Two years after Georgia adopted the so-called “Offshore Law,” it remains unknown which companies benefited from the tax incentives or even how many businesses used the scheme.
The amendments to the Tax Code, adopted under an accelerated procedure in 2024, exempt certain asset transfers from income and profit taxes when assets are moved from an entity registered in a preferential tax jurisdiction to a Georgian company. The incentives cover assets including shares, works of art, collectibles, precious metals and stones, and jewelry. The preferential terms for relocating offshore companies to Georgia are available until January 2028.
BMG requested information from the Revenue Service in 2025 and again in April 2026 asking how many and which companies had used the tax benefits. Despite repeated requests, no response has been provided. A Revenue Service hotline operator said the request was still under review, although the stated deadline had been July 20, and that the responsible official would contact BMG.
BMG also asked Paata Kvizhinadze, Chairman of Parliament’s Finance and Budget Committee and one of the bill’s authors, whether he knew who had benefited from the scheme. He said he did not know, adding that this was not his area of responsibility, although he believed “many” may have used it. The ruling Georgian Dream party introduced the law in 2024, arguing that it could encourage up to 3,000 offshore-registered companies with Georgian subsidiaries to relocate their businesses and capital to Georgia.
