Georgia (Tbilisi) a good place to move as a company?
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I would also pick Bulgaria.
Reasons why I would discard other countries:
- UAE to expensive for you (setup ~10k, travel, hotels... it just adds up)
- Cyprus - to expensive for 50k/year profits (only accounting and audit can cost you 3-5k/year or even more)
- Romania - they change rules often so not worth the risk
- Georgia - looks nice on paper︀ but seems distant and too close to Russia
In Bulgaria things seem simple 10% CIT,︁ 5% divs, part of EU, everything there is still cheap (or cheaper compared to rest︂ of EU), you pay your taxes there and you're good to go.
You can always︃ access Turkey and Greece for some sun and sea and Romania for some trips in︄ the nature.
Also, don't try to complicate things with two companies (with Estonia).
It's just︅ not worth the hustle.
Reasons why I would discard other countries:
- UAE to expensive for you (setup ~10k, travel, hotels... it just adds up)
- Cyprus - to expensive for 50k/year profits (only accounting and audit can cost you 3-5k/year or even more)
- Romania - they change rules often so not worth the risk
- Georgia - looks nice on paper︀ but seems distant and too close to Russia
In Bulgaria things seem simple 10% CIT,︁ 5% divs, part of EU, everything there is still cheap (or cheaper compared to rest︂ of EU), you pay your taxes there and you're good to go.
You can always︃ access Turkey and Greece for some sun and sea and Romania for some trips in︄ the nature.
Also, don't try to complicate things with two companies (with Estonia).
It's just︅ not worth the hustle.
Thanks everyone for the answers. Especially @Marshal and @JimBeam
I reconsidered everything and Bulgaria might be the better option. In the EU, closer market, stability and good cost of living.
As for a two company sheme: Im not someone who wants to pay zero tax. 10-15% is totally fine.
Will collect more information to compare between Georgia and Bulgaria. If anyone wants to share their experience of those two, its very welcome 🙂
I reconsidered everything and Bulgaria might be the better option. In the EU, closer market, stability and good cost of living.
As for a two company sheme: Im not someone who wants to pay zero tax. 10-15% is totally fine.
Will collect more information to compare between Georgia and Bulgaria. If anyone wants to share their experience of those two, its very welcome 🙂
Bulgaria is︀ my favorite and it is cost effective and simple to set up. The only thing︁ I'll add is if you become a tax resident there and start making more than︂ 400,000 euros in profit , you'll most probably be put on a watch list by︃ the mafia as Bulgaria is still highly run by the mafia and corrupt. Although, the︄ corrupt part I don't really mind as it is extremely efficient.
Doesn't always happen, but︅ if you start making a lot and living fancy just keep that in mind.
Doesn't always happen, but︅ if you start making a lot and living fancy just keep that in mind.
Georgia was a good place until a few years ago. Latest with the start of the RU/UA war and the influx of RU draft dodgers it has become all but comfortable.
If you do not have any personal connection to the country, stay away.
There are much better and easier options out there.
Careful, taxes are applicable!
It has already been discussed years ago -> Question - Armenia - weird CGT
As weird as it sounds, it's true.
If you do not have any personal connection to the country, stay away.
There are much better and easier options out there.
Careful, taxes are applicable!
It has already been discussed years ago -> Question - Armenia - weird CGT
As weird as it sounds, it's true.
I guess is that if you're employed by your company you have to pay yourself a minimal salary (currently at 780 BGN - around 310 EUR) and on top of that you would pay all the contributions (tax, pension etc) and that totals 927 BGN (about 475 eur/month).
So this averages at about 6k EUR/year and for that money you get pension and︀ basic (state owned) health insurance.
Beyond that you can take everything else as dividends at︁ 5%.
So this averages at about 6k EUR/year and for that money you get pension and︀ basic (state owned) health insurance.
Beyond that you can take everything else as dividends at︁ 5%.
Thanks for that. So effectively you can highly reduce taxes in Bulgaria by just taking minimal salary+dividends. Of︀ if you would c ombine that with a Cyp non-dom and your PE is in︁ Cyp, possibly you can avoid the 5% dividend tax completely and just pay 10% corporate︂ tax in BG. Plus , you can take up to 2.5% deductions in BG so︃ total tax rate would be around 7.5%.
I heard that Bulgaria is expecting to switch︄ from the BGN to EUR as the local currency. In that case what would happen︅ to those with BGN? Will Bulgaria just have 2 currencies, or will people with BGN︆ need to exchange the BGN to EUR at the central bank in Sofia?
I heard that Bulgaria is expecting to switch︄ from the BGN to EUR as the local currency. In that case what would happen︅ to those with BGN? Will Bulgaria just have 2 currencies, or will people with BGN︆ need to exchange the BGN to EUR at the central bank in Sofia?
Croatia did this recently (switched to euro) and they had 3 months period where you could easily convert remaining funds into EUR.
They can do it even after but in these 3 months the prices of goods and services could be paid in both currencies.
Bulgaria should switch to euro on Jan 1st 2025.
One thig is certain: switching to euro leads to initial increase in the consumer prices so factor that in.
Once they switch the things will get a bit more expensive there.
They can do it even after but in these 3 months the prices of goods and services could be paid in both currencies.
Bulgaria should switch to euro on Jan 1st 2025.
One thig is certain: switching to euro leads to initial increase in the consumer prices so factor that in.
Once they switch the things will get a bit more expensive there.
Interesting, thanks. Will Bulgarian banks allow you to deposit both currencies? What happened in that︀ regard in Croatia?
Yes, they'll allow use of both currencies for 3 months and after that they'll migrate fully to EUR.
I was in Croatia recently and all prices are now in Euros (but you can see them also displayed in HKR as well but now only EUR is accepted).
Croatia adopted euro on Jan 1st 2023.
I was in Croatia recently and all prices are now in Euros (but you can see them also displayed in HKR as well but now only EUR is accepted).
Croatia adopted euro on Jan 1st 2023.
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