Taxation in Georgia. Cross-border travel.

There are no real estate taxes in Georgia, but there is an income tax payment on sales and renting:

• Income tax on the rent of non-commercial (residential) real estate is 5%.
• Income tax on the rent of commercial real estate is 20%.
• If the resale of non-commercial (residential) real estate is done during two years, the income tax makes 5% (the difference between selling and buying prices). After two years expiration tax payment ceases.
• If the resale of commercial real estate is done during two years, the income tax makes 20% (the difference between selling and buying prices). After two years expiration tax payment ceases.

 

Terms of money transfer across the Georgian border for foreign citizens are democratic for everyone:

• Import is allowed without limitation, but the sum above 30 thousands GEL (or the equivalent in foreign exchange) should be declared. Declaration has to be saved (preferably) during the year.
• Export from Georgia is allowed on the sum analogous to imported (declared) sum on condition that no more than a year went by since the day of entrance to the country. Income declaration is needed in case of overrun.

 

More information can be found on the official websites:
http://www.mof.ge/en/
http://www.rs.ge/