I'm a german engineer and moved with my family to Tbilisi/Georgia. Have same trouble. Want to get a work-permit-visa and trying to start a simple standard charta LLC. But BoG, TBC and Liberty Banks are all denied my LLC, owend by myself (100%) as director. No Problems with EU Banks, but here as a local there is no chance to open a simple bank account in 2022 as a foreigner! Also there is a logic problem. No Bank Account -> no Rent and no employees, but they say, i need Office and Employees....
@redx11x2 жыл бұрын
So you have a Georgian limited company and you cannot open a Georgian business account??
@alexnezhynsky9707 Жыл бұрын
What did you end up doing? Thanks
@ManDadHero Жыл бұрын
@@alexnezhynsky9707 Going to stop my activities in this country by End of this or next year. You can work with Wise, but there is no possibility of VAT-Return or local B2B. My business is simple "Engineering" (industrial, Train, Avionik, Automotive) and this is high risk business for the banks. So they denied. If you chose Invest-Visa (get ID Card) BEFORE you start a company, seems your chance is better.
@wavepirates3 жыл бұрын
I don't know how old you information is but... It's actually (April 2021) possible to set up a company in Georgia for non-residents, if you need a resident director, make yourself residents ( you only need 15.000€ turnover or so a year). A bank that only allows domestic transfers? nope, I have Georgian company (cost of 2000€/year or so and 2.000€ incorporation (plus minus)) that cost include passport sent, open one business and two private account at a local bank. I have a SIM Card from Georgia no. I don't know what was you problem but actually there's not an issue to incorporate for foreigners there. I do all my business online, don't need local employees and well it work quite good... In case of the new laws you need a local address, that cost you 18€/months "nothing". The local lawyer will do this for you, as well as the accountant you have chosen. Anyway it's a great country.
@ChristianCohn3 жыл бұрын
Good to know!
@citypoint78852 жыл бұрын
Hello I will go to Georgia within 3 weeks maybe Fo start a new business in Georgia and create the company ( I don’t have reactance in Georgia I go to Georgia on arrival visa) You have any advice for me ?
@jameshamilton3348 Жыл бұрын
Georgia for me is a stepping stone. It's a great country with a non-predatorial tax policy. I like that. It costs peanuts to set up a company there. I've not had any issues Liberty Bank. It's also one of the few countries that still offer permanent residency and citizenship without upfront investment. And hey when I'm ready to pay $6,000 a year for a freezone in Dubai, I'll look at that too. But for now. This works.
@OffshoreCitizen Жыл бұрын
Good take For the record most countries only offer citizenship without any investment
@henrikvoigt61753 жыл бұрын
Sorry, your headline is nonsense, maybe its not intresting for your kind of business but georgia has still a lot of chances for business! S
@tw94194 жыл бұрын
Georgia is an amazing country! Too bad to hear this, but we will see how things evolve. Maybe they change their approach in the future?
@MichaelRosmer4 жыл бұрын
I think to a large extent it is beyond their control
@MrAmhara2 жыл бұрын
@@MichaelRosmer No. They choose.
@ib9511 Жыл бұрын
Hello, Michael. Could you, please, have an uodated video on Georgia? Including opening the bank account for a foreigner with a purpose of buying a flat and qualifying for a tax resident
@OffshoreCitizen Жыл бұрын
Sure
@paulofernandoaksamitas82056 ай бұрын
Hey man what about this update 😅 love your videos !@@OffshoreCitizen
@ScientificEconomics2 жыл бұрын
I was in TBC Bank today. Everything was easy and smoothe. I got a business bank account in 15 min. Everything you said was not true. 😅
@OffshoreCitizen2 жыл бұрын
A few things 1. This video is a couple years old 2. TBC won't give you the problems on opening because that's not when they do due diligence, they'll do it when you start doing transactions Hope it goes well for you
@ScientificEconomics2 жыл бұрын
@@OffshoreCitizen we will see 😎
@redx11x2 жыл бұрын
@@ScientificEconomics how is your business account running?
@Positive_Atrributes3 жыл бұрын
Reasons of genuine economic substance are becoming more pressing on foreign entrepreneurs, who are now required to put down roots, and become tax resident! Temporary residency, registration of a Turkish or Mexican home address with the authorities, and opening a commerce operation; yet the benefit in Turkey and Mexico is a path to citizenship! Low costs, but high tax for a five year period to make your case for citizenship; these are the price of geographic diversity of risks! Keep up the great work! / / \ \ Since this recording, the restrictions have become more onerous and tight!
@kurt7552 жыл бұрын
Is this video still relevant in 2022? Which banks in Europe do you suggest that are crypto friendly?
@MichaelRosmer2 жыл бұрын
Things are somewhat different but not massively so
@tvshapur4 жыл бұрын
Very good info! A lot of people in the offshore/nomadic scene sell Georgia as a panacea without having real experience with it, like you do! But do you think Georgia is still a good location for a non-us individual that’s willing to bank there and live >183 days in the coutry to establish tax residency? No setting up companies or business involvement, just personal banking, tax residency and living there half a year. Thank you!
