If residency of a Georgian citizen cannot be attributed to any other country, such person may become a resident of Georgia for tax purposes by applying to the tax authorities.
In certain circumstances, except for the cases mentioned above, the Minister of Finance sets the rules and conditions for granting the status of Georgian resident to foreign citizen individuals.
A nonresident is an individual who is not considered to be a Georgian resident under the rules provided above.
Income subject to tax. The taxation of various types of income is described below.
Employment income. Taxable income from employment consists of all types of compensation or benefits, whether received in cash or in any other form, subject to certain exceptions.
Self-employment and business income. Tax is levied on an indi vidual entrepreneur’s annual income, which consists of gross income less expenses (except for nondeductible or partially nondeductible expenses) incurred in earning the income.
Directors’ fees. Directors’ work is considered to be employment performed in Georgia, and the income from such work is subject to income tax.
Investment income. A 5% withholding tax is imposed on divi dends paid by Georgian enterprises to individuals. Dividends received by resident individuals that were taxed at source are not included in the gross income of such individuals and are not subject to further taxation.
The following dividends are not taxed at source and are not included in the gross income of recipients:
• Dividends received in a free industrial zone (FIZ) from a FIZ company
• Dividends distributed by an entity that has the status of an agri cultural cooperative under Georgian law to its members (until 1 January 2023)
• Dividends distributed by an investment company established in accordance with the Law of Georgia on Investment Funds
A 5% withholding tax is imposed on interest payments made by or on behalf of Georgian residents and permanent establishments (PEs) of nonresidents to individuals, if the source of interest income is in Georgia. Interest received by individuals that was
taxed at source is not included in the gross income of such individuals and is not subject to further taxation. If these payments are received by a person registered in a low-tax jurisdic tion, the tax rate is 15%.
The following interest is not taxed at source and is not further included in the gross income of the recipient:
• Interest received from financial institutions licensed according to the Georgian legislation
• Interest received in a FIZ from a FIZ company
• Interest on free-floating securities or on debt securities issued by Georgian enterprises and listed on a recognized foreign stock exchange
Other income. Inheritances and gifts received are generally included in taxable income. However, certain exceptions apply (see Exempt income). Income received by individuals from rent ing out living space for living purposes is taxed at a rate of 5% if no expenses are deducted from this income. A 5% rate also applies to gains received by individuals from the supply of living space and the land attached to it, as well as from the supply of vehicles. In general, the taxable gain equals the difference between the sale price of the land or vehicle and its cost.
Nonresidents’ income. Georgian-source income of a nonresident that is not related to a PE of the nonresident in Georgia is subject to tax at the source of payment without deductions. A 4% rate applies to the income received from the oil and gas operations of nonresident subcontractors under the Law of Georgia on Oil and Gas. Other payments to nonresidents deemed to represent income received from a Georgian source are taxed at source at a rate of 10%.
