Offshore bank account in Georgia

Offshore bank account in Georgia

I have already reported quite a bit about Georgia in my blog, especially with regard to company formations and taxes. But bank accounts are also an interesting topic. Because opening an offshore bank account in Georgia is very easy. There are not many locations in Europe where it is as easy to open a bank account as in Georgia.

Offshore bank account in Georgia and the advantages

I generally advise my clients to have several bank accounts in different countries. Be it for private purposes or for his own company. If you only have a bank account in your company’s domicile or country of residence, you may run the risk that the local authorities can access the account or even worse, seize and block it.

This can be relatively easily avoided with an offshore bank account in a third country such as Georgia without automatic exchange of information. The other advantages of an offshore bank account in Georgia are:

  • No automatic exchange of information (CSR)
  • Bank account can be opened WITHOUT proof of residence
  • Account outside of the EU, so it is much more difficult to seize your account.
  • High interest on your balance (no negative interest as in the EU and Switzerland)
  • Multi-currency accounts (GEL, EUR, USD, GBP)
  • Crypto friendly banks
  • Personal contact person is at your disposal (even via WhatsApp)
  • Bank account is opened in less than 30min. and the personal bank card is available within 24h incl. e-banking

One more important advantage: In Georgia it is possible to open a bank account remotely through us, i.e. without personal travel!

The Georgian bank account

As we have seen, there are practically only advantages to having a bank account in Georgia. But what does a bank account in Georgia include? In my opinion, a lot more than in European banks. There are different types of accounts with different benefits and advantages. Here are some of them:

  • Direct contact person (account manager) who is even reachable via WhatsApp and speaks English.
  • Real multi-currency account (GEL, EUR, USD, GBP)
  • Bank account with IBAN number
  • Low fees (international transfers at 0.2%)
  • E-banking, mobile banking
  • Very good interest rates on the balance (no negative interest)
  • Debit VISA Platinium or MasterCard Gold
  • Priority Pass
  • Account maintenance fees at 100 GEL to 200 GEL per year depending on account type
  • American Express Premium (on request)
  • Private Banking from USD 100’000

Since the bank does not require a confirmation of residence when opening the offshore bank account, a bank account in Georgia is particularly suitable for digital nomads and stateless persons.

The procedure for opening an account remotely (opening an account remotely)

For a remote account opening, without personal travel, we need the following documents/details:

  • First and last name
  • E-mail for e-banking
  • Telephone number
  • Correspondence address for delivery of bank documents incl. PIN and bank cards
  • Notarized copy of passport incl. apostille and in English (or with English translation)
  • Notarized signature with apostille
  • Notarized bank power of attorney with apostille in English language (or with English translation)

All documents must be sent in original to our office in Georgia. In addition, the account opening fees for the bank (between 100 GEL and 250 GEL depending on the type of account chosen) and our expense allowance of EUR 199.00 must be paid in advance.

Once we have received all the documents, details and payment, the account opening process takes two business days. After successful account opening, we send all documents by DHL to the correspondence address provided by the customer.

My conclusion

An offshore bank account in Georgia offers very many advantages and in my view one of the best offshore locations, plus crypto friendly.

Philipp Burger

Philipp Burger is a popular consultant for international tax planning, international company formation, offshore banking and global citizenship. He has personally lived this lifestyle for years and now helps successful individuals, entrepreneurs and investors to live a free life - exactly according to the motto: "Free life is our passion!"

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