He pays less than $600/month to rent a very comfortable, two-bedroom apartment. Dinner with his girlfriend at a nice restaurant (enhanced with good local wine) runs him less than $40. They bring in a housekeeper for a fraction of what it would cost in his native Germany, and a professional masseuse visits the couple several times per week for less than $20 a session.
Where is this magical place? Georgia - a country that’s working hard to attract digital nomads, high earners, and other talent like Lucas. Not only is the country business friendly, and the cost of living low, but Georgia’s tax incentives rival even Puerto Rico’s.
Georgia is especially great for non-Americans. They can take advantage of some of PR’s generous incentives, but only US citizens benefit from its 4% federal tax rates.
Georgia, however, offers those who qualify an astoundingly low 1% tax rate.
Much has been written about that coveted 1% rate, but beware, as a lot of it has been wrong and can land you in major tax trouble.
In this piece, we’ll lay out the myths and realities around paying 1%. Who qualifies? Who doesn’t? What exact steps do you have to follow… and when is the best time apply for your tax status?
For this piece, we consulted with one of the top experts in Georgia, one who has quickly earned a reputation as a solid source for expats. Click here to find out whether Georgia’s generous tax incentives will work for you.
A few months ago, we told you about our friend Lucas, a digital entrepreneur living an incredible life in Europe… at very low cost. He pays less than $600/month to rent a very comfortable, two-bedroom apartment. Dinner with his girlfriend at a nice restaurant (enhanced with good local wine) runs him less than $40. They…