On June 4, Speaker Shalva Papuashvili signed into law the amendments to the country’s Tax Code, the so-called “Offshore Law,” which makes it easier to bring offshore assets to Georgia. The expected move came after President Salome Zurabishvili vetoed the bill, which was then overruled by the Parliament.
The amendments, passed by the ruling Georgian Dream party under a fast-track procedure, offer a wide range of tax benefits to companies and individuals who decide to move their assets from tax havens to Georgia.
The law was adopted amid the controversy related to the foreign agents’ law and is sought to be aimed at allowing Georgian Dream’s billionaire founder, Bidzina Ivanishvili, and his cronies to evade potential Western sanctions.
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