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Georgia Chat - Meet people when traveling in Georgia on Nomad List

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vpoqfgilbk1mo
That seems fair, thanks for your input!
vnjmtnluzr1mo
ucpdamhtluk Yep, Iโ€™m concerned. I love Georgia, but am reluctant to visit again because of this. I had unusual health problems after a 2.5-month visit (mostly in Tbilisi) just over three years ago. I had been there before without problems, but only for 10 days or so. During my longer visit I got sick and had a cough that lasted for weeksโ€”had to pretty much confine myself to my air-conditioned room for the duration of my stay (it cleared up quickly after I left). Also, my hair started falling out and a red splotch appeared on my cheek that took 3 years and some very smart doctors in Boston to clear out. I have chronic seasonal allergies, so Iโ€™m sensitive to bad air pollution, but the hair & skin problems were unprecedented.
gozkipda1mo
Has any of you noticed that Magti data is failing since yesterday or is it only me?
vpiqfdtm30d
uiouaquxz I noticed too.
fecuvqxy30d
Ok, so itโ€™s not my phone going crazy. Good to know ๐Ÿ™‚
fznjisquly30d
pairizxomyd thank you so much, that is really helpful
dileptuvvjl27d
Did anyone consider/planning/already achieved to get residency in Georgia (even through buying a property)?
rdqxwyest23d
hwrpzfohajjy I got residency in Georgia by starting a company there. They've made it more difficult recently.
rjsdgymcievl21d
qfewyzuigcac what's the main purpose for this? Just curious. I was digging into high-net-worth option, and it requires apostiled/legalized bank statements/income docs + 25k GEL income from Georgia. That's for tax residence
vpmvziyszzc21d
Thanks, UJT9E93EY. Yeah, the 25k GEL income is when you have a business. The other option is to buy real estate in excess of 100k USD.
hqeedijkkwjn21d
smgrmjgnfrbe business is not necessary if you're going towards the high-net-worth route, to my knowledge
kvkfxsxlw21d
There seems to be two different things being talked about 1) residency, and 2) tax residency
ajaeqqhcz21d
they have different requirements
apepilokhtb20d
Yes, nmergttzfyxyh pointed that out. I assumed the one would come with the other. Iโ€™m clarifying with my lawyer.
imrrhqyth20d
They are very different and unrelated. One does not come with the other. They are two different applications. You do not need residency to get tax residency if you have 25k gel income from Georgia. If you don't have income from Georgia, then you may need residency to get tax residency
tbpomlqeh20d
I've dealt with a lot of lawyers in Georgia and they have all been terrible. None of them knew what they were talking about
aptbkijlw20d
So I instead work with lawyers in Armenia because they actually know what they're talking about
bjrnxwaeo20d
After wasting many thousands of dollars paying Georgian lawyers to screw me over, I did a lot of this by myself
eddvkxhngai20d
Oh wow, interesting stuff, URS790SDR!br />
> You do not need residency to get tax residency if you have 25k gel income from Georgia.
would that then imply worldwide taxation or is territorial tax then still active for foreigners?
ezgaqytbu20d
georgia is territorial taxation
fdsvdwwqyapj20d
fpxhoollvu where did you get that info? Iโ€™ve talked to 20 RS clerks in person and they donโ€™t know anything about it :)
suihasirnhwl20d
Do you have an official RS confirmation about such tax regime? (And yes, I know itโ€™s in their code, but it doesnโ€™t prevent clerks from questioning it)
woxjnqyhpqdb20d
I regards to 25k gel income from Georgia you also need either to spend 183 days in Georgia or provide apostile/legalized income proof of income of about $ 100 000k in one of the years
mfunzketwcen20d
So since they donโ€™t know anything about such regime, how would you prove to them that you donโ€™t owe them 20%?
azbzykhqt20d
I don't understand. Why would you owe them 20%? And owe who?
ximoaqayhepq20d
To the government of Georgia. Since youโ€™re a tax resident and you need to pay to taxes. And they think you need to pay taxes on world wide income
fvpbmbhaqiyp20d
Income tax, specifically
esfptrouz20d
There's no legal requirement to pay tax on worldwide income. Firstly, they don't know what my worldwide income is because I'm not legally obligated to report it. Just follow the law. I have an accountant handle tax reporting.
ylvjxfhvjahe20d
Not reporting is different.
cvmjgqdtzjnq20d
Until I see a written confirmation from them, I wonโ€™t believe it, even that it is specified in article 82 of their tax code
jpyjuarri20d
ok, that's your choice. I'll continue to just follow the law
xuyqbridzcnj20d
You donโ€™t get it :) when you come to the RS they are supposed to do it too, right ? They donโ€™t. BecUse they donโ€™t know it
mtrjhprhainb20d
When you get cash to TBC/BOG they will start asking questions...
fpxszqjws20d
Like I said, I don't deal with RS. I have an accountant
pnqnwlnzs20d
I also don't bank in Georgia because I don't like their banking system
jtxqihcba20d
having tax residency in Georgia while having bank accounts there is just asking for problems
arfgsxwwutkt20d
