offshore banking

In my previous article I already told in detail about the beauty of Tbilisi, the capital of Georgia. In this article I would now like to take a closer look at the local bank account offers. Opening a bank account in Georgia can be a worthwhile option which I have personally used and am very confident in.

Although the Republic of Georgia is not necessarily considered a classic offshore banking destination, it still offers many advantages compared to traditional “offshore” banking islands. As an independent and productive country, it has a diverse economy and is in many ways superior to the classic offshore banking destinations. In short, Georgia is more of an “onshore” banking destination.

Banking in Tbilisi is primarily geared towards the Georgian market, but for non-residents, opening a bank account and generally using the local banks is extremely easy and user-friendly. Even opening bank accounts remotely is possible as long as you are not a US person (US citizen, green card holder or US resident). For more information on how to open a bank account remotely, click here.

I personally believe that opening a bank account outside of your country of residence is of great importance these days, especially in light of the current turbulent times.

Opening a bank account in Tbilisi, Georgia offers numerous benefits that make it an attractive option for people looking for a reliable and affordable bank account.

First, Tbilisi offers banking services at a level one would normally only expect from Swiss banks. However, you don’t have to deposit hundreds of thousands of dollars to get a premium service. You can open an account with a deposit of just $1,500. However, to get access to the premium service, a minimum deposit of $10,000 is recommended. If you deposit enough money for the premium service, you will be assigned a private banker to assist you with all your financial questions and needs.

Another benefit of opening a bank account in Tbilisi is that fees are generally lower compared to Western Banks. You will only be charged $90 or less per year for the premium service. This is a remarkable fact considering that few banking services in the world offer a private banker for such low deposits and minimal fees.

Another advantage is that there are no capital controls. You can send money anywhere as long as it’s not on a sanctions list. This gives you more freedom and flexibility in managing your finances.

Tbilisi Bank also offers great app-based and online banking. You can make international transfers on your phone and just send the relevant documents to Compliance upon request. Normally, your private banker will send you an email or even just a WhatsApp message.

Overall, opening a bank account in Tbilisi, Georgia offers numerous benefits that make it a worthwhile option for those looking for a reliable and cost-effective banking solution.

One of the advantages of opening a bank account in Tbilisi, Georgia is that there are no capital controls, so you can send money anywhere as long as it’s not on a sanctions list. The online banking is excellent and allows you to make large international transfers on your phone. You get an IBAN and you can hold USD, EUR, GBP and GEL in multi-currency accounts.

Another benefit is that you can get debit cards, Visa and Mastercard Gold credit cards, and even American Express credit cards. Although North Americans shouldn’t expect great credit cards like back home, these credit cards are perfectly fine for all other mere mortals. If you are an American Citizen or Green Card holder, you will also be accepted despite FATCA.

Proof of address is not required to open an account at most banks, which is a benefit for people in some countries where utility bills are hard to come by. You can also get the Priority Pass (airport lounge access) at a discounted rate.

Interest rates on GEL are high (10%+) but it is a very volatile currency so it is recommended not to hold too much of it. However, deposit rates for USD and EUR are higher than in North America and the EU. Overall, opening a bank account in Tbilisi, Georgia offers an attractive option for those looking for an onshore banking destination.

However, you should be aware that there are also some potential risks, such as the risk of conflict in the region and the risk of capital controls. It is also important to note that Georgia is about to join the CRS which could affect your privacy if you are legally required to provide your banking details to your country of residence.

Ultimately, you should carefully consider your personal situation and needs before deciding whether to open a bank account in Georgia. If you decide to do this, you should make sure that you choose a well capitalized bank and deposit a higher amount if necessary in order to access the premium service. It is also advisable to diversify your deposits to minimize risk.

Is it recommended to open a bank account in Georgia?

The answer to this question depends on your individual needs and circumstances. If you are looking for reliable plan B banking or even primary offshore banking, Georgia is an excellent option.

Two banks known for their great service are TBC Bank and Bank of Georgia. The latter has its own unit called Solo Bank, which focuses exclusively on premium accounts.
It is also possible to open a bank account remotely using third party services. However, if you want to open a free bank account, you need to travel to Tbilisi, Georgia to do so.

The city of Tbilisi is stunningly beautiful, but you should avoid winter unless you plan to go skiing in the nearby mountains.

The food is delicious, the wineries rival their French counterparts, the people are friendly and the history is rich. Prepare to eat a lot of meat.

Although I only mention Tbilisi, you can also open a bank account in cities like Batumi or Kutaisi in Georgia. There is a lot to see in Georgia, with breathtaking landscapes and Georgian Orthodox churches that are in a league of their own.

Multiple options for remote bank account opening
If you plan on using your bank account mainly for storing cash or making transfers in Europe, the Middle East, and Asia, then Georgia is a great option if you use this remote account opening service operated by Germans living in Georgia.

If you are a US citizen, green card holder, or resident, or primarily want an account for transfers within the Americas, then Panama is likely a good option. It is also an interesting place to store some cash. But I would avoid Panama if I lived in Europe due to all the compliance nightmares that a Panama bank account can cause in the EU.

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