Updated Eligibility Requirements for High Net Worth Individuals to Obtain Tax Residency in Georgia.

Georgia Updates Eligibility Criteria for High Net Worth Individuals to Attain Tax Residency: Property Worth USD 500,000 Now a Requirement.

March 1, 2023, the Revenue Service issued Order № 60 that adds a new condition for individuals seeking tax residency in Georgia. The updated regulation mandates that HNWI High-Net-Worth Individuals must own property valued at USD 500,000 or equivalent in Georgian lari within the country’s borders. This criterion supplements the existing eligibility requirements for HNWI status.

• • The application must demonstrate a property value exceeding 3 million lari or an annual income of over 200,000 lari for the three years preceding the filing.
  •  Alternatively, if the person has a residency permit in Georgia and can provide proof of income from a source within the country amounting to at least 25,000 lari

The amendment is effective from April 15, 2023, for both grounds above.

For more information on the certificate of tax residency for High Worth Net Individuals (HNWI) in Georgia, please refer to our article available here.