Exempt income. The following types of income are exempt from income tax:
• Income derived by nonresidents from employment with diplomatic or equalized organizations located in Georgia
• Grants, state pensions, state compensation, state academic scholarships, cumulative and repayable pensions from private pension schemes up to the amount of the contributions made and other specific state payments
• Financial and other awards received by persons engaged in sports-related activities and their coaches for winning and/or getting medal placing at the Olympic Games and/or the world and European championships
• Alimony
• Value of property (income) received on the basis of divorce
• Capital gains derived from the sale of vehicles that were held for more than six months after official registration
• Capital gains derived from the sale of residential apartments (houses) together with the attached land plot that were held for more than two years
• Capital gains derived from the sale of assets (other than vehi cles and apartments or houses) that were held for more than two years and that were not used for economic activities (mere possession of securities or an equity interest with the purpose of receiving dividends and interest is not considered to be the use of assets in economic activities)
• In the case of the liquidation or capital reduction of a company, capital gains derived from the receipt of real estate in exchange for a partner’s share in the company that was held for more than two years
• Capital gains derived from the sale of tangible assets held for more than a total of two years by an individual (I level legatee) and a decedent
• Property received by a I or II level legatee free of charge or by inheritance
• Property received by a III and IV level legatee, up to GEL150,000, free of charge or by inheritance
• Property with a value of up to GEL1,000 received free of charge during a tax year, other than property received from an employer
• Amounts paid to a donor for food required for the restoration of blood
• Until 1 January 2023, income received from the initial supply of agricultural products before their reproduction (change of commodity code) and salary payments received from these individuals by their employees if such income does not exceed GEL200,000 during a calendar year
• Georgian-source income of a nonresident received from insur ance, reinsurance of risks and leasing services not related to his or her PE in Georgia
• Interest income and gains derived from the sale of bonds issued by the Government of Georgia, the National Bank of Georgia (NBG), deposit insurance agencies and international financial institutions (Government Ordinance #198, dated 21 February 2014, provides a list of international financial institutions)
• Income of resident individuals received from foreign sources
• Lottery winnings up to GEL1,000
• Income received by a nonresident individual from a nonresident employer for employment executed in Georgia for up to 30 cal endar days in a tax year, if such salary expenses are not attribut able to the PE of a nonresident in Georgia, regardless of whether the payment is made by the PE
• Income received from the transfer of property by a partnership to its members if, by the moment of the transfer, the members of the partnership consist only of individuals, the members have not changed since the establishment of the partnership, and the partnership is not a value-added tax (VAT) payer
• Income earned by a person who is in a bankruptcy regime after the commencement of bankruptcy proceedings under the Law of Georgia on Insolvency Proceedings
• Income earned by a natural person as a result of being employed by a person in relation to whom bankruptcy proceedings are pending
Taxation of employer-provided stock options. Employer-provided stock options are a taxable benefit.
Capital gains and losses. Capital gains are subject to regular income tax when they are realized. Unrealized capital gains are not subject to tax.
Individual entrepreneurs may offset their capital losses (except for losses incurred in economic activities) against proceeds received from the sale of the same type of assets. If the loss
cannot be offset in the year in which it is incurred, the loss may not be carried forward (see Relief for losses).
Individuals who are not entrepreneurs may offset losses from the sale of assets against gains from the sale of the same type of assets. However, if a loss cannot be offset in the year in which it is incurred, the loss may not be carried forward.
Deductions
Business deductions. Taxpayers may deduct all documented expenses contributing to the generation of taxable income (for example, expenditure for materials, depreciation deductions, lease payments, wages and interest payments), except for expenses of a capital nature and expenses that are nondeductible or partially nondeductible.
A taxpayer may deduct the gain derived from the free-of-charge supply of goods and services from his or her gross income, subject to the restrictions imposed by the TCG in the reporting year in which such goods or services are used in an economic activity.
Nondeductible expenses include the following:
• Expenses that are not related to economic activities, except for contributions to charity funds. However, such contributions (both cash and noncash contributions except for immovable property) are deductible only up to 10% of taxable income before deduction of charitable expenses.
• Entertainment expenses, unless a taxpayer is engaged in enter tainment business and the expenses have been incurred in the framework of such activity.
• Expenses incurred for personal consumption and costs related to the winnings received from lotteries, casinos (gambling houses), games of chance or other winning games.
• Expenses related to generation of income that is exempt from personal income tax.
• Penalties and fines paid or payable to the Georgian state budget.
• Income tax, except for income tax paid by an individual with respect to receiving a benefit (with the exception of a benefit received from employment and economic activities).
• Interest expenses above the established limit of 24% per year.
• Representative expenses in excess of 1% of gross income earned during the tax year.
• Expenses incurred on goods and services purchased from an individual with the status of micro business (see Section E).
• A bad debt may be deducted only if the respective income was previously included in gross income and if such receivables have been written off in the accounting books. Certain condi tions provided by the TCG must be met for the receivable to be considered a bad debt.
• Capital repair expenses for fixed assets in excess of 5% of the balance of the corresponding group of fixed assets at the end of the preceding tax year. These expenses are added to the group and deducted through depreciation charges. However, such expenses are immediately expensed if a person applies the full depreciation method (see below).
