Bidzina Ivanishvili actively uses the zero-tax privileges of offshore companies, for which he owns a chain of interconnected companies in the British Virgin Islands, Panama, the Bahamas, the Cayman Islands and Belize.
According to the Pandora Papers, a global journalistic investigation published by the International Consortium of Investigative Journalists - ICIJ, Ivanishvili registered 12 companies in the British Virgin Islands between 1998 and 2016, which were used to manage various assets of his estate. The legal agent of these companies was the Panamanian law firm Alcogal. Ivanishvili also used the services of another Panamanian law firm, Mosak Fonseka, which offered services for establishing companies in Panama and other offshore zones for billionaire clients. It is from the information leaked from the aforementioned legal firms - the Panama Papers and Pandora Papers - that the offshores are connected to Ivanishvili.
Information about Ivanishvili's other offshores is known from the ownership register extracts of companies founded by Ivanishvili in Georgia, annual financial reports, as well as TI Georgia research.
In the British Virgin Islands, Ivanishvili owns:
Krista Investments Limited;
Silverpot Holdings Limited;
Brighton Corporate Limited;
Silverport Trading Limited;
Vanity Overseas Limited;
Morley Consultants Limited;
Finseck Limited;
Brighstone Finance Limited;
Sargans Limited;
Flamon Limited;
Ringold Finance Limited;
Plikar Trading Limited;
Lynden Management Limited;
TARPAN MANAGEMENT LIMITED;
In the Bahamas, Ivanishvili owns:
Serangoon Limited;
In Panama, registered:
Frankston International;
LIMESTONE FINANCE INTERNATIONAL;
In Belize, registered:
FRESNO MANAGEMENT LIMITED;
VASILIA ENTERPRISES LIMITED
Gilmar Holding Limited;
Cayman Islands:
Ivanishvili's co-investment fund is registered in the Cayman Islands.
Bermuda:
Ivanishvili owned and managed his assets in Bermuda through the insurance branch of Credit Suisse. Ivanishvili is currently involved in a multi-year litigation in Bermuda, the verdict of which is expected to be announced in 2025.
