How to remotely open a Bank Account in Tbilisi, Georgia
Why should you seek to open an international bank account in Tbilisi, Georgia? Because Georgia is a free-market economy with great banking infrastructure, without all the disadvantages of small island offshore destinations that have a paltry reputation. Read below to find out:
- The advantages of a bank account in Tbilisi, Georgia
- The disadvantages of a bank account in Tbilisi, Georgia
- What service agents won’t tell you
Unfortunately, it is not possible to open a bank account remotely directly with the financial institutions. However, using a certified agent, it is doable. I’ve collaborated with a certified agent in Tbilisi, Georgia for a number of years and feel very comfortable recommending his services.
Remote Bank Account Opening in Tbilisi, GeorgiaPersonal accounts only
- Client provides the certified agent with name, cell phone number and email for online banking
- Client chooses bank and services
- Certified agent prepares Power of Attorney (POA)
- Client signs POA and gets it apostilled along with passport copy
- Client couriers the apostilled POA and passport copy to Tbilisi, Georgia
- Upon receipt the certified agent opens the bank account within 3 business days
- Client provides delivery address for cards and online banking access stick
Send an email to email@example.com or contact me below to get started or if you have any questions.
Open a Bank account in Tbilisi, Georgia – the advantages
- Switzerland caliber service without having to deposit hundreds of thousands of Dollars
- You can open an account with just $1,500 though I would recommend depositing at least $10,000 to get access to the premium services.
- Generally lower fees compared to traditional Western Banks.
- No capital controls – you can send money anywhere, as long as it is not on a sanctions list.
- Great app-based and online banking. You can make large, international transfers on your phone. You just need to send the appropriate documents to Compliance when asked.
- Generally well-capitalized banks.
- Great service – if you qualify for the premium service you will be assigned a private banker.
- Possibility of getting debit cards, Visa & Mastercard Gold credit cards, and even American Express credit cards.
- You can get Priority Pass (airport lounge access) at a discounted price.
- American citizens, residents, and green card holders are accepted as well in spite of FATCA.
- No need for proof of address to open an account.
- You’ll get an IBAN and can hold USD, EUR, GBP, and GEL in multicurrency accounts.
- Higher interest rates than in North America and the EU.
- Extra diversification. Read my post on “9 Reasons to open an Offshore Bank Account.”
Open a Bank account in Tbilisi, Georgia – the disadvantages
- The risk of conflict in the region. Russia and Georgia had a brief war a decade ago, but it barely impacted banking.
- Bank accounts must be opened in person in Georgia. If you want to open one remotely, it must be done through an agent. Banks don’t accept direct, remote account openings.
IMPORTANT: Should you remotely open a bank account in Tbilisi, Georgia?
- As time goes by, it is likely to become harder to open a bank account in Georgia because the banks will have an easier time attracting capital, and will thus become pickier. Already, some of the banks recently raised their minimum initial deposit for premium banking from $7,000 to $10,000.
- Let me be transparent with you – I am making a commission for the introduction to the agent. But I’ve worked with him in the past and am very satisfied with his services. Also, he is more affordable than most other agents who offer such services.
- Again, to be completely honest with you, even though it goes against my financial interest, I recommend that you actually fly to Georgia in person to open an account. It’s an easy process, and will make for a great trip. Tbilisi is an absolutely beautiful city.
- That being said, if you live very far away, don’t have enough time, or cannot travel, then this service is great value for money. Superior banking is priceless.
Important to understand: The bank account opening services are performed by a certified agent. We at The Wandering Investor are just a middleman and therefore have no liability.