Why Live in Georgia: Key Benefits
7-minute read
Introduction
Nestled at the crossroads of Eastern Europe and Western Asia, Georgia has captivated the hearts of many with its breathtaking landscapes, rich history, and warm hospitality. But beyond its scenic beauty, there’s a growing allure for global citizens and investors alike. Whether it’s the country’s strategic location, emerging real estate market, or safety, Georgia is quickly becoming a top choice for those seeking both opportunity and a unique lifestyle. At Geo-Residency, we’ve had the privilege of guiding many through their journey to this enchanting land. Dive in as we unravel the key benefits that make living in Georgia an unparalleled experience.
Table of Contents
Safety and Security
When it comes to deciding on a place to call home, the safety and security of one’s environment stand as paramount considerations. Georgia shines bright in this aspect, earning itself a reputation as a sanctuary of serenity and security. This country has successfully cultivated an environment where the crime rate remains notably low, assuring its inhabitants and visitors a peaceful experience.
It’s not just about the statistics but the palpable feeling of security that one experiences while strolling the streets of Georgia. Night or day, from bustling city centers to tranquil countryside locales, there’s no pocket of Georgia that’s deemed unsafe.
This sentiment isn’t just anecdotal. Various global organizations have consistently recognized Georgia’s exemplary safety record. Notably, in 2020, the Numbeo Safety Index ranked Georgia as the 4th safest country globally. Fast forward to today, and Georgia continues to be a stalwart in safety, holding its esteemed position in the top 20 safest nations in the world.
Low Living Costs
One of the standout attractions of Georgia is its remarkably affordable cost of living. For instance, utilities (which include electricity, heating, cooling, water, and garbage disposal) for an 85m2 apartment average around a mere 70 USD per month. When we extend the lens to groceries, dining out, clothing, and other everyday expenses, Georgia’s living cost index emerges as more affordable than 60% of countries globally.
However, these statistics only scratch the surface of the financial advantages. The most striking disparities can be observed in the realm of luxury and premium experiences. In Georgia, indulging in fine dining, shopping, and luxurious spa treatments won’t drain your wallet as it might in other developed countries. The quality is on par, if not superior, yet the cost is significantly more accessible. The same applies to various types of health and personal care facilities.
Nevertheless, it’s essential to note that recent trends have seen a surge in rental costs, especially in premium areas of Georgia’s main cities. Yet, this increase is believed to be a temporary effect of the recent migration wave from Russia and Ukraine due to the ongoing Russian invasion of Ukraine. Experts anticipate a stabilization in these prices as the situation evolves and the market adjusts.
Ease of Doing Business
Georgia has carved a reputation for itself as an entrepreneur’s haven, consistently securing top ranks globally for its business-friendly environment. Clinching the 7th position worldwide for ease of doing business, 8th for financial freedom, and an impressive 7th for trade freedom, Georgia stands out as a beacon for businesses of all sizes and types.
These commendable rankings are not mere numbers but a testament to Georgia’s streamlined regulations and minimally bureaucratic processes. The nation’s dedication to simplicity is evident in its ‘one window principle’ at the Justice Hall, where most administrative procedures related to businesses can be accomplished without being shuttled from one office to another.
Moreover, Georgia’s business landscape is refreshingly devoid of cumbersome licensing and permitting for a majority of business activities. This ease is further amplified by the nation’s competitive tax structures and advanced logistics, attributable to its strategic geographical location. Businesses can also benefit from competitive salary standards, further reducing operational costs.
A notable highlight is the almost tax haven-like conditions offered to IT businesses, making Georgia a particularly attractive location for tech entrepreneurs and startups.
Stellar Banking System
Georgia’s banking landscape is characterized by its advanced infrastructure and the presence of robust financial institutions. The Bank of Georgia (BOG) and TBC Bank stand as the country’s premier banking giants, both of which have secured listings on the London Stock Exchange, exemplifying their reliability and global standards. These institutions aren’t just pivotal players locally; they command respect on the global stage. Notably, both banks have frequently clinched top spots in global rankings, with commendations such as the “Best Consumer Digital Bank” (BOG) or “Best Corporate Digital Bank” (TBC) to their credit.
The Georgian banking system’s allure isn’t solely rooted in its technological prowess but also in its user-friendly and non-bureaucratic processes. Contrasted with the intricacies of banking in the U.S. or other developed nations, Georgia offers a smoother banking experience. Whether it’s securing a loan, managing deposits, initiating local or international wire transfers, or handling business transactions, the efficiency of Georgian banks stands out distinctly. Here, you’re not just a number in a queue but a valued client benefiting from a world-class banking experience.
Benefits of Georgian Tax System
Georgia’s tax system is notably beneficial, especially for those looking to optimize their financial landscape. Local tax system including personal and corporate taxes is quite optimal and attractive.
However, for expats, a standout perk is often the exemption on foreign-sourced income. Georgia’s tax code clarifies that non-Georgian income earned by residents is tax-exempt. This becomes especially advantageous for those with income sources from nations that have tax treaties with Georgia, as certain incomes might remain untaxed in both jurisdictions.
How to get a Georgian tax residency? It’s quite straightforward, either a person should spend 183 days or more in a continuous 12-month period within the tax year or should be recognized as a High Net Worth Individual, eliminating the need for a minimum stay.
Please note, that this is a general overview and not tailored tax or financial advice. Consult with professionals for personal guidance.
Effortless Expat Integration
Georgia prides itself on its rich tradition of hospitality, making it an inviting destination for expats worldwide. Rooted deep within Georgian culture, an inherent respect and admiration for guests still set apart this nation. Such a cultural cornerstone, coupled with the country’s growing global prominence, ensures that newcomers often feel welcomed and at ease.
Moreover, with Tbilisi and other major cities rapidly internationalizing, English has become widely spoken there. Whether it’s a conversation in a cafe or a medical consultation, service providers are well-equipped to converse in English. Even cinema screenings or other types of cultural activities are also provided in English. Getting a good education in English, at the school or university level is also available. In essence, Georgia offers an environment where integration isn’t just easy—it’s natural.
Diverse Wonders of Nature
Georgia’s landscape is a testament to nature’s versatility in a compact space. Imagine having the ability to traverse ancient cities rich in culture, ski down Europe’s towering peaks, relax on sun-kissed beaches, and embark on a wine tour — all within the boundaries of a single country. This unique blend of nature’s finest, from majestic mountains to serene seasides, is not just a traveler’s delight but a resident’s privilege. The proximity of these diverse landscapes ensures that the allure of the outdoors is always within reach, offering residents the flexibility to indulge in a myriad of recreational activities throughout the year. Whether you’re a winter enthusiast or a summer beach lover, Georgia promises an environment for every inclination.
Excellent Culinary & Wine
Georgian cuisine is not just food, it’s a celebration on a plate. The rich tapestry of flavors, from hearty stews to delicate pastries, encapsulates the nation’s soul and history. A single meal is often a journey through centuries of culinary evolution, offering an array of dishes that cater to every palate imaginable.
But the gastronomic story doesn’t end with food. Georgia, honored by UNESCO for its age-old winemaking tradition, boasts the title of being the world’s first wine-producing nation. This deep-rooted veneration for viticulture reflects in the quality and diversity of wines available. From robust reds to crisp whites, and rare aged treasures, Georgian wines offer a symphony of tastes. What’s more, these world-class wines come without the hefty price tag, allowing residents to indulge in the finest pours without reservation. In Georgia, every meal can be a sumptuous feast accompanied by the elixir of its ancient vineyards.