Factors driving Georgia’s Banking Sector

Georgia’s banking system is designed to offer low taxes, fast transactions,no deposit account, and a stable financial environment for global clients. The National Bank of Georgia regulates all banks in the country, ensuring they follow international standards. This is key in providing trust and security for both local and foreign account holders.

Low Taxes and Affordable Banking

One of the major perks for non-residents is Georgia’s flat 5% tax on interest income from bank deposits. This means global investors can grow their savings without high taxes. The banking requirements are straightforward, with fewer hurdles than traditional European financial hubs.

Plus, the cost of living in Georgia is much lower, reflected in the banking fees. Whether setting up business services, investment banking, or handling personal accounts, the costs remain affordable.

Benefits of Banking in Georgia

Let’s break down some of the key perks of choosing Georgia as your banking destination:

Advanced banking technology supports these benefits. Many local banks in Georgia provide online banking services and excellent customer service for individual and corporate clients. You can easily manage your checking and savings accounts from anywhere, and benefit from great financial services.

How to Open a Bank Account in Georgia: Your Journey

Opening a bank account in Georgia is simple, fast, and convenient. Here’s a step-by-step client journey to show you how easy it is:

You'll need the following to open a bank account:

Choose a Bank

Top options include TBC Bank, Bank of Georgia, and Liberty Bank. Each bank caters to foreign clients with excellent services, whether you're looking for retail bank services or elite private banking services.

Submit Your Application

You can submit your application either online or in person. Most banks in Georgia allow remote application processing, meaning you can set up an account without visiting the country.

Verification and Setup

Your account is set up once your documents are verified within a few business days. You’ll receive access to your debit card, mobile apps, and other banking products.

Top Banks in Georgia for Expats and Investors

Choosing the right bank is also important. Even if the whole sector is growing, some banks can suit, especially those who deal with higher transactions and seek a more exclusive approach.

Here are some of the best banks in Georgia for expats and global investors:

TBC Bank

TBC Bank is one of the country's most popular and second-largest banks. It is now popular among local and international clients and offers various services, from basic accounts to business services and investment banking. TBC also offers remote services, making transactions easy even if you’re outside Georgia. Through TBC’s “Payment from Abroad” system, you can pay online for several services with a foreign bank card.

Their TBC Concept is designed for high-net-worth individuals, providing benefits such as:

• Higher ATM withdrawals
• Concierge services
• Exclusive discounts

Bank of Georgia

Another major player is the Bank of Georgia. The National Bank of Georgia provides all the services you would expect from a top European bank. These include internet banking, 24/7 remote support, and personal and corporate loans.

With Solo Banking, you get:

• A dedicated private banker
• Higher withdrawal limits
• 24/7 remote management of your accounts
• Access to VIP airport lounges worldwide

Liberty Bank

Liberty Bank is known for its strong focus on expat clients. The account opening process is straightforward, making operations easy to establish. The bank has a "Liberty Bank online banking" platform with a great interface that is available in different languages.

You can easily manage transactions and change currencies. You can order cards and check account balances. You can also do financial planning. Overall, you will have a great online banking experience.

Liberty Bank's customer service is also well-designed. Their platform allows for quick and easy financial management and focuses on client satisfaction.

National Bank of Georgia

Though not a commercial bank, the National Bank of Georgia plays a key role in ensuring the financial stability of the country’s banking sector. This financial institution sets the standards for all Georgia banks, including Century Bank of Georgia and Georgia Community Bank.

FAQs: Common Questions About Banking in Georgia

1. Can I open a bank account in Georgia remotely?   Yes, most banks in Georgia allow remote account opening through power of attorney, making it convenient for international clients.
2.  What documents do I need to open a bank account in Georgia?  You’ll need a passport and proof of address. Some banks may require a bank reference or proof of income.
3. Are Georgian banks safe?  Absolutely. The National Bank of Georgia ensures all banks comply with international standards, including KYC and AML regulations.
4. What tax benefits do non-residents get?  Non-residents benefit from a flat 5% tax on interest income, and Georgia’s status as a non-CRS country ensures privacy.
5. Which banks are best for expats?   TBC Bank, Bank of Georgia, and Liberty Bank are top choices for foreign clients due to their excellent services.

Final Thoughts: Georgia is the Future of Global Banking

Banking in Georgia offers a mix of ease, security, and premium services, making it an ideal choice for global investors and expats. With no minimum deposit requirements, fast account setup, and dedicated customer service, the country is quickly becoming a prime destination for those looking to manage their wealth effectively. Whether looking for after-business services, investment banking, or simple bank accounts, Georgia’s banks are here to serve you professionally and efficiently.

Book a Call with Weath Consulting experts to build a comprehensive plan for banking in Georgia.