• Insurance premiums paid by insured parties under pension insurance agreements.
Expenditures on tangible assets
deducted in the form of group depreciation
through
following
the rates for the depreciation
application of the diminishingbalance method.
Depreciation may not be claimed for land, works of art, museum items, historical objects (except for buildings), fixed assets with a value under GEL1,000 and biological assets (animals and plants). Fixed assets with a value below GEL1,000 can be fully deducted from gross income in the year in which their exploita tion begins. Expenditure on biological assets may be deducted in the year when it was incurred. Taxpayers may claim accelerated depreciation norms with respect to the II and III groups. However, such accelerated depreciation may not be more than double the amount of the rates mentioned above. In addition, repair expens es on rented fixed assets (if they do not reduce the rental fee) result in the creation of a separate group of assets that is depreci ated at the rate set for Group V. On the expiration or termination of the rent agreement, the remaining balance value of the group may not be deducted from gross income and the value of the group is set to zero.
Alternatively, the cost of fixed assets purchased or produced (except for non-amortized fixed assets) can be depreciated at a rate of 100% in the year in which the exploitation of such assets begins. A taxpayer selecting the full depreciation method may not change it for five years.
Expenditures on intangible assets are deducted in proportion to the useful life of the assets. If it is impossible to determine the useful life of an intangible asset, a 15% rate applies. In addition, expenditure on intangible assets with a value below GEL1,000 can be fully deducted from the gross income in the year in which the respective expenditure is incurred.
Rates. The personal income tax rate is 20%.
Credits. Because the income of resident individuals received from foreign sources is exempt from personal income tax, no foreign tax credits are allowed.
Relief for losses. Individual entrepreneurs may carry forward losses for up to five years to offset future profits. The offsetting of loss carryforwards against the salary income of individual entrepreneurs is not allowed.
Losses may also be carried forward for up to 10 years. However, the statute of limitations is 11 years for a 10-year carryforward period, and 6 years for a 5-year carryforward period. A 10-year carryforward period may be changed back to a 5-year carryfor ward period if the losses carried forward are used up. No loss carrybacks are allowed.
B. Other taxes
Inheritance and gift taxes. Georgia does not impose gift taxes. As mentioned in Section A, inheritances and gifts are subject to general income taxation. However, certain exemptions are applied.
Wealth tax. Georgia does not impose wealth tax or net worth tax.
Property tax. For individuals, the following items are subject to property tax:
• Owned immovable property (buildings or parts of buildings)
• Unfinished construction
• Yachts (motorboats), planes and helicopters
• Passenger vehicles (under Harmonized System [HS] Code 8703)
• Property leased from nonresidents
In addition, for individuals carrying out economic activities, the following items are taxable:
• Fixed assets
• Unassembled equipment
• Property leased to other parties
Property located in a FIZ is exempt from tax.
The property tax rates for taxable property, except for land, vary according to the revenues earned during the tax year by the fam ily owning the property. The rates are applied to the market value of the property. The following are the rates.
Annual revenues Property tax Exceeding Not exceeding rate GEL GEL % 40,000 100,000
0.05 to 0.2 100,000 0.8 to 1
Property tax is a local tax. The local government fixes the rate within the above ranges.
The property tax rates for agricultural land vary according to the administrative unit and the land quality. The annual base tax rate per 1 hectare varies from GEL5 to GEL100. The local govern ment fixes the rate for land at up to 150% of the above annual base tax rate.
The base tax rate for non-agricultural land is GEL0.24 per square meter. The local government adjusts the rate by a territorial coef ficient of up to 1.5.
The property tax rate for land granted to a person using natural resources on the basis of a license may be set at a rate of up to GEL3 per hectare.
C. Social insurance tax
Contributions. Georgia does not impose social insurance tax.
Totalization agreements. Georgia is not a party to any interna tional agreement regarding contributions to social funds.
D. Tax filing and payment procedures
The tax year in Georgia is the calendar year.
