Bank Account Opening in Georgia
Personal & Business Bank Accounts in Georgia
Having a bank account in Georgia is generally not mandatory. However, if you wish to open a personal or business bank account, or if an account is required in certain circumstances, ExpatHub can assist you with the process, either in person or remotely.
Why engage a professional?
Georgian banks apply strict compliance procedures to business accounts owned or managed by foreign nationals, particularly when applications are submitted remotely. Certain types of income or business activities may also increase the likelihood of rejection.
Applications may be declined without an explanation, and banks are not required to provide justification for their decisions. Moreover, if an application is rejected, reapplying with the same bank may no longer be an option.
ExpatHub provides professional support throughout the application process, helping you present your case appropriately and maximize your chances of a successful outcome.
When Is a Georgian Bank Account Required?
Having a Georgian bank account is mandatory in the following cases:
– When applying for a work, study, or family reunification residence permit.
– When registering as a VAT payer.
– When demonstrating business turnover if you are neither a Small Business Status holder nor registered as a VAT payer.
– In certain cases, when demonstrating assets in Georgia for the purposes of obtaining tax residency under the High Net Worth Individual (HNWI) program.
– When requesting a tax refund.
What Are the Additional Benefits of Having a Georgian Bank Account?
Holding an account with a Georgian bank provides several benefits:
– Easier payment of taxes and government fees.
– Low local transfer fees, which are often free or very inexpensive.
– Transfers between accounts at the same bank are generally instantaneous, while transfers between different Georgian banks are typically processed very quickly.
– Access to additional banking services, including loans, mortgages, discounts, and other benefits.
– Efficient remote banking services, particularly for clients who have a personal banker.
– Clear separation of Georgian and personal/business income and expenses, making it easier to manage and track your finances.
– Tax-free term deposit ARR up to 10% (personal bank accounts)
Additional Resources
Wondering what the Best Georgian Banks for Expats are? Check out our article.
Are you considering opening a SOLO bank account? The benefits, the process, and the applicable fees are summarized here.
Find more information about bank accounts for business owners.
Personal Bank Account
₾600 GEL
+VAT
Business Bank Account
₾900 GEL
+VAT
Personal & Business Bundle
₾1500 GEL
₾1200 GEL
+VAT
* For remote applications, a notarized and apostilled/legalized copy of your passport and a Power of Attorney (PoA) are required.
FAQ
Do I need a Georgian bank account?
It depends on your plans with Georgia and your business structure.
A bank account is generally needed for residency and VAT registration.
Individual Entrepreneurs (IEs) may legally receive business income into any account in their own name, including a personal, foreign, or business account; a dedicated Georgian business account is not legally required.
LLCs are also not legally required to have one, but operating without it may create accounting overhead.
Can Wise, Payoneer, Revolut, or another online account replace a Georgian business bank account?
For many businesses, yes; especially if they do not need Revenue Service linkage, VAT functionality, or tax refunds.
Can a non-resident open a Georgian bank account?
Yes. Georgia is accessible for non-resident bank account opening, subject to the bank’s KYC and compliance assessment.
Which banks are usually considered first?
Bank of Georgia and TBC are the largest banks in Georgia, and they constitute the most common choices for foreigners and locals.
What is SOLO Bank? Is it separate from Bank of Georgia?
SOLO is not a separate bank; it is the premium banking division of Bank of Georgia. It offers dedicated branches and lounges, personalised service, a dedicated banker, premium cards, and lifestyle benefits. SOLO is especially beneficial for foreign individuals.
Why might a bank refuse a bank account application?
Any concern arising during the application process may be enough for a bank to reject an application. In particular, banks may require sufficient documentation to establish sources of wealth and meet anti-money-laundering requirements. Banks can decline an application without disclosing their reasons.
Some of the relevant factors include: where payments will originate; whether you have established a connection with Georgia; whether your activities seem suspicious; what your business model is.
Business accounts receiving most income from outside Georgia, especially in non-GEL currencies, may face greater difficulty.
Which account option is suitable for an Individual Entrepreneur? Can a freelancer or Individual Entrepreneur use SOLO for business banking?
An IE can use a Georgian personal account, Georgian business account, foreign personal account, or an online account. A separate personal account is recommended when using personal banking for business income, to keep business and personal transactions distinct.
SOLO is primarily a personal banking product. The law does not prevent an IE from using it, but banks may sometimes require a business bank account instead. SOLO itself does not provide business bank accounts.
Do I need a personal bank account if I'm trying to open a business account?
Under the law, you are not required to have a personal bank account. However, banks may sometimes require that you hold a personal bank account in the same bank.
International Standard, Local Pricing
Why ExpatHub?
Starting life in a new country is confusing. We know because we faced all the same challenges you will, when we first moved here. But we solved those challenges and hired a team of expert, bilingual accountants and lawyers to help you get set up in Georgia, easier than ever before.
One-Stop-Shop
All Your Legal, Tax, Relocation, Business, Immigration & Accountancy Needs Solved In One Place.
ONLY English-Speaking Staff
Native English Speaking, Or Fluent Bilingual. Your Questions Will Never Be Lost In Translation.
No “Tourist Tax”
Fair, Transparent Pricing For Foreigners.
International Standards
We Bring An International Level Of Service, Logic, Resourcefulness, Confidentiality & Data Protection To All Our Services In Georgia.
Honest, Fact Checked Advice
We Provide Creative, Tailored Solutions Which Will Never Leave You Exposed.
Our Experience in Numbers
Key Statistics
Consultations Held
5000+
Client Satisfaction Score
9.9/10
Residencies Processed
600+
Disputes Resolved
50+
Businesses Registered
1000+
Bank Accounts Opened
1000+