Colli Real Estate

All roads lead to private acquisition of real estate in Georgia!

Eli Doron, adv. – Yaron Tikitzky, adv. (CPA)

Georgia has more than 50 million people spread over 69,700 kilometers square and a semi-Chair of the Republican Government. Recently, after overcoming and cure of civil strife, Georgia gained independence and the foreign investment flourished since.
Georgia is very active in promoting investment foreign and once around the rapidly growing cities, from the gleaming skyscrapers, hotels and residential complexes, shows his efforts bear fruit. Consequently, many Israelis have started to buy private property in Georgia, using the exemption of tax for the purchase of private lands.

According to the law in Georgia, one company is considered a Georgia resident for tax purposes, if you have an active business in Georgia and / or effective management takes place in Georgia. An individual is considered a Georgia resident for tax purposes, if present in Georgia, at least 183 days of the fiscal year. Foreign residents, businesses and individuals, are subject to tax on income only from within the borders of Georgia, including in real estate. Since 1 January 2008, tax business income has been reduced by 20% to 15% tax on the individual's income has increased from 12% to 25% (this also applies to capital income).

However, Georgia law allows an individual to purchase real private property easements to enjoy significant tax. Otherwise, said a man who bought the private estate will be able to sell the land after a minimum period of two years of ownership – tax free. In comparison, the law exempts from Israel only sales of residential apartments and only after a minimum ownership period of four years or a maximum and a ½ years, if not individual sale has another floor.

In addition, Georgia real estate prices is also an important incentive for the purchase of private property in Georgia. For example, while 300 square meters to Tbilisi, the capital, on the former site of the city is estimated at about $ 600,000, a private home, 5 bedrooms and a quarter acre in the city Batumi (in the western mountains), close to the Black Sea is estimated at $ 120,000 and one two-bedroom apartment in Tbilisi 51 m² is estimated at only $ 39,000.

Finally, Israeli investment in the country has become an increasingly important phenomenon. The above information may clearly state why the Israelis might well prefer to invest in Georgia, where they are (in terms mentioned above) to purchase and sell real estate with large benefits without being taxed in Georgia, what-so-ever.

Ask About Item Request:
eli-doron@taxlawyers.co.il

About the Author

The Doron, Tikotzky, Amir, Mizrahi law firm has offices in Ramat Gan, Haifa and Romania. It is the largest tax firm in Israel, and combines tax, private and commercial law professionalism, including local and international business and services of all measures and sorts. Representing clients with tax, private and commercial disputes, offering them representation and litigation in a variety of courts.

The office, which includes approx. 35 lawyers, economists and accountants, was established by lawyers and accountants from the public sector who practiced Israeli and international tax, private and criminal law. Therefore, the firm includes four main departments:

The Commercial Tax Department – deals in tax consulting of private citizens and companies in Israel and abroad and litigation in court and representation to the various tax authorities in all matters.

The Criminal Tax Department – accompanies and represents Israelis with criminal tax disputes, whether in an open investigation or in courts. This department has also published the monumental book in the subject of criminal tax law, named “Tax Offences”.

The Private and Commercial Department – deals in a variety of legal subject, including trades, commercial enterprises, entrepreneur foundation, private litigation, commercial disputes, bank disputes, work law, contracts, family law, torts and much more.

The Real Estate Department – deals with many real estate deals, both private and commercial. In a wide range, as elementary deals of home and commercial rent and as far as complex international deals including hundreds and thousands of commercial and private units, and much more.

Ramat Gan 12 Hachilazon st, (Crystal House)
Tel: 972-03-6127446, Fax: 972-03-6127449
Haifa 58 Hameginim Blvd
 Tel: 972-04-8526693 Fax: 972-04-8555976

 

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