@MichaelRosmer4 жыл бұрын
If you enjoy living there then sure. Whenever people contact me to discuss places to move the first question I always ask them is "have you been?" If you're going to commit to living somewhere you better like the place or what is the point? If you do like Georgia then absolutely, it's fairly easy to get residency, the tax laws are fairly good, it can lead to citizenship over time. Georgia isn't super well connected by air so it's a bit remote and that can be a bit of a con if you like to travel a lot. Weather is ok, not great not terrible. It's got a low cost of living, with good food and absolutely fantastic wine. Getting around mostly is decent and low cost. As I think I've mentioned in a previous video Tbilisi is quite an unusual city that some people really like and others less so just depending on what you're after. I find English there is not great, not terrible either but not great. Infrastructure is not great, again not awful but definitely not great. People tend to be very hospitable. I often give it as a place where the right people might like to live but it's definitely not for everyone.
@GrahamWinship3 жыл бұрын
@@MichaelRosmer Is there CFC rules now in Georgia? For example, running a Hong Kong corporation, selling on Amazon in North America, and living half the year in georgia to pay no foreign sourced income tax?
@MichaelRosmer3 жыл бұрын
@@GrahamWinship Georgia doesn't have CFC rules. The biggest thing to worry about would be source income/permanent establishment rules
@jacobbrickane Жыл бұрын
Has this changed in 2023 or still hassle?
@jakewarrenx3 ай бұрын
it is an extremly good place to do business.. what the
@vvstrader12283 жыл бұрын
But traders still benefit from zero tax?
@AE1P2 жыл бұрын
Curious about your thoughts on Georgia now that they've officially submitted their EU application. They had an accession plan for 2024, but the current Russian invasion situation has essentially forced them to bump up their timeline. Perhaps worth another video?
@OffshoreCitizen2 жыл бұрын
That's definitely an interesting topic to think about, thank you. What are your thoughts?
@AE1P2 жыл бұрын
@@OffshoreCitizen Just before the pandemic I was researching relocating to eastern Georgia. The country ticks a lot of my personal boxes, but one of the things that's always been a source of concern is that it's a small nation with emerging infrastructure, sandwiched between two very large, very belligerent powers (Turkey & Russia). Its relations with each are at best fraught. From a political perspective, I don't think Georgia had much of a choice about the EU application. They're extremely vulnerable given their aforementioned location, and past and current issues with Russian military encroachment and the Turkish government's irredentist posturing. Not to mention ongoing conflict between their southern neighbors (Armenia & Azerbaijan), which doesn't directly involved them but is always at risk of spilling over at any time, especially given Russian and Turkish involvement. In such urgent circumstances EU candidacy is, perhaps ironically, one of very few means the Georgian state has at its disposal to protect its sovereignty. At this juncture, how the application affects digital nomads, potential emerging markets investors, and entrepreneurs is really not a high priority as there are far more pressing issues at hand. That said, I posed my original comment in the spirit of being hopeful and looking toward a future where Eastern Europe and Eurasia *aren't* razed by imperial warfare, and where we still have the luxury of being able to discuss, "To EU, or not to EU?" ad nauseam. Certainly it's next to impossible to make any substantive projections given current events, but it's still worth thinking about I think. At some point down the line, even if under a whole new order, life must go on and the world will continue to globalize.
@bidenbidenbidenbidenbidenbiden2 жыл бұрын
@@AE1P that probably has very big impact on georgia's economics. they are in really bad place indeed and all choices are bad. right now would have been the best time to join nato, but it will just be a dream because they are being occupied as well. russia will push the line however they want. and russia knows this and will prevent any nato/eu membership for sure. geographically they are in very bad spot too, maybe their only option is to be russian puppet unless nato comes for help (and they wont).
@ericeverson59563 жыл бұрын
What if I just want to set-up or get permanent residence in Georgia. I would be retired so all I would need is a personal checking & savings account.? Also, what do you think about International family trusts for asset protection? Thank you.
@MichaelRosmer3 жыл бұрын
If you're only transacting locally you'll have no issues. As for family trust it depends how it's structured there's tons of nuances to trusts.
@ericeverson59563 жыл бұрын
@@MichaelRosmer Thanks much, Michael.
@playwithpets3 жыл бұрын
Heard that even tourists can open a bank account in Georgia. Are they still accepting non-resident bank accounts? It looks like as a foreigner owned company in Georgia, you can only do domestic banking transactions? Thanks for the video!
@MichaelRosmer3 жыл бұрын
It all used to be very easy. Now less so but more importantly, getting the account open isn't the issue. It's what they'll let you do with it.
@0xativa03 жыл бұрын
@@MichaelRosmer what limits do they put us?
@MichaelRosmer3 жыл бұрын
@@0xativa0 for instance I've had people where the bank tells them they are allowed to transact within Georgia but not do foreign currency wires out of Georgia
@davidnebadze58912 жыл бұрын
@@MichaelRosmer never heard that. big bs
@aelbanoprovenzalilarralde35843 жыл бұрын
Great content!
@OffshoreCitizen3 жыл бұрын
Thank you! Anything else you'd like to see?
@LarryStrawson3 жыл бұрын
Good video but audio is very poor, speakers cranked and I can hardly hear you.
