Georgian banks offer an authentic international experience with excellent online banking that rivals that of the European Union. You can send a wire transfer, place a deposit, or move money onto your debit card from anywhere in the world.
If you don’t live in Georgia, you will want to get a physical token or a “soft token” on your phone to validate each banking login since Georgian banks generally default to sending an SMS to a Georgian number for security reasons.
While we can help you maintain a Georgian phone number while overseas, it’s usually best to avoid SMS logins if you don’t live in Georgia.
Your international bank account at most banks can also hold four currencies: Georgian lari, US dollars, euros, and British pounds. Current accounts don’t accrue interest, but you can place term deposits at decent interest rates on foreign currencies or up to about 12% interest rates on the Georgian lari.
Unlike most post-Soviet countries, the Georgian lari has appreciated against the US dollar since the pandemic.
One thing to remember is that Georgia has a minimal deposit insurance scheme. Unlike the FDIC in the US or deposit insurance in the EU, Georgian banks are protected up to 15,000 lari (less than $6,000) per account. That’s why choosing a reputable, strong bank is important. The good news is the smallest banks are often reluctant to accept foreigners anyway.
Tbilisi, Georgia, is a short flight from major hubs like Istanbul, Dubai, and Doha, and is increasingly well-connected to Europe, making it easy to visit and open or manage your account and gain a sense of comfort with your banker, the bank, and the country.
If you’re seeking international diversification for your bank accounts but don’t want to move a six or seven-figure sum overseas, Georgia is one of the most flexible places to bank as a non-resident at a time when many countries are closing their doors.
Feel free to reach out to our law office for affordable international banking options. Our associates have spent years assisting international clients and understand their unique requirements when banking in Georgia.
Our fee for helping you open an account ranges from $500 to $750 depending on your needs, and you’ll have the comfort of knowing an actual lawyer is involved in the process and available to you on an ongoing basis if needed.
Georgian banks offer an authentic international experience with excellent online banking that rivals that of the European Union. You can send a wire transfer, place a deposit, or move money onto your debit card from anywhere in the world.
If you don’t live in Georgia, you will want to get a physical token or a “soft token” on your phone to validate each banking login since Georgian banks generally default to sending an SMS to a Georgian number for security reasons.
While we can help you maintain a Georgian phone number while overseas, it’s usually best to avoid SMS logins if you don’t live in Georgia.
Your international bank account at most banks can also hold four currencies: Georgian lari, US dollars, euros, and British pounds. Current accounts don’t accrue interest, but you can place term deposits at decent interest rates on foreign currencies or up to about 12% interest rates on the Georgian lari.
Unlike most post-Soviet countries, the Georgian lari has appreciated against the US dollar since the pandemic.
One thing to remember is that Georgia has a minimal deposit insurance scheme. Unlike the FDIC in the US or deposit insurance in the EU, Georgian banks are protected up to 15,000 lari (less than $6,000) per account. That’s why choosing a reputable, strong bank is important. The good news is the smallest banks are often reluctant to accept foreigners anyway.
Tbilisi, Georgia, is a short flight from major hubs like Istanbul, Dubai, and Doha, and is increasingly well-connected to Europe, making it easy to visit and open or manage your account and gain a sense of comfort with your banker, the bank, and the country.
If you’re seeking international diversification for your bank accounts but don’t want to move a six or seven-figure sum overseas, Georgia is one of the most flexible places to bank as a non-resident at a time when many countries are closing their doors.
Feel free to reach out to our law office for affordable international banking options. Our associates have spent years assisting international clients and understand their unique requirements when banking in Georgia.
Our fee for helping you open an account ranges from $500 to $750 depending on your needs, and you’ll have the comfort of knowing an actual lawyer is involved in the process and available to you on an ongoing basis if needed.
With the world facing one black swan event after another, many people are looking for asset protection strategies involving offshore bank accounts.
Having an offshore bank account is legal, although some countries, like the United States, may require you to report it. Banking in another country gives you the opportunity to earn higher interest rates on your cash, diversify into different currencies, make international investments, and sleep better at night, knowing your wealth is geographically diversified.
However, it is becoming harder each year to open an international bank account as a non-resident.
Even expats who relocate to a new country full-time may face stringent account opening procedures just to open an account to pay their bills. The situation is even worse for digital nomads or expats without a fixed address, or those who want diversification from the comfort of their home country.
And if you want to “test the waters” with a low minimum deposit, things get even harder. Most Swiss banks require at least $1 million in deposits, while Singapore banks require $250,000 and up. Many of these banks also won’t accept US citizens and other nationalities.
Georgia – Best Country to Open an International Bank Account as a Non-Resident
The best place to open an international bank account without living there is the Republic of Georgia. For years, everyone from Nomad Capitalist to Sovereign Man, to international experts have talked about Georgian banks and their advanced banking sector that matches small minimum deposits with a stable banking system.
Leading Banks in Georgia
There are 14 commercial banks in Georgia, with the two largest being TBC and Bank of Georgia, both of which are traded on the London Stock Exchange. All fourteen commercial banks in Georgia are headquartered in Tbilisi.
The banking sector in Georgia gains over 70% of its profit through the National Bank of Georgia and TBC Bank.
While neighboring countries like Armenia have closed bank accounts held by non-residents and Turkey’s economy is weighed down by high inflation and an ongoing currency collapse, Georgian banks remain stable, accessible worldwide, and open to foreigners.
