Opening a private bank account
Georgia in the Caucasus has an ultra-modern and very reliable banking system. Banks offer a multitude of products, like all major European banks, that will suit your needs, whether for your personal bank account.
Georgia in the Caucasus has an ultra-modern and very reliable banking system. Banks offer a multitude of products, like all major European banks, that will suit your needs, whether for your personal bank account.
Foreigners are welcome in all banks in Georgia. The process to open a bank account is quick and simple. No minimum deposit is required, only a valid passport is required. That's all. There is no need to know your KYC, nor proof of address.
Opening a bank account in Hong Kong and Singapore was just as easy a few years ago. Currently many jurisdictions have become very picky. Going through their approval process is very long, even if you leave tens of thousands of dollars for an initial deposit. In Tbilisi, opening a bank account is a real breath of fresh air after having to face so much reluctance.
Georgian banks automatically offer the possibility of opening a multi-currency account, in USD, EUR, GBP, GEL. The fees applied to its exchange rates are low (around 0.10-0.15%), as well as significantly reduced fees for most banking services.
Currently, interest rates on bank deposits are attractive and offer good short and long-term returns, up to 11% for one-year deposits in local GEL currency but 3% for deposits in euros or US dollars.
It possible to open a remote bank account in Tbilisi. However, by giving a Power of Attorney to the person of your choice, this person can carry out the entire opening procedure on your behalf.
