Can a Non-Resident Open a Bank Account in Tbilisi, Georgia?

Opening a bank account as a non-resident in Tbilisi, Georgia can be an important step for foreigners looking to live or do business there. With top banks like TBC Bank, Bank of Georgia, and Liberty Bank, finding the best bank in Georgia Tbilisi for foreigners is key. By understanding the account opening process, documents required, and tax rules, non-residents can smoothly open a Georgian bank account remotely or after arriving in the country. With benefits like receiving payments, paying Georgian bills, earning higher interest rates, and establishing local credit, having a Tbilisi bank account makes life easier for expats and digital nomads. Let’s look at the options and requirements:

What are the banking regulations for non-residents in Georgia?

Georgia has relatively few restrictions on banking and foreign exchange compared to many countries. However, some key regulations for non-residents’ bank accounts include:

• Non-residents can open accounts in foreign currencies like US Dollars or Euros, not just Georgian Lari.
• There are no limits on how much foreign currency can be transferred into or out of Georgia through the banking system. 
• Cash transactions over 30,000 GEL (about $10,000) must be reported for financial monitoring purposes. 
• Banks are required to verify the identity of account holders to combat money laundering and terrorism financing.
• Interest income over 5000 GEL per year is subject to a 15% tax rate instead of the standard 5% for non-residents.
• Account balances and transactions are subject to privacy protections and require owner consent to access.
• Competition among banks is encouraged to offer better interest rates and services to customers.
• Georgia participates in the CRS and FATCA regimes for global tax transparency and information sharing.

While opening an account as a non-resident is straightforward, you must comply with standard banking and tax regulations. It’s advisable to consult with an accountant or lawyer about your specific situation when moving funds internationally. Overall, Georgia maintains an open and competitive banking system for residents and non-residents alike.

What are the benefits of opening a bank account in Tbilisi as a non-resident?

There are several advantages to having a bank account in Georgia as a foreigner:

Receive payments: With a local bank account, you can receive payments from employers, clients, and other sources much easier than relying solely on transfers to accounts back home.

Pay bills and expenses: Utility bills, rent payments, and other living expenses can be paid from a Tbilisi bank account.

Access money: You can withdraw cash from ATMs and make purchases more conveniently than carrying large amounts of foreign currency.

Earn interest: Georgian bank accounts can earn higher interest rates than many foreign accounts. Interest income may be taxable.

Establish credit: Having a local bank account and credit card can help build your credit history in Georgia. This may help qualify for loans and other financing.

What are the best banks in Tbilisi, Georgia for foreigners?

For hassle-free banking in Tbilisi, consider opening an account with one of these reputable and foreigner-friendly banks Georgia. Visit their websites or Tbilisi branches for full details on their products and application process. Based on service quality, fees, and non-resident access, here are some of the best banks in Tbilisi, Georgia for foreigners:

TBC Bank

TBC is one of the largest retail banks in Georgia with branches throughout the country. They offer current accounts, savings accounts, term deposits, credit cards, and more. With large ATM and branch networks, convenient digital banking, and English support, TBC Bank is a top choice for many expats. The minimum deposit is 100 GEL.

Liberty Bank 

Liberty Bank focuses on premium service, delivering personal support and technology solutions to customers. Liberty Bank offers the Freedom account specifically for non-residents with no monthly fees. Their staff speaks English and opening requires just 50 GEL minimum.

Bank of Georgia

Featured in Forbes’ top 50 safest banks, Bank of Georgia provides a Premium Client service for foreign account holders. Convenient online banking and mobile apps available.

ProCredit Bank

ProCredit has fewer branches but provides excellent customer service and transparent fee information. So, ProCredit Bank prides itself on transparency and responsibility. Their staff is helpful to non-Georgian speakers.

VTB Bank

VTB is an international bank with its Georgia HQ in Tbilisi. They allow both residents and non-residents to open accounts in several currencies. VTB has a quick account opening process and offers Instances services for easy transfers. Minimum deposit is 200 GEL.

What documents do foreigners need to open a bank account in Tbilisi?

The specific requirements can vary slightly between banks. Contact your chosen bank in advance to verify their application checklist for non-resident accounts. However, the general documents required by banks for non-residents to open an account in Tbilisi include:

Passport – A valid international passport is required as an official ID.

Georgia residence permit – If you have a temporary or permanent residence permit for Georgia, provide a copy.

Proof of address – A document with your name and overseas home address, such as a utility bill.

Reference letter – Some banks request a letter of reference from your employer, embassy, etc.

Minimum deposit – Many banks require an initial deposit, often around 100-200 GEL, to open the account.

Tax documents – Your tax ID number or documents may be needed, depending on your home country.

