So you have a Georgian limited company and you cannot open a Georgian business account??

What did you end up doing? Thanks

@@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.

Good to know!

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 ?

Good take For the record most countries only offer citizenship without any investment

Sure

Hey man what about this update 😅 love your videos !​@@OffshoreCitizen

I think to a large extent it is beyond their control

@@MichaelRosmer No. They choose.

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.

@@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?

@@GrahamWinship Georgia doesn't have CFC rules. The biggest thing to worry about would be source income/permanent establishment rules

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

@@OffshoreCitizen we will see 😎

@@ScientificEconomics how is your business account running?

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.

@@MichaelRosmer what limits do they put us?

@@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

@@MichaelRosmer never heard that. big bs

Things are somewhat different but not massively so

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.

@@MichaelRosmer Thanks much, Michael.

Thanks for the feedback we've since added external mic

I can hear it perfectly well

That's definitely an interesting topic to think about, thank you. What are your thoughts?

@@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.

@@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).

Thank you! Anything else you'd like to see?

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

Depends how received and paid out and where from. Potentially could be though yes.

@@OffshoreCitizen Thanks! Interesting! Greetings to your wife with International Women Day!))

@@StarkovArtur thanks!

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.

@@MichaelRosmer Are Portuguese banks okay with crypto funds generally?

@@tinglestingles I wouldn't say generally no. You need to look bank by bank but we usually bank elsewhere for crypto.

@@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!

The banks became pretty strict and it may be difficult. We now recommend Georgia mainly for wealth management accounts

@@OffshoreCitizen what’s the requirements for wealth management personal account? Is it smooth to transfer different currencies internationally with that account? Thank you!

@@OffshoreCitizen Which country would be good for BTC payouts?

Depends on your goals and situation

Hello Alex, I’m also interested in the same thing, but I can’t find information about it. Have you had any luck?

@@miguelangelaguirre5381 I think it should work in my situation, actually I will be in Georgia in 2 weeks.

@@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?

Depends what you mean. You can't use it for transactions only deposits and withdrawals into your own bank accounts

No

Haha not quite sure how to take that ;p

yep

Why ?

he is wrong, i am from georgia, not so true.

Substance over image