Employers in Georgia (Georgian entities, PEs of foreign entities and individual entrepreneurs, except for FIZ companies with respect to salary payments to their resident employees) must withhold personal income tax from the salaries paid to resident and nonresident employees in Georgia.
A nonresident person making salary payments that are not attrib utable to its PE in Georgia is exempt from the obligation to with hold tax at the source of payment. In this case, the employee may calculate the tax liability, file a tax return and pay tax.
Tax agents who withhold personal income tax at source must file monthly tax returns and forms containing information about the income recipients, income paid and taxes withheld by the 15th day of the month following the reporting month.
Resident individuals and nonresident individuals who derive income that was not taxed at the source of payment in Georgia must file personal income tax returns before 1 April of the year following the tax year.
Individual entrepreneurs engaged in economic activities in Georgia must make current tax payments during the tax year. Each current tax payment equals 25% of the tax liability for the preceding tax year. The payments are due on 15 May, 15 July, 15 September and 15 December of the current tax year. A balancing payment must be made before 1 April of the year following the tax year. Individuals who did not derive income during the preceding tax year are not required to make current tax payments.
If an individual has made current tax payments (or has no obliga tion to make current tax payments) due for the tax year, the sub mission date can be extended for up to a further three months by notifying the Georgian Tax Authorities (GTA) before the filing deadline. Personal income tax returns can be amended within the statute of limitation, which is three years.
Individual entrepreneurs must file a final tax return within 30 working days following the cessation of their economic activities in Georgia. In the following periods, they are not required to file a tax return until the resumption of economic activity.
E. Special tax regimes
Individuals may obtain the special status of micro business and individual entrepreneurs may obtain the status of small business. On obtaining these statuses, individuals become eligible for cer tain simplified accounting rules and tax exemptions. The GTA grants the statuses to individuals. Individuals may also be granted the status of fixed taxpayer.
Micro business. The status of micro business can be granted to individuals who satisfy the following conditions:
• They conduct economic activities independently without hiring employees.
• They receive annual gross income up to GEL30,000.
• They maintain an inventory balance up to GEL45,000.
• They are not registered VAT payers.
The government determines the prohibited activities for individu als with the status of micro business, as well as the types of income that are not taxed under the special tax regime and that are not included in the calculation of the above gross income threshold.
Individuals with the status of micro business are exempt from personal income tax. However, they must maintain all primary tax documentation. In addition, such individuals must file a tax return annually.
The status of micro business is canceled for the current tax year if any of the above requirements for micro business are violated or if an individual with the status of micro business applies to the GTA for cancellation of the status or obtains the status of small business. On cancellation of the status, the income of an individ ual is taxed either according to the rules for small business if such status is obtained or according to the standard personal income tax rules.
Small business. A small business is liable for personal income tax at a 1% rate. The applicable personal income tax rate increases to 3% if gross income of a small business received from economic activities exceeds GEL500,000. A 3% rate applies from the beginning of the month in which a small business exceeded the GEL500,000 threshold until the end of a calendar year. Taxable income of a small business consists of Georgian-source income except employment income and certain other types of income determined by the government of Georgia that is not taxed under the special status and is not included in the gross income of a small business.
A small business is not required to withhold tax at source on pay ment of salaries to its employees up to GEL6,000 during the calendar year if either of the following conditions is met:
• He or she has been registered as an individual entrepreneur and has been granted a small business status within the same calendar year.
• Gross income received during the preceding calendar year did not exceed GEL50,000.
The status of a small business will be canceled if one of the fol lowing conditions is met:
• Annual income from business activities exceeds GEL500,000 for two calendar years.
• The individual applies for status cancelation voluntarily.
• The individual is engaged in activities that are prohibited by the government of Georgia under the status of a small business.
• The individual is fined at least three times during the calendar year for the violation of rules for using a cash register.
Individuals with the status of a small business must file a tax return and pay the respective taxes no later than the 15th day of the month following the reporting month.
Fixed taxpayer. The status of fixed taxpayer can be granted to a person who satisfies both of the following conditions:
• He or she carries out activities subject to fixed tax as defined by the government of Georgia.
