Not bad for a little country in the Caucus that hardly anyone knows about. Number 1 was Hong Kong, and number 2 was Lichtenstein.
What is even more impressive is the pace of improvement taking place in Georgia. In 2015 Georgia was ranked #22; no shabby accomplishment in and of itself.
What is missing from the report is livability. I am sure Hong Kong and Lichtenstein are very nice places, but they are also very expensive places. There are also barriers to entry. Georgia is not just an economically free country, it is an open country that welcomes everyone, and is very livable with a low cost of living while providing a high caliber of public services.
If this comes as a surprise to you, then you have not been paying attention. But cheer up! You are in “good” company. Most of the American People are happily oblivious to the danger. The banking system is in worse shape today than it was in 2008. WHEN (not if) the next economic downturn hits it will most likely be devastating to the USA and to the World. It makes me wonder if the elites in charge of the US government don’t intend for this to happen? Could they really be this stupid?
A little bit of history: The 2008 crash was partly caused by bad lending practices on housing, but made much worse by risky investments made by the Too Large To Fail American banks. A complete banking collapse was narrowly avoided, although some suggest at an unreasonable price. The US government (that means current tax payers and future generations) essentially absorbed the bad loans and ignored what many consider to have been criminal behavior by the banks.
And the bad news is that the only thing that has changed is that the Too Large To Fail banks are even fewer and larger. The same practices that caused a near collapse in 2008 have only increased under the approving eye of the Obama Regime.
The solution? Make it easier for the government and the banks to seize deposits, and make it more difficult for clients to get at their money. Banking rules and regulations are getting more complicated, and getting your money out of the bank is getting more difficult. Investing your money outside the USA is getting even more difficult due to FATCA and FBAR. Laws are now in place to prevent “capital flight” outside the USA, and to allow the banks to convert deposits into equity (that means your money is taken from you and in exchange you get some kind of share or security in the bank itself). The vise is slowly tightening upon the passive and supine American People.
It seems to me that the coming financial collapse is being orchestrated by the Obama Regime (or whoever is pulling the strings). Remember, these guys never let a crisis go to waste. An economic collapse that resulted in bank failures and widespread loss of wealth may not be such a bad thing to the radical Leftists who are now in control of the US government. It would give them an opportunity to bring about some fundamental changes that they seem so eager to implement.
A little-noticed provision in the highway funding bill Congress passed this week threatens a right most Americans take for granted: the right to travel abroad. The provision in question gives the Internal Revenue Service the authority to revoke the passport of anyone the IRS claims owes more than $50,000 in back taxes.
Congress is giving the IRS this new power because a decline in gas tax receipts has bankrupted the federal highway trust fund. Of course, Congress would rather squeeze more money from the American people than reduce spending, repeal costly regulations, or return responsibility for highway construction to the states, local governments, and the private sector. On the other hand, most in Congress fear the political consequences of raising gas, or other, taxes. Giving the IRS new powers allows politicians to increase government revenue without having to increase tax rates. Some even brag about how they are “cracking down on tax cheats.”
If you think this is nothing to worry about then you are not paying attention. The IRS can and does routinely fabricate/estimate tax liabilities prior to auditing someone for a variety of reasons. Usually it involves some kind of missed filing or missing documentation. But the IRS is now a highly politicized organization that has been used to attack political opponents. This measure will make it even easier. The IRS can simply “estimate” that you owe more than $50,000 and you will not allowed to leave the country. Beware. You need a second passport more than ever if you plan on staying in the USA.
“Georgia is an interesting market for investors,” says a leading American investor.
Gabriel Schulze, founder and CEO of Schulze Global Investments – a private investment firm focused on the world’s most dynamic growth markets – spoke about Georgia’s investment potential at the Tbilisi Silk Road Forum yesterday.
Schulze was one of many international businessmen and investors who participated in the panel about Georgia’s business environment.
“Not only in this region but in the entire world too, Georgia is the fastest developing country that has huge hydro potential,” he said, adding his firm had allocated $100 million USD (about 236 million GEL) to build small Hydro Power Plants in the country.
