How to open a bank account in Georgia and what Expats need to consider?
There are no legal restrictions for non-residents to open bank accounts in Georgia. However, when it comes to dealing with expats and foreigners, in some cases local banks are reluctant to open a bank account or receive money from overseas. Every bank in Georgia has the right to refuse in account opening without disclosing the reason. Nevertheless, opening a bank account in Georgia for non-residents is easier than in most other jurisdictions.
The required documents are:
- Application form
- Local mobile phone number
- Documents that prove your sources of wealth and satisfy anti-money laundering laws. For example, a foreign bank statement or employment contract.
Should the bank find the documents satisfactory, the account will be opened on the same day and plastic cards prepared within the next 2-3 working days.
Some important factors that influence the account opening decision are:
- Legitimate sources of wealth
- The origination of incoming payments – less chances if they are outside of Georgia
- Currency of funds
Georgian banking system has earned the trust of depositors from all over the world due to its stability and reliability.
It consists of 15 commercial banks and a regulator, the National Bank of Georgia.
All these banks in Georgia provide a wide range of banking services, including the ability to manage accounts remotely.
For further information please contact Ms. Irina Lopatina, Country Executive at our Eurofast office in Georgia, Tbilisi at firstname.lastname@example.org
Eurofast is a regional business advisory organization employing local advisors in over 21 cities in South East Europe & the Middle East (SEEME). The Organization is uniquely positioned as a one-stop-shop for investors and companies looking for professional services in Tax & Transfer Pricing – Payroll & Employment – Accounting & Compliance – Advisory & Corporate.