Ivanishvili transfers offshore assets to Georgia amid US sanctions, TI Georgia

Transparency International Georgia on Wednesday reported that Bidzina Ivanishvili, the Honorary Chair and billionaire founder of the ruling Georgian Dream party, had been actively transferring his offshore assets to Georgia following US financial sanctions imposed in December 2024.

According to the watchdog organization, the Ivanishvili family has registered eight new joint-stock companies in Georgia and transferred ownership of 12 companies from offshore jurisdictions to Georgian entities. This process has led to the effective dissolution of four offshore companies.

The re-registration of these businesses has notably accelerated in recent days, with indications that by the end of the process, all of Ivanishvili’s Georgian-based companies will have been fully transferred from offshore holdings, TI Georgia said.

The newly re-registered companies hold substantial financial resources, with a total subscribed capital amounting to 163,187,800 GEL.

TI Georgia suggested that this process was likely benefiting from the provisions of the so-called “Offshore Law,” enacted in the spring of 2024. The law introduced tax incentives for businesses transferring assets from offshore accounts to Georgia.

TI Georgia has pledged to continue monitoring Ivanishvili’s corporate activities and “any measures he takes to protect his wealth from international sanctions”.