Why Should You Have A Personal Bank Account in Georgia?

1. Why Should You Have A Personal Bank Account in Georgia? Georgia has come a long way from its tumultuous past and is now recognised as a tax haven and one of the best investment destinations in the world. So, should the country be on your radar for a slew of reasons, then opening a personal account in Georgia would do you and your business a world of good. The slew of reasons can be the following: Shifting a part or your entire business to Georgia • Opening a new business in any of the domains like real estate, manufacturing, IT, logistics, infrastructure etc • Opening an offshore account as a non resident to secure tax benefits • Moving there as a tourist to enjoy the country’s beautiful landscape, historical monuments, a vibrant art and culture scene, and exploring adventures like hiking, skiing, and caving •

2. It is worth noting that the banking sector in Georgia is robust, modern and transparent wherein you can avail all the banking facilities like e-banking, credit facilities, transfer of money in multiple currencies etc. A personal bank account in Georgia will help you as an individual or a businessman to transact business, be it at the local or global level. For a global businessman or an individual who travels all across the world, having a bank account in Georgia will act as a facilitator of sorts due to the prevalence of low rates for banking services and the latest e-banking facilities where time and location do not matter anymore. Personal bank account for foreigners? Yes, a foreigner can open a personal bank account in the country in any of the banks such as the Bank of Georgia, TBC, Liberty and Basis among others after submitting a number of documents related to the proof of identity. These documents are as follows:    Application form Sample signature Personal identification document - passport along with its copies The best part is that as a foreigner you need not visit Georgia to open a personal bank account but can assign the job to a local lawyer by giving him or her the power of attorney. Basic amount needed to open a personal account There is no requirement of a minimum amount to open an account, be it by a local resident or a foreigner. Moreover, the charges for banking services are quite low compared to the international standards. The new law to seek a temporary residence in Georgia In case you want to get a temporary residence in Georgia to facilitate your business or for any other purpose, there is a new law that requires you to have a savings account in a local bank with a minimum balance of 3000 GEL. Thus, more the reason you should possess a personal bank account in Georgia. Conclusion With Georgia becoming a haven for businesses, the need to possess a personal bank account in a local bank has become important and a matter of convenience. In fact, the need can get even more pronounced should you want to have a temporary residence in Georgia.

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