He added Georgia was “the best place” for those who wanted to reach the European market too.
“If you want to reach Europe, you can start your business here in Georgia and then very easily get to the European market through Georgia,” he said.
The investor noted Georgia had easy procedures, good taxing regulations and available manpower – everything an investor needed to start a business.
There is a great deal of confusion about the issue of getting a second passport or citizenship. What is the difference between residency and citizenship? Is it legal to have another citizenship? Do I need to abandon my current citizenship? What are the reasons?
Residency is the right of a foreigner to live in a country and perhaps work in that country. The rights of a foreign resident are often significantly less than that of a citizen. Not only can foreign residents not vote, but they are also denied many civil and economic benefits usually granted to citizens. In some countries ownership of land is restricted in various ways as is the right to form companies, operate businesses, get jobs, etc. Also, the very status of a foreign resident can be terminated or denied at will, property rights can be suspended, and constitutional rights are often absent or limited. Not so for a citizen. Being a citizen of a country imparts much greater benefits.
Is it legal to have a second citizenship, and will I have to abandon my current citizenship? In most countries the answer is yes, it is legal, and no, you will not have to abandon your current citizenship. Even in those countries that do not allow dual citizenship for its citizens, enforcement is often lax or non-existent. All the same it would be wise to seek legal advise regarding your country’s rules and regulations.
What are the reasons to get a second passport? There are many reasons, and they vary from person to person, but the primary ones are:
Banking Options – for some people it is very difficult to establish foreign bank accounts. Due to recent changes in US law it is extremely difficult to open bank accounts as a citizen of the USA. It can often be much easier with a second passport.
Economic Benefits – It is often much easier to establish and operate businesses, and invest in real estate when you are a citizen of the country. Almost every country has some form of restrictions on business ownership, operation, and land ownership by foreigners. Becoming a citizen solves this problem.
Expat Lifestyle Benefits – If you plan on becoming an expat (or expatriate) it is often very helpful to have a citizenship from another country for tax purposes as well as security issues. In order to claim expat tax privileges you usually have to prove that you are domiciled outside your home country.
Travel Security – When you travel abroad not all passports are treated equally. Yes, US citizens are treated very well at most airports by the immigration control officers, but not so well by criminals, terrorists, etc. Often having a US (or other major country’s) passport makes you a target. In some situations having a more neutral passport could save your life.
Domestic Insecurity – People in democratic nations often take their freedoms for granted, specifically the right to travel outside the country. Historically most regimes that are under pressure and experiencing domestic unrest limit the ability of its citizens to leave. They impose capital restrictions to keep you from moving your assets, reporting requirements on foreign assets and travel, exit visa requirements in order to discourage leaving, restrictions on the issuance of passports except under government approved purposes, and finally complete restrictions on exiting the country at all. When this happens foreign nationals (those with foreign passports) are generally allowed to leave. Having a foreign passport may mean you can leave your country without being smuggled out, and without becoming an “undocumented” refugee or worse. You will also have a place to go to if things get bad. Something to think about.
Renunciation of Current Citizenship – there are a lot of reasons why people want to renounce their citizenship: political, economic, religious, philosophical, etc. Renouncing your citizenship is a very serious matter and should not be done without considering all the options, and obtaining competent legal advice, but for some there are a lot of benefits. For some it is lower taxes, and for others it is obtaining significant economic or political freedoms. For some it may simply be escaping an intolerable situation. If you are even considering renouncing your current citizenship, you need to have another citizenship and a passport from that country to prove it.
The Republic of Georgia offers some very appealing programs for those looking to obtain legal residency and citizenship. Georgia is one of the last bastions of free market capitalism in the world, and it offers great opportunities for those who wish to participate. Of particular interest is the Georgian Presidential Citizenship Program. Under this program the President of Georgia is given a great deal of discretion in regards to issuing citizenship. Click here for more information: [GEORGIAN CITIZENSHIP]. Georgia is also a good place to obtain a legal residency. It is fast and easy, and once obtained provides many benefits.