Opening a private bank account
სახეცვალების თარიღი 2023-03-27 / ხედის რაოდენობა 2195

Opening a private 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 or 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, and 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 is possible to open a remote bank account in Tbilisi, by giving a Power of Attorney to the person of your choice, this person can carry out the entire opening procedure on your behalf.

  • If you prefer to travel, we can accompany you to any branch of bank in Tbilisi. 
  • Most Georgian banks offer a highly developed online banking service so that you can carry out your transactions remotely without any problems.
  • It should be mentioned that Georgia participates in the FATCA (Foreign Account Tax Compliance Act), but is not involved in the Automatic Exchange of Information of the OECD and has not concluded any TIEA agreement.

Our services

  • Thanks to your Power of Attorney, we represent you to open your bank account in Tbilisi.  
  • We advise you on the best banking options in Georgia according to your needs.
  • If you prefer to travel to Georgia, we will assist you in opening an account with the bank of your choice.
  • We prepare the required documents for the procedure.   
  • We deliver the originals of your bank account access, e-banking and credit card via UPS or DHL.

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