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

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gveuumzgvn2mo
qdzfqvwlxji 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.
pqtmthbb2mo
Has any of you noticed that Magti data is failing since yesterday or is it only me?
dynnpsxk2mo
pwpwbjqnp I noticed too.
pfsvfjoo2mo
Ok, so itโ€™s not my phone going crazy. Good to know ๐Ÿ™‚
qdvemvpmfx2mo
pkwwwvhgnep thank you so much, that is really helpful
fwbnqftfrlv2mo
Did anyone consider/planning/already achieved to get residency in Georgia (even through buying a property)?
xuyjeqjgceds2mo
ekttrqariind 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
csimqtncgzn2mo
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.
pqbtaaawavsp2mo
jxouehmijqly business is not necessary if you're going towards the high-net-worth route, to my knowledge
xbtuikfnser2mo
Yes, zwcjocftqkxnx pointed that out. I assumed the one would come with the other. Iโ€™m clarifying with my lawyer.
noswlgrbenn2mo
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?
vwoxmeuwnufa2mo
cxhibrhbjm where did you get that info? Iโ€™ve talked to 20 RS clerks in person and they donโ€™t know anything about it :)
pibihcwwuqku2mo
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)
fynavzzmigsf2mo
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
miaabmxycqyj2mo
So since they donโ€™t know anything about such regime, how would you prove to them that you donโ€™t owe them 20%?
bpeobfkaz2mo
I don't understand. Why would you owe them 20%? And owe who?
bjqrsemohwlx2mo
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
eekmpuqizqnw2mo
Income tax, specifically
iygpreylt2mo
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.
jcrdxxaobgui2mo
Not reporting is different.
lndyttxniqss2mo
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
vzpystexg2mo
ok, that's your choice. I'll continue to just follow the law
bdzjrqhmqhuz2mo
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
bekomcmplxuj2mo
When you get cash to TBC/BOG they will start asking questions...
ptfqgkzzb2mo
Like I said, I don't deal with RS. I have an accountant
azovlogwt2mo
I also don't bank in Georgia because I don't like their banking system
nhilqabzz2mo
having tax residency in Georgia while having bank accounts there is just asking for problems
jvpmrqnivwmw2mo
How do you show 25k income from Georgia?
jojvqhdfe2mo
I don't. I don't have any income from Georgia
fypruomls2mo
since then I would have to pay tax on that income
ojbgraxqt2mo
I have no income from Georgia, thus pay no tax
gvhbkpghituj2mo
So whatโ€™s the basis for the tax residency then?
lnplshvsq2mo
I qualify under their HNWI program
zlpcxfsbvgtp2mo
Which requires either residency in Georgia or 25k income in Georgia
eeoqssjtadec2mo
Sorry, Iโ€™m confused
qrgclqecg2mo
I have residency
sqcsjpizkqmm2mo
Through a business then?
eucltnkikzia2mo
Yeah, thatโ€™s what you started with
xzcigxykyhde2mo
+1skin-tone-2
bsgbkrujcrpb2mo
But Iโ€™m still confused how can you have a business that would allow you a residency without a bank account
gqxgdcfku2mo
I used to have a bank account for the business but it got shut down because the banking system in Georgia is awful
gjzhwbjzq2mo
I don't need a bank account for my business
sncxyxxniqpj2mo
Got it.
mqycqxlgadby2mo
The problems with business in Georgia that I see now is that you have to prove ties to Georgia. Have Georgian clients, specifically.
kkkahtdxnmpe2mo
But it may be only bank-related though
arubulfge2mo
Yeah that's just for banks. For residency it's just based on business income
tcdyangai2mo
TBC especially doesn't like if your clients aren't Georgian
qdddshbssgit2mo
How do you prove business income then, or they take any bank account?
sbctdowvn2mo
That's based on income reported to RS. A Georgian company has a legal requirement to report income every month
scvwcojlmbdy2mo
Hmm... so pretty much a cost of residency
irlfyomdp2mo
yeah
fqcrwqghljib2mo
Did you know they have 1% regime now ?
vgidayggv2mo
good thing though is that I don't pay tax on company profits, just tax on the distributions
dawjqurgu2mo
No, what's the 1% regime?
obkxyivmurqk2mo
โ€œSmall businessโ€ something
xxyxzhxyfocx2mo
Up to 300k usd I guess. Donโ€™t remember an exact number
rpbwdvicu2mo
one issue with Georgia is that they're continuously changing rules
enwhtrkumwfc2mo
Yeah
wezexzezz2mo
but if things change enough to no longer be favorable to me, I'll move on
pozjzjohdxjh2mo
Costs a lot to track too, I bet
hmbvudhzs2mo
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
hbnkzoywahle2mo
Kinda a lot for Georgia
dgwzhkcwulsq2mo
I pay 90euro for a full fledged xolo in Estonia
xrxszugur2mo
yeah, Georgian tax residency is not the best setup for everyone
dldpzbyaythg2mo
Iโ€™m a US citizen, so It really wonโ€™t matter to me that much
nicrahidl2mo
I'm a former American, it's a lot of work to get out of the grips of the American government
zdzjacldu2mo
if you have US citizenship then tax planning beyond FEIE is pretty difficult
kkgoylmprvab2mo
Iโ€™m married, tons of business expenses. So itโ€™s decent
kimlvuladflv2mo
Personal income tax-wise yep
cejjmwrrcgkh2mo
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?
zcacchmcgvhl2mo
Also, VAT...
qwkfltajf2mo
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
lwyflrvfmflg2mo
Interesting
prbiuwhmozeg2mo
I can't imagine how that works, especially if you're asked about your accouunting audit and sources of income. but alright :)
bsrzgtvqmllw2mo
And they only understand cash receipts or bank transactions...
ryjsweuvlxhz2mo
Actually, Crypto might work for them, as cryptomats are working legally
ixipazqegfza2mo
Yeah, I think I got it.
jjwvpsnaieem2mo
Thanks again rgoxqxksna
rvajorsvpoqu2mo
I guess whenever you become truly free from US/FEIE you can go really long way to make it actually work... hehe
toiduewz2mo
Maybe your willing to recommend one? It feels that I have a similar situation to yours
qafhtaslkzf2mo
> having tax residency in Georgia while having bank accounts there is just asking for problems
I agree with that.
gygaearvate2mo
Interesting discussion. vaeswkydwt 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.
kpprznbl2mo
ofyuygqkz is there a coffee break event today?
ysxpxxgxuxhk2mo
yaggxgdcqaze raduygadsc is not an american any more ๐Ÿ™‚
bipaojqgp2mo
you don't need Georgian tax residency to qualify for FEIE
razgxrdi2mo
dpdfpvpai hoh, sorry forgot to cancel that.
jpfqtdod1mo
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!
lvvgxnln1mo
sjyusdgjh would love to see you too ๐Ÿ™‚ ^^
sczfusvf1mo
Yeah sure. Is it tomorrow though or Tuesday?
xtedgtrj1mo
ycnxilbaa can't get over New year's, still head is messed up. Yeah, Tuesday.
nesvjqna1mo
Ok, see you there!
uabsegsjr23d
Anyone in Tbilisi want to plan a meetup?
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