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How to open a personal account in Georgia in 2020

The Republic of Georgia is a dynamically developing country and has close ties with the European Union and the United States. The Government of Georgia supports innovative developments in the field of economics. Therefore, opening an account with a Georgian bank will be a profitable solution.

For more information, contact IQD Consulting lawyers. Our specialized experts will provide legal support in opening a bank account in Georgia.

Why Georgia: benefits
  • A stable banking system;
  • A loyal taxation;
  • A high level of confidentiality;
  • A low cost and high level of service;
  • The ability to open an account with a Georgian bank remotely;
  • The presence of Russian-speaking and English-speaking personnel;
  • A deposit insurance system;
  • A simple procedure for opening personal accounts in Georgia.
  • IMPORTANT

    Georgia is not a member of the automatic exchange of tax information

Opening a personal account in a bank of Georgia for a non-resident

To date, 15 banks provide their services in Georgia. Opening a personal account with a Georgian bank is a good idea, as banks in this jurisdiction are reliable and stable.

Georgian banks are very responsible in verifying the identity of each client. Therefore, they may require a personal meeting, when opening an account in Georgia. The Georgian government is also highlighting the implementation of the AML/CTF policy.

IQD Consulting specialists have an extensive experience in opening bank accounts in Georgia. For more detailed information and choosing the best option among Georgian banks, request for advice at the contacts below.

Читать также: Bank of Georgia
Documents for opening a personal account in a Georgian bank:
  • a notarized copy of the passport;
  • s statement;
  • a signature example;
  • a proof of address (e.g. utility bill or rental agreement).

Please note: In case of opening an account with a bank of Georgia remotely, a Power of attorney for our specialist will be required.

A translation of documents into English or Georgian is MANDATORY.

Banks of Georgia

IQD Consulting recommend non-residents opening a personal account with Bank of Georgia or TBC Bank. These banks are leaders in the Georgian banking system.

  • To open an account with Bank of Georgia. This bank was founded in 1903. There are two types of personal account in Bank of Georgia:
  • Opening a standard personal account with Bank of Georgia;
  • Opening a universal personal account with Bank of Georgia.

The term for opening an account with Bank of Georgia is from 7 days. A cost of our support in opening an account is €400. If you decide to open an account with Bank of Georgia remotely, a cost of our support in opening an account is €780.

IMPORTANT

This bank is the only Georgian bank, listed on the London Stock Exchange

  • To open an account with TBC Bank. It was founded in 1992. It was repeatedly recognized as the best financial institution in Georgia. A cost of opening a personal account with TBC Bank, accompanied by our specialists, is €400
IMPORTANT

It is possible to open an account with TBC Bank in Georgia remotely. A cost of the account opening remotely with the help of our lawyers is €900

Good options for opening a personal account for a non-resident in Georgia are TeraBank and Silk road Bank.

  • To open an account with TeraBank. Advantages of TeraBank:
  • a reliability;
  • lots of branches;
  • no down payment;
  • the presence of well-established Internet and mobile banking.

A cost of opening a personal account with TeraBank with our help is €1,450

Opening period is from 21 days

To open an account with Bank of America. A term for opening a personal account with Bank of America is from 16 days. A cost of opening an account with Bank of America, accompanied by IQD Consulting lawyers is €3,500. It is possible to open an account with Bank of America remotely.

Legal advice

If you decide to open a personal account in a Georgian bank, qualified IQD Consulting staff will help you in solving this question.

Please note, that this material is provided for informational purposes and is not the full advice.

  • The information outlined in the article is actual at the time of its publication.
  • Please refer to our specialists for checking possible solutions for your business.
  • Still have any questions?

    Fill out the form or contact us as you find convenient. Our experts will help you resolve the issue.

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