• He or she is not registered as a VAT payer.
In addition to activities subject to fixed tax, a person having the status of fixed taxpayer can carry out additional activities defined as permitted activities by the government of Georgia. Income earned from carrying out activities subject to fixed tax are not included in the gross income of a fixed taxpayer and are not subject to further taxation. Instead, such income is subject to fixed tax at the following rates:
• GEL1 to GEL2,000. The government of Georgia sets the exact fixed rate for each type of activity. Also, the fixed rate for the same type of activity may vary among the territorial units of local self-governing bodies.
• 3% of income generated from taxable activities.
Income earned from carrying out additional activities not subject to fixed tax but allowable by the government of Georgia is sub ject to tax under the normal rules. Fixed taxpayers must keep all primary tax documentation issued to or by them.
Fixed taxpayers are not liable to make advance tax payments and are exempt from the obligation to file a tax return.
The status of fixed taxpayer is canceled if any of the following circumstances exists:
• A person ceases to perform activities subject to fixed tax.
• A person carries out an activity that is different from activities authorized by the government of Georgia for fixed taxpayers as additional activities.
• A person applies to the GTA for cancellation of the status.
• A person is liable to register as a VAT payer within the scope of allowed additional activities or voluntarily registers as a VAT payer.
If any of the above circumstances exists, a person must apply to the GTA within 10 working days from that moment and request cancellation of the status.
F. Double tax relief and tax treaties
Georgia has entered into tax treaties with the following jurisdic tions.
Armenia Iceland Portugal
Austria India Qatar
Azerbaijan Iran Romania
Bahrain Ireland San Marino
Belarus Israel Saudi Arabia
Belgium Italy Serbia
Bulgaria Japan Singapore
China Mainland Kazakhstan Slovak Republic
Croatia Korea (South) Slovenia
Cyprus Kuwait Spain
Czech Republic Latvia Sweden Denmark Liechtenstein Switzerland
Egypt Lithuania Turkey
Estonia Luxembourg Turkmenistan
Finland Malta Ukraine
France Moldova United Arab
Germany Netherlands Emirates
Greece Norway United Kingdom
Hong Kong SAR Poland Uzbekistan
Hungary
Georgia considers none of the tax treaties of the former USSR to be in force.
Most of Georgia’s tax treaties exempt individuals from tax in Georgia if all of the following conditions are satisfied:
• The individual is present in Georgia for less than 183 days in any period of 12 consecutive months.
• The income is paid to the individual by or on behalf of an employer who is not a resident of Georgia.
• The cost of the income is not borne by a PE of the employer in Georgia.
Tax benefits granted by the tax treaties can be claimed in accor dance with the rules established by the Minister of Finance of Georgia.
G. Visas
The Law on Legal Status of Aliens and Stateless Persons, which entered into force on 1 September 2014, introduced many chang es regarding visas and permits.
The legal basis for a foreign citizen’s stay in Georgia is a visa, residence permit (permanent or temporary) or refugee status. No visa is required for entering and staying in Georgia for one year for the nationals of the following jurisdictions.
Albania Germany Russian
Andorra Greece Federation Antigua and Honduras St. Vincent Barbuda Hungary and the Argentina Iceland Grenadines
Armenia Ireland San Marino
Austria Israel Saudi Arabia Australia Italy Serbia Azerbaijan Japan Seychelles
Bahamas Jordan Singapore
Bahrain Kazakhstan Slovak Republic
Barbados Korea (South) Slovenia
Belarus Kuwait South Africa Belgium Kyrgyzstan Spain
Belize Latvia Sweden
Bosnia and Lebanon Switzerland
Herzegovina Liechtenstein Tajikistan
Botswana Lithuania Thailand
Brazil Luxembourg Turkey
Brunei Malaysia Turkmenistan
Darussalam Malta Ukraine Bulgaria Mauritius Uzbekistan
Canada Mexico United Arab Colombia Moldova Emirates
Costa Rica Monaco United Kingdom Croatia Montenegro United Kingdom Cyprus Netherlands Crown Czech Republic territories Dependencies Denmark (Aruba and (Guernsey, the Denmark successor Isle of Man territories jurisdictions and Jersey) (Faroe Islands of the United Kingdom and Greenland) Netherlands overseas territories
Dominican Republic Antilles) (Bermuda, Ecuador New Zealand Cayman Islands, El Salvador Norway British Virgin Estonia Oman Islands, Falkland Finland Panama Islands, Gibraltar, France Poland and Turks France Portugal and Caicos territories Qatar Islands) (French Romania United States Polynesia and Vatican City New Caledonia)
The nationals of European Union (EU) member states and Switzerland can enter Georgia with a travel document, as well as with an identity card issued by an EU member state or Switzerland, respectively. The identity card must contain the name, surname, date of birth and a photo of the person.
