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What are the Benefits of Having a Bank Account in Tbilisi, Georgia?

by ads.georgialegalservice
Which Physical Georgian Bank Should I Use?

All of the above are just some of the benefits of opening a bank account in Georgia

No CRS Country

One of the primary advantages of having a bank account in Georgia is that it is one of the “Last Mohicans” among jurisdictions still offering complete privacy to bank account holders. No information is automatically exchanged and there is no plan to join the Common Reporting Standard framework in the near future. Moreover, compared to other Non-CRS countries, the Georgian banking system is very advanced and modern.

Remote Service

Very few banks today allow for a personal bank account to be opened remotely, with direct identification required almost everywhere, especially when the account is being opened by a non-resident. The regulator has allowed Georgian banks, however, to open bank accounts remotely with the use of a POA; in some rare cases, even a POA is not required.

Higher Interest

After opening a bank account in Georgia, in local currency, interest rates on deposits can be as high as 11%. In USD, however, they are 4.5% and 1% in EUR. One very important thing to bear in mind is that Georgia does not offer guaranteed insurance of deposits (Actually, it does, though for only to a maximum of GEL 15,000. Yes, you read that correctly, fifteen thousand Lari). But having an account in Georgia is safe as banks here are sound and the probability of default remains close to 0.

Investment in Georgia

A Georgian brokerage account can be used for trading in local and international stock exchanges. The local bond market is exciting and offers an almost 10% annual return in USD. You might call it a junk bond, but a BB credit rating is quite good for this region and must be considered together with all the other positive things that Georgia brings to the table. We are able to assist you to open an account in the most developed investment banks in Georgia

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