Opening a Bank Account in Tbilisi, Georgia
Our law firm, Nomos, frequently helps foreigners open bank accounts for personal use or a new Georgian company by either accompanying them in person or opening an account remotely through power of attorney.
Opening a personal bank account in Georgia takes as little as one day, and a second day if you want to get an international Visa or Mastercard with your name on it. Since Georgia’s reforms in the early 2000s, bureaucracy has been stripped, and service timelines have been cut almost to zero, which is why bank openings can happen so fast.
The Bank of Georgia regulates banks, and the country is closely tied with the European Union and the United States, so regulation is generally good. While banking in the South Caucasus region has always been relatively easy, Georgia has maintained a better reputation than other countries with fewer quality controls.
Paperwork Required to Open an International Bank Account in Georgia
The process to open an account involves filling out basic paperwork about who you are and where your money is coming from. Any bank is required to collect such KYC information and a copy of your passport, but you won’t need to report every stock you own as you might at a bank in Switzerland, Liechtenstein, the Cayman Islands, or even at banks in Panama.
The lower amount of paperwork is because Georgia is not an offshore jurisdiction. Unlike Panama, Puerto Rico, or other Caribbean banking jurisdictions, almost all Georgian banks are retail banks used by local people to deposit their salary, pay their bills, and so on.
Georgia simply realizes that accepting non-resident account holders is favorable for growing their business. In return, you get very low fees that only a “normal” bank can offer you. Forget about the $200 fee to send a wire transfer here.
Georgian banks also accept US citizens; while the bank must report your account to the US Treasury under FATCA, banks here don’t discriminate against US citizens as many other countries do.
Step-by-Step Procedure for Opening an International Bank Account in Georgia
If you attend the bank account opening in person, the process will take about 30 minutes or up to an hour for Americans. You will:
- Present your passport
- Provide your address (either in a local hotel or Airbnb, or your home address)
- Provide a phone number (you will need a local Georgian SIM card, not an eSIM or foreign number, to receive the account activation text; we can help you with this)
- Sign documents for FATCA and CRS compliance to indicate your tax residence and US tax status
- Advise the bank which currency you want your account based in (usually Georgian lari, US dollars, or euros)
- Setup insurance on your card in case it’s stolen (there are no “chargebacks” in Georgia like in western countries)
- Be advised of the costs of various debit cards (usually $5 to $100 per year depending on if you want lounge access and other perks, or just a basic card)
- Setup your online banking
The next day, you can collect your debit card at the branch. The branch you choose may be important for future services, so if you plan to visit Tbilisi from time to time, you should choose a branch you’re happy to return to.
Opening a Georgian Bank Account Remotely
If you prefer to open your international bank account remotely with our power of attorney service, the same timelines will apply. However, it will take a few days to finalize a power of attorney. Afterwards, you can collect your debit card in person or request for it to be mailed to you for a fee.
Costs Involved in Opening a Georgian Bank Account
Georgian banks will generally open accounts for a foreigner with no minimum deposit, which is almost unheard of these days. However, we advise depositing at least $1,000, which you can do in cash that you bring along or withdraw from an ATM while in Georgia.
If you want a personal banker to be available to you directly via email, Georgian banks also offer premium banking services. These services vary in price but generally cost $80-100 per year in fees and require anywhere from $10,000 to $20,000 in deposited cash that you plan to keep on the account.
In some cases, you may be able to receive a salary to the account instead of keeping a minimum deposit, but this requires a monthly inward payment. We can advise you on the pros and cons of basic versus premium banking if you hire us to open your account.
Premium International Banking Experience
Georgian banks offer an authentic international experience with excellent online banking that rivals that of the European Union. You can send a wire transfer, place a deposit, or move money onto your debit card from anywhere in the world.
If you don’t live in Georgia, you will want to get a physical token or a “soft token” on your phone to validate each banking login since Georgian banks generally default to sending an SMS to a Georgian number for security reasons.
While we can help you maintain a Georgian phone number while overseas, it’s usually best to avoid SMS logins if you don’t live in Georgia.
Your international bank account at most banks can also hold four currencies: Georgian lari, US dollars, euros, and British pounds. Current accounts don’t accrue interest, but you can place term deposits at decent interest rates on foreign currencies or up to about 12% interest rates on the Georgian lari.
Unlike most post-Soviet countries, the Georgian lari has appreciated against the US dollar since the pandemic.
One thing to remember is that Georgia has a minimal deposit insurance scheme. Unlike the FDIC in the US or deposit insurance in the EU, Georgian banks are protected up to 15,000 lari (less than $6,000) per account. That’s why choosing a reputable, strong bank is important. The good news is the smallest banks are often reluctant to accept foreigners anyway.
Tbilisi, Georgia, is a short flight from major hubs like Istanbul, Dubai, and Doha, and is increasingly well-connected to Europe, making it easy to visit and open or manage your account and gain a sense of comfort with your banker, the bank, and the country.
If you’re seeking international diversification for your bank accounts but don’t want to move a six or seven-figure sum overseas, Georgia is one of the most flexible places to bank as a non-resident at a time when many countries are closing their doors.
Feel free to reach out to our law office for affordable international banking options. Our associates have spent years assisting international clients and understand their unique requirements when banking in Georgia.
Our fee for helping you open an account ranges from $500 to $750 depending on your needs, and you’ll have the comfort of knowing an actual lawyer is involved in the process and available to you on an ongoing basis if needed.
