So you want to open a bank account in Georgia remotely? Well, you’re in luck. Georgia is the world’s easiest country to open an offshore bank account as a foreigner. And if you know the process, there are several ways that you can open accounts remotely… without paying intermediaries, middle men, or even power of attorneys.
Georgia is the easiest offshore bank account opening experience we’ve ever had. It only takes 30 minutes to open a bank account in Georgia. And you don’t even need a proof of address.
Digital nomads, bitcoin millionaires, and those hunting for cheap residency, lower taxes, and non-CRS banking solutions have all been flocking to Georgia for years. And internationalization gurus have been plugging Georgia as a banking hub for more than 5 years.
The Russians, however, had them all beat. Georgia has been the “Switzerland of Russia” for decades. And, to some, that’s cause for concern. Just look at Latvia… what happened there is literally a blueprint for what could happen in Georgia.
But despite the risks, Georgia is still attracting account openers for the simple reason that it is the easiest place on earth to open an offshore bank account. But, it’s not for everyone.
In this article, we’ll explain why people are banking in Georgia, why it’s so darn easy, what the benefits are, and how you can do it too. And yes, we’ll even talk about how you can open a bank account in Georgia remotely.
Well, it depends on who you ask. Georgia has a lot of positives and some negatives.
Up until 1991, Georgia was part of the Soviet Union. After gaining independence, they implemented a democracy, free-market initiatives, slashed tariffs, stamped out corruption, and invested in infrastructure. Today, Georgia is the pro-business darling of the former Soviet republics.
Yes, corruption still exists and Russian influence in the region is still very present. But compared to its neighbors, Georgia is the ultimate post-Soviet unicorn and is (comparatively) squeaky clean.
In fact, according to the World Bank in 2019, Georgia ranks #7 in the world for “ease of doing business”, beating the UK, Australia, Canada, Germany, and the UAE.
In recent years, the government implemented favorable tax rates, investment incentives, and an easy visa program to attract foreigners. Hence, what inspired digital nomads and the internationalization crowd to flock here in the first place.
Foreigners don’t exactly want to bank in Georgia. It’s more so that banking elsewhere has become incredibly difficult and expensive.
With the onset of Common Reporting Standards (CRS), stricter banking laws and regulations, and new AML and KYC procedures – opening bank accounts and keeping them open is a painstaking endeavor. This is especially true for non-residents and international businesses.
So, one major reason why Georgian banks are attractive is that they accept just about anyone.
Plus, opening a Georgian bank account is cheap and relatively easy. You can be in and out in 30 minutes.
If you compare account opening in Georgia to Singapore or Hong Kong – it’s a dream. And, the likelihood that you will walk out with an active bank account as a non-resident is much higher.
In general, opening accounts in Hong Kong and Singapore is harder. Minimums are higher. More documents are required. Proof of address and tax residency are needed. And there are tons of new requirements and hoops to jump through.
Not to mention, there’s no guarantee that you’ll get an account open in the end. Comparatively, Georgia can seem like a much “safer bet” if you’re keen to open a bank account.
Okay, if you want to open a bank account in Georgia remotely, it is going to be more difficult. But depending on who you are, where you’re from, you could find that remote account opening is also an easy process.
In general, we say that this is possible if you know where to go, what to ask, and who to talk to. If you’re a GlobalBanks Insider, you already have all the information you need in the premium Georgia Banking Report in the members areas of the site.
If you’re not a GlobalBanks Insider, a quick Google search will show you a handful of websites that claim to help with remote opening. Prices range anywhere from 500 to $2000+? We don’t recommend this approach, especially since you can access our strategies to open a bank account in Georgia remotely for only $197 – quite the deal in comparison.
That said, even for remote opening, we believe Georgia is more of a “last resort” banking option. It’s gained popularity amongst non-residents and digital nomads because of the problems and challenges that these groups are facing in other countries.
For instance, most non-residents can’t open in Hong Kong or Singapore anymore – unless you’re a GlobalBanks Insider. In which case you’ll know that there are still options available as long as you have the right strategy and team behind you.
But unless you have a very compelling story, remote account opening in either of these countries is out of the question – unlike Georgia.
Georgia isn’t “offshore” but it isn’t really “onshore” either. It has a decent reputation. It isn’t a tax haven. It’s not an offshore financial center. And it’s not on any greylists or blacklists… at least not yet.
To date, Georgia hasn’t had any highly publicized money laundering scandals like Estonia, Latvia, or Malta. Georgian banks also aren’t losing their correspondent banking relationships (CBRs) like their Caribbean counterparts.
So there’s no negative stigma attached to banking in Georgia. In fact, most people couldn’t locate Georgia on a map. So, Georgia is still very much under the radar and doesn’t have to worry about the problems that many banks in offshore hubs tend to face. For this reason, we like to consider Georgia more of a “mid-shore” jurisdiction.
Transfers coming to or from Georgia will attract less scrutiny and raise fewer eyebrows than other offshore jurisdictions like Belize, Seychelles, or St. Lucia. And besides liberal account opening policies and being a “mid-shore” jurisdiction, people also like Georgia for banking because the country is economically and politically stable.
And while Georgian banks don’t have deposit insurance, they are generally well managed and have decent balance sheets. Not to mention, they are so integral to the domestic economy that it’s unlikely that the government would ever let them fail if they did get into trouble.
Another reason why banking in Georgia has attracted international attention is due to CRS. Or rather, a lack thereof. Georgia is one of only 13 non-CRS countries left in the world that have not signed on to CRS.
This means that Georgian banks do not share information on their account holders with tax authorities in their home countries. This also means that Georgian banks rarely request proof of address or proof tax residency, which lightens the paperwork load for account openers.
Now, if a lack of information sharing agreements is one of the reasons that you want to bank in Georgia, you should read our recent articles about banking secrecy and CRS. You can find them here and here.
Information sharing is happening and it will eventually be everywhere. So if this is why you’re opening an account, you should probably re-evaluate your banking priorities before applying.
In short, low fees, higher interest rates on fixed deposits, diversification, and debit cards that you use anywhere in the world.
Georgia is also a handy banking option if you’ve failed or are struggling to open a bank account in other countries. We cover everything you need to know about banking in Georgia in our premium Georgia Banking Report, available to GlobalBanks Insiders.
Also, if you’re in the Unlucky Passport Club or have an undesirable tax residency, you might have a hard time getting an American Express card in more developed countries. But, if you go to the right bank in Georgia, this too is accessible.
Likewise, digital nomads who struggled to open accounts and access certain travel programs can use Georgian banks to overcome these hurdles. They won’t be the same as other countries, but it’s a step in the right direction.
Georgia is a great banking hub for many people. And while it does have some challenges, it’s still one of the best “accessible” banking hubs in the world right now. Opening accounts and accessing decent banks and banking products is increasingly difficult.
If you’re interested in getting started and opening accounts in Georgia, you can get immediate access to our Georgia Banking Report, which covers everything from remote opening, Georgia-specific account opening strategies, specific bank recommendations, and contact details for specific bankers and branches that you should apply through.
If you’re already an Insider you can read about our Georgia banking recommendations, analyst insights, and specific account opening strategies in the Georgia Banking Report right now. Also check out more details on Georgian banks, their account opening quirks, and special opportunities in our database.
As always, we analyze the best banking options in the world, show you how to take advantage of them, and tell you how to open accounts, who to talk to, and exactly where to go. And our analysts support you and walk you through the entire process
If you have any questions before opening accounts, you can message our team directly using the chat function below.
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