How do you show 25k income from Georgia?
weztytrcs20d
I don't. I don't have any income from Georgia
ncnjjsgjc20d
since then I would have to pay tax on that income
wcysyqgad20d
I have no income from Georgia, thus pay no tax
pjlnxyuiuufl20d
So whatโ€™s the basis for the tax residency then?
unwvynpjq20d
I qualify under their HNWI program
mdrykcdvvsli20d
Which requires either residency in Georgia or 25k income in Georgia
gbklgrsinahe20d
Sorry, Iโ€™m confused
yoivfxtmp20d
I have residency
smqkgfenadrq20d
Through a business then?
rbdssehcwkfh20d
Yeah, thatโ€™s what you started with
vyivffkirgzq20d
+1skin-tone-2
nxnuixmethjd20d
But Iโ€™m still confused how can you have a business that would allow you a residency without a bank account
bkemdbmpo20d
I used to have a bank account for the business but it got shut down because the banking system in Georgia is awful
wkliglzfw20d
I don't need a bank account for my business
hdijgbyemcjp20d
Got it.
ucoadegaqqaq20d
The problems with business in Georgia that I see now is that you have to prove ties to Georgia. Have Georgian clients, specifically.
zwnruzqiajrq20d
But it may be only bank-related though
hbmltnzvf20d
Yeah that's just for banks. For residency it's just based on business income
iubcyzjdi20d
TBC especially doesn't like if your clients aren't Georgian
kgfjpexqgqom20d
How do you prove business income then, or they take any bank account?
yyxswuvqw20d
That's based on income reported to RS. A Georgian company has a legal requirement to report income every month
nkkmtiajruud20d
Hmm... so pretty much a cost of residency
goibdlcsy20d
yeah
iipdyxfgdjon20d
Did you know they have 1% regime now ?
ltfmbuqew20d
good thing though is that I don't pay tax on company profits, just tax on the distributions
bpltwyhma20d
No, what's the 1% regime?
xgonfflahsun20d
โ€œSmall businessโ€ something
vbuukkqcniap20d
Up to 300k usd I guess. Donโ€™t remember an exact number
acslvkvjv20d
one issue with Georgia is that they're continuously changing rules
tenimpeiqils20d
Yeah
unsycupcg20d
but if things change enough to no longer be favorable to me, I'll move on
dmakbfekvabp20d
Costs a lot to track too, I bet
zzanfswzq20d
I think I pay about $80/month for my company accountant. Plus there are lots of fees involved for both residency and tax residency. Then lawyer fees
hehiizcsrtrc20d
Kinda a lot for Georgia
htpnrbnpotla20d
I pay 90euro for a full fledged xolo in Estonia
vmbscystu20d
yeah, Georgian tax residency is not the best setup for everyone
eykknyafqeob20d
Iโ€™m a US citizen, so It really wonโ€™t matter to me that much
llkmuowmi20d
I'm a former American, it's a lot of work to get out of the grips of the American government
obnurgxau20d
if you have US citizenship then tax planning beyond FEIE is pretty difficult
dzgrjyakcwmo20d
Iโ€™m married, tons of business expenses. So itโ€™s decent
cknybsxygxjp20d
Personal income tax-wise yep
ouctpfuqmwec20d
But they give you only two options cash or bank account. If it's not a bank account, then it's cash, and you're supposed to have a receipt, otherwise they penalize you, no?
tbvnivjgzplw20d
Also, VAT...
ajznijglc20d
I don't deal with cash and I don't get penalized. I also don't pay VAT because my company doesn't qualify for VAT
kjzipevvynpg20d
Interesting
rilwnhljxgiu20d
I can't imagine how that works, especially if you're asked about your accouunting audit and sources of income. but alright :)
vpmablnixazg20d
And they only understand cash receipts or bank transactions...
bttllncagzmt20d
Actually, Crypto might work for them, as cryptomats are working legally
jdqxtxqyoffe20d
Yeah, I think I got it.
yqxknbdbyjru20d
Thanks again ntusnbhokl
payiggqmruub20d
I guess whenever you become truly free from US/FEIE you can go really long way to make it actually work... hehe
badovozy20d
Maybe your willing to recommend one? It feels that I have a similar situation to yours
bhghtfbrybc19d
> having tax residency in Georgia while having bank accounts there is just asking for problems
I agree with that.
ulibjuvmgbm19d
Interesting discussion. vszsnthnch you opened a company to get residency, and now you also have the income tax statements, that you use for the FEIE? (Iโ€™m not an american, so no idea how that exactly works). So you get to NOT be in the country because you are HNWI. So you get to keep the income statements without needing to be there.

Isnโ€™t that what we all want here?

Did you think about buying a property in Georgia? Then youโ€™d get around opening a company.
qvpmotwx19d
fdrojvikp is there a coffee break event today?
xqsxjbqjwupp19d
acwrzbfzbgas gregufgivv is not an american any more ๐Ÿ™‚
inuzxhcug19d
you don't need Georgian tax residency to qualify for FEIE
uhfspnpy19d
pepwzmslj hoh, sorry forgot to cancel that.
ptqflutv8d
There is a Coffee Break meetup tomorrow for remote workers. If anyone wants to drop by and have a chat and meet with people -- would love to see you!
tgmapqon8d
oevyaslie would love to see you too ๐Ÿ™‚ ^^
chradrln8d
Yeah sure. Is it tomorrow though or Tuesday?
nvypdplh8d
ikxzaebfq can't get over New year's, still head is messed up. Yeah, Tuesday.
jphvmxji8d
Ok, see you there!
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