Opening a bank account in the country of Georgia - TPSolution (2024)

FAQs

Can a foreigner open a bank account in Georgia country? ›

Foreign citizens can personally visit the bank branch and open account with a not very complicated procedures, which takes around 30 minutes. If this is not possible, you can issue a power of attorney for a representative who will go through this procedure on your behalf.

It's not mandatory to visit Georgia to open a bank account. Georgian banks offer the flexibility of remote account opening through a power of attorney in some cases, streamlining the process for international clients.

Having an offshore account simply means you're banking with a financial institution that's not in the country where you live. Anyone can open an offshore bank account with just a few hours of work.

Leading Banks in Georgia

Two of the fourteen Georgian banks mentioned above are the most popular among locals and foreigners for various banking operations – National Bank of Georgia and TBC Bank. Both of these banks are listed on the London Stock Exchange and are the leading banks of Georgia.

Non-resident and resident accounts

This is because there aren't many restrictions on foreigners opening bank accounts in the country. So, you should be able to choose from all the account types available to Georgian citizens, including: Current and savings accounts (known as deposit accounts)

For many, the answer is simple: Bank of Georgia or TBC. These are the two largest banks and are often the first, and only, stop for foreigners opening a bank account.

If you do, opening an account at a bank or credit union is straightforward. The interest they pay for savings accounts You usually need to make an initial deposit between $25 and $100 to open a savings or checking account. Find out how much you must keep in the account at all times to avoid or reduce fees.

Yes, it is possible to open a bank account without a physical address. Some banks offer alternative solutions for address verification, such as virtual mailboxes or digital addresses.

Can a US citizen open a bank account remotely? ›

You can apply online for a checking account if you're 18 years or older and a legal U.S. resident. You'll need the following information: Your Social Security number. A valid, government-issued photo ID like a driver's license, passport or state or military ID.

Whether you apply for a bank account online or in person, you'll need a government-issued ID and personal details, such as your Social Security number, on hand. (If you don't have a Social Security number, you can still open a bank account — skip ahead for more details.)

Who Must File the FBAR? A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.

Failing to file because individual accounts are less than $10,000. Remember that the balance of all foreign accounts counts towards the $10,000 threshold. So if your client has two accounts with $6,000 each, they'll still need to file an FBAR since the accounts add up to more than $10,000.

To open a account in Georgia, you will need to visit the branch in person - you cannot open a bank account without visiting the country. The only document the bank will require is your passport, which the bank will need to take a copy of. They will ask for an address, but it does not have to be in Georgia.

This method is popular among foreigners due to its great convenience. You won't need to visit the bank personally to open an account, saving both time and money. The potential options for where to open an account online are Belize, BVI, Hong Kong, Singapore, Mauritius, Puerto Rico, and Switzerland.