The amazing business opportunities that Georgia provides makes it a very lucrative investment destination. The low tax rate and fantastic business opportunities have made Georgia one of the top foreign investment destinations in the world. If you are one such investor who is attracted by the huge business potential that Georgia offers and wants to invest here, then one of the first things you will require is a bank account. Opening a bank account for both residents as well as non-residents is a simple process. However, compared to residents, non-residents have to submit a few more documents. Here we have explained the steps for opening your personal bank account in Georgia. According to the new law introduced in Georgia, a foreigner can be granted a temporary residence permit if he/she shows a bank statement from a Georgian bank with a minimum deposit of 3,00,000 GEL. Furthermore, Georgia is one of the few European countries which has not signed the automatic information exchange treaty called the MCAA. This allows a greater degree of security for the legitimate bank account holders of our country.
Opening a bank account in Georgia
To open a personal bank account in Georgia, you have to submit a few documents to establish your address. Some of these documents are as follows:
- Local identity document ID
- Personal public service number
- Application agreement
- Client datasheet
- Signature card
If you are a foreigner, then you have to submit some additional documents to open a personal bank account in Georgia and establish your credentials. Some of these documents are as follows:
- Document form of the bank account.
- Client’s sample signature.
- Personal identification of the client’s representative.
- Photocopy of identification documents to validate the identity.
- Official bank statement from an existing bank account.
Why do you need a personal bank account in Georgia?
Having a personal bank account in Georgia is essential to smoothly operate your business as well as for easy day-to-day transactions digitally. Additionally, if you have your own personal bank account you can avail of the following features:
- Multiple currency transfer
- Credit facility to expand your business
- E-banking
As a foreigner, you have to pay some extra charges to operate your bank account in Georgia. These extra charges include:
- ATM service charge
- Fees for international transfer
- Regular maintenance-free
If you are unable to come to Georgia to open your own personal bank account, then you can authorise your lawyer to do it for you. You have to provide your lawyer with the power of attorney so that he/she can open the personal bank account in Georgia on your behalf.
Conclusion: Having your own bank account in Georgia is very important if you want to invest in this country. If you are still confused about the procedure to follow while opening your personal bank account in Georgia, then you should contact us at +995322053758 or visit our website www.kaukapital.com and we will help you in the process.
