Let's discuss taxation, retirement, and social rights for long-term immigrants in Armenia and Georgia.
Essential information for anyone considering relocation. Knowing the tax implications is almost as important as finding the best khachapuri.
Almost! In Armenia, residency (183 days or more) means taxation on worldwide income.
Worldwide income? That's significant. Even online sales from an Armenian apartment are taxable?
Generally, yes. Tax treaties may offer exceptions, but the principle is clear: income generated while residing in Armenia is taxable there.
Understood. What about Georgia?
Georgia offers a more favorable initial tax policy. For the first two years of residency, only income sourced from Georgia is taxed.
Two tax-free years? That's attractive. So, income from a cryptocurrency farm in Tbilisi wouldn't be taxed initially?
You'd still need to report it, but taxation is deferred for two years on foreign-sourced income, as part of their High Net Worth Individual program.
After those two years?
Worldwide income becomes taxable, similar to Armenia.
Let's discuss retirement. Armenia's pension system?
Primarily for citizens and long-term residents who've contributed. Retiring in Armenia without prior contributions won't provide an Armenian pension.
So, reliance on foreign pensions or savings is necessary. Georgia's approach?
Georgia is becoming a retirement haven. A demonstrable income sufficient for living expenses is the key requirement, regardless of contributions to a Georgian pension fund.
Verifiable income, such as pensions or investments. And Georgia's cost of living is relatively low.
Precisely. Regarding social rights, Armenia's access to benefits is generally linked to employment and social security contributions.
Limited access for non-working residents.
Correct. In Georgia, the social safety net is expanding, though access to benefits for long-term immigrants might not be automatic. Healthcare access is improving.
Private health insurance is advisable in both countries.
To summarize: Armenia taxes worldwide income, social rights are employment-linked. Georgia offers a two-year tax break, is retiree-friendly, and is expanding social rights.
Precisely. Individual circumstances and income sources heavily influence the optimal choice.
Thanks for clarifying the tax and social rights landscape.
My pleasure. For more detailed information, consult jetoff.ai.