What is the process to open a bank account in Georgia as a non-resident?

The account opening time can range from the same day to one week depending on the bank’s processes and how quickly they verify your information. Follow these key steps when opening a personal bank account as a foreigner in Georgia:

1. Choose a bank: Research and select a bank that meets your needs, allows non-resident accounts, and has English support. 
2. Gather documents: Obtain a valid passport, proof of overseas address, reference letter, deposit money, and any other bank-specified forms.
3. Set an appointment: Some banks allow or recommend setting an appointment online or by phone for the account opening meeting. 
4. Visit the branch: Meet with a bank representative in person and submit all required documents for identity verification.
5. Fill application: Provide your personal details, proof of funds origin, and purpose for account to complete the application.
6. Make opening deposit: An initial minimum deposit between 50-200 GEL is typically needed to activate the account.
7. Online setup: Create your online banking credentials and set up security options for online access.
8. Receive cards: Obtain your debit card, credit card (if requested), Checks and other account tools.
9. Activate: After approval, the account will be activated for transactions and usage within 1-2 business days in most cases.
10. Manage account: Return to the branch or login online to manage your Georgian bank account, deposits, payments, and services.

What should non-resident know about taxes on bank accounts in Georgia? 

Georgia has a liberal tax regime and does not tax most forms of personal income for residents and non-residents. However, there are a few considerations regarding taxes on bank accounts:

• Interest income is taxed at a rate of 5%. The bank will withhold this tax automatically.

• Accounts earning more than 5000 GEL in annual interest are subject to a 15% tax rate instead.

• Legal entities and businesses may have different tax rules applied to interest income.

• Georgia has tax treaties with some countries which alter how income is taxed for non-residents. Check if a treaty applies to you.

• Accounts opened using your Georgian tax ID number report information to revenue authorities. Accounts opened using a passport don’t.

• There is no obligation to declare or pay taxes on funds transfers, cash withdrawals, or money kept in accounts from foreign sources. 
• Non-residents don’t need to file income tax returns in Georgia. The banks handle withholding interest income tax directly. 

What are the costs for open an account bank in Georgia for non-resident?

Be sure to understand the full fee schedule before opening your account. Some banks like Liberty Bank and ProCredit Bank offer accounts with lower fees for non-residents. Here are some details on the potential costs for opening a bank account in Georgia as a non-resident:

• Minimum opening deposit: Most banks require a minimum deposit between 50-200 GEL (around $15-$60 USD) when opening the account. This remains in your account to keep it active.
• Monthly service fees: Some banks charge a monthly service fee, while others waive fees for non-residents or require a minimum balance to avoid fees. Fees typically range from 5-20 GEL per month. 
• Account maintenance fees: Annual or quarterly account maintenance fees apply at some banks, which may range from 20-50 GEL.
• Credit card fees: Expect an issuance and annual fee for a credit card of around 50-80 GEL, plus interest and international transaction fees.
• Online banking: Most banks provide free online banking access and mobile apps for account management.
• ATM fees: Cash withdrawals from another bank’s ATMs result in fees around 2-5 GEL per transaction.
• Currency exchange: Converting currencies in the account or exchanges may incur fees around 1-3% on the amount exchanged.
• Wire transfer fees: Sending or receiving wire transfers (SWIFT) often cost around 20-40 GEL per transfer domestically and 50-80 GEL for international.

Can we open a Georgian bank account from overseas?

In most cases, you need to visit Georgia and apply for accounts in person when opening as a non-resident. Some exceptions exist:

1. If you hold a valid residence permit, some banks may allow remote onboarding after identity verification.
2. As a remote worker or freelancer for international clients, you may be able to open a business account remotely.
3. Georgian emigrants who return may have access to open an account from abroad in certain situations.
4. Georgians living abroad can sometimes open accounts using relatives’ addresses, then manage remotely.

So, for non-resident foreigners with no existing ties to Georgia, opening a personal bank account while overseas is unfortunately not possible. The good news is that the account opening process as a non-resident when you arrive in Tbilisi is fairly quick and straightforward with the right documents.

Last Words

Opening a bank account in Tbilisi as a non-resident can be straightforward when you choose the best bank in Georgia for foreigners. Top Tbilisi banks like TBC Bank, Liberty Bank, and Bank of Georgia cater to expats and digital nomads. By preparing the right documents, following the account opening process, and meeting local banking regulations, non-residents can gain access to crucial financial services. With benefits like receiving payments worldwide, paying Georgian bills, earning competitive interest rates, and establishing local credit, a Georgian bank account makes living or doing business there much easier. For hassle-free banking, non-residents would do well to open an account with one of the foreigner-friendly, English-speaking top banks in Tbilisi.