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Situation improving


Georgia (pop. 4,371,000; GDP/cap US$986) is in the eastern coast of the Black Sea bordered on the north by Russia and on the south by Turkey, Armenia, and Azerbaijan.

The Rose Revolution in 2003, spurred by rampant corruption, led the incumbent president Eduard Shevardnadze to resign from his post, which he had held since 1995. After his resignation, Mikheil Saakashvili won the presidential election held on January 2004. However, in May 2004, a second revolution took place in Ajaria, an autonomous region of Georgia, and led to the removal of Ajaria’s corrupt dictator, Aslan Abashidze.

Progress on market reforms and democratization has been made, but progress has been complicated by civil conflicts in the breakaway regions of Abkhazia and South Ossetia, which remain outside the control of the central government and are ruled by de facto, unrecognized governments, supported by Russia.




TAXES AND COSTS
Last Updated: Jan 18, 2016



Rental Income: Nonresidents earning rental income are taxed at a flat rate of 20%.

Capital Gains: Capital gains realized from sales of properties not connected with business activities are exempt from taxation if the property was held for more than two years before it was sold.

Inheritance: First and second degree relatives are fully exempt from inheritance taxes.

Residents: Resident individuals are taxed on their Georgian-sourced income at a flat rate of 18% for 2013. The income tax rate will be reduced to to 20%.

Read Taxes and Costs  »









RESIDENTIAL PROPERTY FACTS
Price (sq.m): n.a. For a 120 sq. m. property, usually an apartment.
Rental Yield: n.a. For a 120 sq. m. property, usually an apartment.
Rent/month: n.a. For a 120 sq. m. property.
Income Tax: 15.00% Assumptions: Owners are a non-resident couple drawing US$ / €1,500 per month in rent, with no other local income.
Roundtrip Cost: n.a. The total cost of buying and then reselling an apartment. Includes:

* all transaction taxes and charges:
* lawyers' and notaries' fees
* agents' fees

Assumptions: The buyers are non-resident foreigners. The apartment cost US$250,00 / €250,000.
Cap Gains Tax: n.a. Assumptions: The property was bought for US$250,000 / €250,000, and sold 10 years later, after a 100% appreciation.
Landlord and Tenant Law: Pro-Landlord Rating is based on a detailed study of each country’s law and practice.

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