Strategic Geographic Location
Located at the crossroads of Europe and Asia, Georgia is a bridge connecting several important economic regions with the total population of more than 800 million people. Georgia is the key and shortest transit route between Western Europe and Central Asia for the transportation of oil, gas and cargo.
Liberal Trade Regime
Georgia’s liberal trade regimes provide investors with a favorable opportunity to not only access the country’s 3.7 m residents, but the wider region’s markets, as a direct result of the absence of customs and import tariffs. To date, Georgia has signed FTAs with CIS countries that include Ukraine, Belarus, Moldova, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan and Turkmenistan, as well as its neighbors, Turkey, Azerbaijan and Armenia.
The Association Agreement (“AA”) with EU was signed and ratified in 2014, including Deep and Comprehensive Free Trade Agreement (“DCFTA”). Additionally on 27th of June 2016 Georgia signed FTA with EFTA countries, giving Georgian products duty free access to markets of Iceland, Liechtenstein, Norway and Switzerland.
General Schemes of Preference for Georgia with the US, Canada, and Japan have also been applied for, with the result being lower tariffs on 3,400 goods exported from Georgia.
February 2016 marked the start of negotiations between Georgia and Peoples Republic of China on free trade agreement. Considering high political interest from both sides, agreement will be reached very soon. Georgia is a member of the World Trade Organization (WTO) since 2000.
Liberal Taxation System
Georgia enjoys low tax rates, a transparent tax system, and legislation that unifies taxes and customs under one code. Currently, there are only 6 flat taxes in Georgia
- Personal Income Tax - 20%
- Pension contribution - 2% paid by employer, 2% paid by employee, 2% paid by Government
- Corporate income tax 15%
- Interest income received from Georgian banks is not taxed
- Personal income tax for interest, dividend and royalty is 5%
- No capital gains, wealth or inheritance tax.
- Double Taxation Avoidance Treaties signed with 56 countries, including the United Kingdom, Austria, Belgium, Singapore, Germany, Japan, Italy, Ireland, Turkey, etc.
Regional Tourism Hub
The government is rebranding Georgia as tourism destination on international arena and transforms Georgia into regional tourism hub in the Caucasus. The construction of roads and infrastructure helped revive Georgia’s traditional tourism hubs (Tbilisi, Mtskheta, Batumi, Bakuriani, Gudauri) and (re)discover the new promising destinations like Svaneti, Anaklia, Sighnaghi and Kvareli. Domestic tourism is flourishing. Cultural sites are inscribed in the UNESCO World Heritage List.
Tourism is one of the fastest growing sectors of the economy in Georgia. It is easy to travel in Georgia, which boasts three modern international airports in Tbilisi, Kutaisi and Batumi. Citizens of other countries can obtain an entry visa simply and quickly at the airport.
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