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Wealth Management in Georgia

Wealth Management in Georgia

Wealth management in Georgia refers to the set of operations through which the assets of an individual can be managed for the purpose of maximizing their value. Wealth management is typically done by experts in finance, law, tax, accounting, such as our team of Georgian lawyers, who apply various strategies personalized to the situation of a client.

In general, wealth management in Georgia is addressed to high-net worth individuals, who own more properties, businesses or who have inherited expensive assets from their relatives. The service can refer to estate planning, retirement, business succession, etc.

Main wealth management services in Georgia

Our team of lawyers in Georgia can offer a variety of services that can be adjusted to the needs of our high-net worth clients. We can serve locals and foreigners alike and some of the main services we can offer are:

  1. wealth management in Georgia and overseas (we can help clients manage their assets and properties located outside this country);
  2. tax assistance and tax advice (such as tax minimization);
  3. investment advice;
  4. reporting services.

Clients can also rely on us for advice on the legislation applicable to their specific assets owned in Georgia or in other countries. For instance, foreigners can easily buy a house in Georgia, but there are certain limitations when it comes to the purchase of land in this country, following the modified legislation enforced here.

Foreigners can still purchase land, but they are no longer allowed to own agricultural land. Our attorneys in Georgia can advise on how to purchase land for other purposes or residential properties and can also assist with information on the tax advantages of buying real estate here.

Why opt for wealth management in Georgia?

Whether you are interested in the management of your assets or you want to invest or start a business here, Georgia offers some of the most competitive advantages to foreigners. According to the Bank of Georgia, individuals interested in wealth management should choose this country due to the following advantages:

  1. the country offers financial security, having a very stable economy in the Caucasus region;
  2. it also benefits from a transparent climate, with very low corruption levels;
  3. it also promotes a very attractive taxation system, for both individuals and companies;
  4. the country is one of the main destinations for real estate investments, due to the straightforward purchase policies and low tax base.

What taxes are charged to individuals in Georgia?

Owning assets and paying taxes in Georgia can be one of the most advantageous tax decision a foreigner can make, especially in the case of persons who arrive from countries with a high tax base on personal taxation, property, dividends and other types of income. In the list below, you can discover some of the taxes charged to individuals:

  • personal income tax is charged at a rate of 20%;
  • the property tax is charged at a rate of maximum 1% of the market price of the property;
  • this tax is charged on an annual basis and the property tax declaration should be submitted no later than 1st of October with the Revenue Service of Georgia;
  • if you own property that you want to rent, as a owner, you will need to pay an income tax of 5% or 20% (the first tax is charged when the property is rented to an individual and the 2nd, when the rental agreement is signed with a business);
  • withholding taxes can also apply, when the payments are made to non-resident entities and they are charged at a rate of 5% for royalties, dividends and interest.

Therefore, if you own businesses or shares in Georgian companies, or own properties here that you want to use for personal or business purposes, your tax base will be rather low compared to other countries in the region. We invite you to address our law firm in Georgia for a full list on our wealth management services; we can help you maximize and secure your properties and other assets.