H. Residence permits
The Legal Entity of Public Law Civil Registry Agency under the Ministry of Justice of Georgia issues residence permits.
The Law on Legal Status of Foreigners and Stateless Persons provides for the following residence permits:
• A work residence permit, which is issued for the carrying out of entrepreneurial or labor activities in Georgia to a foreign person who provides documentation proving the carrying out of such activities, as well as a certificate proving that income from such activities is not less than five times the amount of the substance minimum (approximately GEL200) and that the employer or established company (except for educational or medical establishments) of such person has a turnover of more than GEL50,000. For medical establishments, the abovementioned threshold is GEL35,000.
• A study residence permit, which is issued for the purpose of study at an authorized educational institution in Georgia.
• A residence permit for the purpose of family reunification, which is issued to family members of an alien holding a resi dence permit.
• A residence permit of a former citizen of Georgia, which is issued to an alien whose citizenship of Georgia has been terminated.
• A residence permit of a stateless person, which is issued to an individual whose status of statelessness has been determined in Georgia.
• A special residence permit, which is issued to an alien who is reasonably assumed to be a victim of or affected by human traf ficking.
• A permanent residence permit, which is issued to a spouse, par ent of a Georgian citizen minor child and minor child of a Georgian citizen. A permanent residence permit is also issued to an alien who has lived in Georgia for the last 10 years on the basis of a temporary residence permit. This period does not include the period of residence in Georgia for study or medical treatment, and the period of work at diplomatic missions and equivalent missions.
• An investment residence permit, which is issued to an alien who has made an investment worth at least USD300,000 in Georgia, in accordance with the Law of Georgia on Investment Activity Promotion and Guarantees, or owns an immovable property in Georgia, the market value of which is at least USD300,000, and to his or her family members. For the pur poses of this permit, family members are a spouse, minor chil dren and the alien’s legally incompetent or disabled dependents. This permit may be issued for a period of five years.
• A temporary residence permit, which is issued to persons hold ing the status of victims. Temporary residence permits are issued for no more than six years.
• A short-term residence permit, which is issued to a person hav ing ownership in real property located in Georgia and to his or her spouse and children. The market price of this property should be at least the equivalent in Georgian lari of USD100,000. The short-term residence permit is issued for one year.
• Lifetime residence permit, which is issued to persons and their family members who have obtained an investment residence permit on the basis of the following:
Making an investment worth USD300,000 in Georgia
Having turnover of over USD50,000 in the first year, over USD100,000 in the second year and over USD120,000 in the third, fourth and fifth years
Having owned immovable property in Georgia with a value of over USD300,000 for five years For the purposes of this permit, family members are a spouse, minor children and the alien’s legally incompetent or disabled dependents.
Persons arriving in Georgia for working purposes from visa-free countries are not required to obtain a work residence permit for up to a year. If they intend to work in Georgia for more than a year, they must apply for the work residence permit 40 days before the expiration of the visa-free period.
I. Driver’s permits
A foreign national with an international driver’s license may drive legally using this license if information is indicated in Latin letters or if it is translated into Georgian and certified by a notary. A foreign national who wishes to drive in Georgia but does not have an international driver’s license must legalize his or her home-country license in the country where the license was issued and have it translated into Georgian. This translation needs to be notarized in Georgia.