Opening an anonymous account in Georgia [Guide]

Anyone looking for an international bank account that is straightforward, versatile, and business-friendly will sooner or later come across Georgia. The small country in the Caucasus has developed into a popular destination for digital nomads, entrepreneurs, and investors in recent years—not least because of its stable banks, favorable tax conditions, and comparatively easy account opening process for foreigners. 

This article explains everything you need to know about the topic of opening a bank account in Georgia – from requirements and procedures to opportunities and pitfalls with popular banks such as TBC Bank or Bank of Georgia. 

Benefits of a bank account in Georgia

An offshore account in Georgia offers numerous advantages in an international comparison. Here is an overview of the most important ones. 

Low bureaucracy and straightforward account opening:
Opening a bank account in Georgia is considered relatively easy, especially compared to other jurisdictions. Some banks also offer support in English. It is possible for foreigners to open an account as well as to set up companies relatively quickly.

Stable banks with high equity:
Georgian banks, led by Bank of Georgia and TBC Bank, are considered solidly positioned with a relatively high equity capital ratio. Furthermore, the Georgian banking system is not overly indebted.

Currency diversification and access to capital:
An account in Georgia allows access to multiple currencies, including the Georgian Lari (GEL), US Dollar, and Euro. This can help to better diversify one's capital.

Prerequisites

As a foreign citizen, you can open a bank account in Georgia relatively easily. General requirements vary by bank, but typically include:

• Valid passport: A current passport is required.

• Georgian phone number: Some banks require a local phone number to open an account, but not all of them. 

• Know Your Customer (KYC) Form: Filling out a KYC form is common to obtain information about your financial situation and the purpose of the account.

• Proof of income: Some banks require documents that prove your source and level of income.

• Proof of address: Although not always required, proof of your residential address may be requested.

Procedure

Opening a bank account in Georgia as a foreigner can be done in two ways: through a personal visit or via a remote procedure. Here are the detailed steps for both options:

Personal account opening

For personal account opening, entry into the country and appearing in person at the bank are required. 

• Preparation of the required documents:

  • Valid passport: Your current passport is required.

  • Georgian phone number: Some banks require a local phone number for communication.

  • Proof of address: Although not always required, proof of your residential address may be requested.

  • Proof of income: Some banks require documents that prove your source and level of income.

• Bank selection Popular banks for foreigners are the Bank of Georgia and TBC Bank.

• Branch visit Go with the prepared documents to a branch of the selected bank.

• Application

  • Fill out the bank's application form.

  • Submit the required documents.

  • Answer questions as part of the Know Your Customer (KYC) process, e.g., for the purpose of opening an account and regarding your financial activities.

• Account activation:

  • Upon approval, your account will be opened.

  • You will receive online banking credentials and, if applicable, a debit card, which will be handed over either immediately or within a few days.

Remote bank account opening (online or remote)

During remote account opening, which means opening an account without physical presence, someone on-site can be commissioned. The entire process for the account owner is remote or online. 

• Appointment of an authorized representative

  • Issue a notarized Power of Attorney (POA) to a trusted person or a lawyer in Georgia so that they can act on your behalf.

• Document preparation

  • Notarization and Apostille: Have the power of attorney and a copy of your passport notarized and, if necessary, apostilled.

  • Translation: Have all documents translated into Georgian and also notarized.

• Application by the authorized representative

  • Your representative submits the required documents to the selected bank and goes through the KYC process on your behalf.

• Account activation

  • After successful verification, the account will be opened.

  • Your authorized representative can send you the access data and cards or keep them until you pick them up in person.

FAQ

An overview of the most frequently asked questions about offshore banking in Georgia. 

Experiences

We have had very positive experiences with Georgia, most notably TBC Bank. In our view, it is almost mandatory in every offshore portfolio, and the account opening can also be handled easily and cost-effectively through us. Compared to other offshore banks, the opening process is faster and no minimum deposit is required. 

Start account opening in Georgia now

Summary

A bank account in Georgia is easily accessible for foreigners and offers attractive conditions. The banks are stable, and account management is extremely straightforward and low-fee. 

The requirements for opening an account are manageable: a valid passport, possibly a Georgian phone number, proof of address or income if applicable, and the completion of a KYC form. The process is straightforward – either through a personal visit to the bank or, with a power of attorney, remotely as well.

However, due to CRS membership, it is not a secret account - whoever must or wants to maintain transparency toward their home country should factor this into their planning or take it into account when providing their residential address.