@OffshoreCitizen3 жыл бұрын
Thanks for the feedback we've since added external mic
@kippsguitar65393 жыл бұрын
I can hear it perfectly well
@gersonadr23 жыл бұрын
Is it possible to go around this issue? You mentioned having a Georgian director, what about using a crypto wallet as an alternative to the banking system using stable coins (USDC)?
@MichaelRosmer3 жыл бұрын
Sure do long as your clients are willing to pay in crypto and your employees and suppliers are willing to accept payment in crypto there's no need for a bank account
@0xativa03 жыл бұрын
You dont recommend to open a personal account there anymore? I was planning in to opening banks accounts there for selling bitcoin from exchanges
@MichaelRosmer3 жыл бұрын
Very good chance they'll close your account if you do that. Europe in general is not friendly to crypto...well the world banks generally aren't friendly to it unless you're operating through their services. Usually smaller amounts and in some places like the US and Canada they tend to be fairly ok but usually if you're looking for something offshore you need to find EMIs that will do it or have large enough amounts with wealth management that they are willing to do due diligence to verify the proof of funds.
@tinglestingles3 жыл бұрын
@@MichaelRosmer Are Portuguese banks okay with crypto funds generally?
@MichaelRosmer3 жыл бұрын
@@tinglestingles I wouldn't say generally no. You need to look bank by bank but we usually bank elsewhere for crypto.
@tw52163 жыл бұрын
@@MichaelRosmer Hi Michael, if crypto (trading/investing) would be your main job which country would be your go to place in terms of living and taxation? thanks in advance!
@StarkovArtur3 жыл бұрын
Hi, Michael. On 2:15 you have mentioned Georgia is good for Portugal residents. Are royalties from Georgian FIZ company tax free for both company and Portugees NHR beneficiary individual?
@OffshoreCitizen3 жыл бұрын
Depends how received and paid out and where from. Potentially could be though yes.
@StarkovArtur3 жыл бұрын
@@OffshoreCitizen Thanks! Interesting! Greetings to your wife with International Women Day!))
@MichaelRosmer3 жыл бұрын
@@StarkovArtur thanks!
@alexschulz31562 жыл бұрын
What about living in Georgia with a business in Estonia?
@OffshoreCitizen2 жыл бұрын
Depends on your goals and situation
@miguelangelaguirre53812 жыл бұрын
Hello Alex, I’m also interested in the same thing, but I can’t find information about it. Have you had any luck?
@alexschulz31562 жыл бұрын
@@miguelangelaguirre5381 I think it should work in my situation, actually I will be in Georgia in 2 weeks.
@miguelangelaguirre53812 жыл бұрын
@@alexschulz3156 thank you for your fast reply, Awesome it works for you, currently I’m in the IT sector, I hope it works for me too. any info where to read about this?
@hanswurst97003 жыл бұрын
I will Open a Bank Account for BTC cashout in Georgia , is this a Problem?
@OffshoreCitizen3 жыл бұрын
The banks became pretty strict and it may be difficult. We now recommend Georgia mainly for wealth management accounts
@vie513 жыл бұрын
@@OffshoreCitizen what’s the requirements for wealth management personal account? Is it smooth to transfer different currencies internationally with that account? Thank you!
@hanswurst97002 жыл бұрын
@@OffshoreCitizen Which country would be good for BTC payouts?
@roshan2173 жыл бұрын
Does starting a personal account for forex trading works for international transfers ?
@MichaelRosmer3 жыл бұрын
Depends what you mean. You can't use it for transactions only deposits and withdrawals into your own bank accounts
@harremrasheed13353 жыл бұрын
If I wanted to create LLC in Georgia for Amazon business, is this good or not. Waiting for your response. Thanks
@Alvaro1ization3 жыл бұрын
No
@mediolanumhibernicus3353 Жыл бұрын
You’ll have to find a new place to keep up the tax dodges.
@nancypatterson22152 жыл бұрын
It's because China wants to be the only major investor in the country. It's so they can accomplish their Belt & Road initiative. If Georgians thought Russia was bad, they have no clue how ruthless China can be. Not the people The CCP & Putin
@lvngitcouture3 жыл бұрын
Forget Georgia then 🙄
@vimalcurio3 жыл бұрын
yep
@hanswurst97003 жыл бұрын
Why ?
@davidnebadze58912 жыл бұрын
he is wrong, i am from georgia, not so true.
@designhub360customapparel3 жыл бұрын
You look like that guy who owns Nomad Capitalist KZfaq Channel.
@MichaelRosmer3 жыл бұрын
Haha not quite sure how to take that ;p
@onkelreisendemac48642 жыл бұрын
We need to get stoned together :')
@jakewarrenx3 ай бұрын
this is super inaccurate
@biblocodecoltd12942 жыл бұрын
Try to make business in ASEAN country. Georgia more easy!
@falcon1273 жыл бұрын
SEAK UP IN YOUR VIDEO! YOU ARE HARD TO HEAR!
@Questington2 жыл бұрын
WTF am I doing here, learning about international banking from a guy wearing a Bluntlord t-shirt...