Frequently Asked Questions

Both Georgian citizens and foreign nationals can open bank accounts in Georgia. However, individuals from countries under international sanctions (e.g., Syria, Iran, North Korea) may face restrictions.

Yes, it’s possible by granting a power of attorney (POA) to a representative in Georgia who can open the account on your behalf.

The duration varies, but once all documents are properly submitted, the bank may take a few business days to process the application.

Yes. Georgian banks offer advanced internet banking platforms, allowing you to perform all operations through convenient apps. Additionally, personal bank managers are available to assist you via phone or email for any transactions.

Georgian banks are stable and reputable financial institutions. Two of the largest banks, TBC Bank and Bank of Georgia, are listed on the London Stock Exchange and adhere to strict international financial regulations. Their financial reports demonstrate strong solvency, making the likelihood of issues extremely low.

The guaranteed deposit amount is low, approximately 6,000 USD per bank. However, Georgian banks are highly solvent, and no major bank failures have occurred since the early 1990s.

In most cases, you can contact your personal bank manager to close the account without visiting the bank.

Annual account maintenance fees range from 50 to 100 USD. Common charges include a SWIFT transfer fee of 15 USD and no fees for ATM cash withdrawals. Contact us for detailed fee structures for specific banks.

The funds will be transferred to your lawful inheritor(s) upon presentation of legal proof of inheritance.

Most Georgian banks offer multi-currency accounts, typically allowing holdings in GEL, USD, EUR, and sometimes GBP. But all other traditional and exotic currencies are also available upon your request.

No, a residence permit is not mandatory. However, having one can simplify the process and enhance the bank’s trust in the applicant.

Receiving any type of residence permits automatically means your legal residence in Tbilisi. Please see steps and procedures above.

Permanent residence is for a foreigner with a temporary residence permit who has resided in Georgia for six years or a foreigner with an investment residence permit residing in Georgia for 5 years and seeking its extension.

It is almost equal to Georgian citizenship. As a resident of Georgia you possess all the rights and advantages that a citizen of Georgia does. The only difference is you do not have a Georgian Passport or enjoy a visa free regime with those countries granting as much to Georgian citizens.

Almost mission impossible. You are eligible for Georgian citizenship after 10 years of short-term residence in Tbilisi, Georgia. In addition to the residence requirement, you will have to show basic knowledge of the Georgian language, history, and law. You must own real estate, a job, or your own business in Georgia. A Georgian passport allows visa-free travel to 114 countries, including EU/Schengen countries, most of CIS countries, Ukraine, Iran and Turkey.

Yes, in some cases it is possible.

Yes. You can invest in various businesses. The main thing here is to consider the bottom line of the investment amount in order to receive the permit. The investment residence permit is granted for an investment of a minimum of USD 300,000, as stated above.

In some cases, yes, it has. If you are going to work in or from Georgia, to study here, or to stay in Georgia for at least 183 days, then you do not need any investment for your residence permit. In other cases, you need to invest a different amount of money in order to receive a permit.

Residence permits and cards in Georgia has time limit of 6 months to 1 year and are extendable for 5 more years with a maximum total of 6 years. After this, residents can request a permanent residence permit.

If you would like to get short-term residence, you have to own real estate. The minimum value of the property should be USD 100,000.

Yes, you can, but take into account that you must have at least 40 days left on your visa.

How fast you will prepare the needed documentation depends on you and on our helping you. However, after the application has been made, a residence permit is granted in 10 to 30 days.

You are required to be physically present in Tbilisi, in the Public Service Hall. However, you don’t need to be in Georgia in order to prolong your existing residency.

No, It does not. It certainly helps, but it does not guarantee it automatically.

The account opening process itself takes around 2-3 days. If we have everything prepared in advance, you won’t need more than 3 days.

You can look to other jurisdictions for banking. First, choose the right country for you. Then get approval to open an account, prepare the necessary documents, and submit them to the bank to get access to your bank account.

The list of countries changes from time to time. There are banks in western and eastern Europe, in the Caucasus, in Asia. The bank accounts that we offer are opened remotely. All of them come with internet banking and debit cards.

This list is also subject to change. Some of the usual suspects include Wise, Paysera, Payoneer, and similar FinTechs. The complete list is quite large, and we can help you pick the one best suited to your needs.

Any type, including:
LLC – Limited Liability Company,
JSC – Joint Stock Company,
BO – Branch Office of international company among others.

We provide accounting services for Individual Entrepreneurs as well.

Of course. We provide free consultations.

The National Bank’s resolution does not apply to individuals who buy and sell cryptocurrency and engage in mining for themselves. Only intermediaries in transactions must be registered – the key feature of a virtual asset service provider (VASP) is that it performs transactions in the interests of third parties.

In most cases it is not necessary to register with the National Bank of Georgia if an organization accepts payments for goods or services or pays suppliers with cryptocurrency. The same principle applies here as with individuals – these are transactions for personal benefit.

However, it is important to remember that the official currency of payment in the country is the Georgian lari, so any cryptocurrency transactions must take place with the participation of intermediaries. For example, a payment system widget can be installed on a company’s website to pay for goods or services with crypto. This payment system will automatically convert receipts from customers into the national currency. The same procedure applies if you reward your employees with BTC – it is illegal to transfer cryptocurrency to them directly.

Although crypto is not an official means of payment in Georgia, the VASP is still “authorized to receive commission, interest and fees from customers in the same virtual asset used to provide the service” (Article 1, paragraph 8 of Order No. 94/04).

There are no special restrictions in the regulations of the National Bank of Georgia. You can work with all convertible digital assets that have a market value in fiat equivalent, be it Bitcoin, Ethereum, Solana, Toncoin, or Tether stablecoins.

At the same time, according to the regulator’s logic, virtual assets do not include digital representations of real money (so-called CBDCs), such as the digital lari, which has been under development since 2021. Digital representations of securities and other financial instruments are also not subject to licensing.

The order of the National Bank explicitly defines virtual assets as fungible, so it does not apply to NFTs (which literally stands for Non-Fungible Token). However, the act of selling NFTs for the benefit of third parties is usually related to cryptocurrency, because digital art is bought for ether, bitcoin, and other tokens. So the license is relevant, it’s just that the sale of NFT itself is a wee bit of gray area.

Tax residency in Georgia provides an opportunity to significantly reduce the tax burden on certain types of income. For example, capital gains from stocks, bonds and cryptocurrencies are not subject to taxation. In addition, any passive income and many other types of income are taxed at a zero rate.

This program is perfect for digital nomads, expats, freelancers and individuals, who do not spent enough time in any country to obtain tax residency but want to avoid taxes in their country of citizenship.

Getting a Georgian Tax residency does not mean you can live in any other county you wish and just not pay tax there. Unless you plan wisely, tax liabilities can arise for many reasons in other countries, based on physical presence or managing a business there. You may owe taxes elsewhere, other than Georgia, and it will come down to the local laws of the other countries you visit.

Tax residency in Georgia is valid for maximum one year. The country requires annual renewal. Statement must be applied for every year and obligatory documents must be resubmitted for each application.

In some cases, yes, it is possible.

If the application is accepted without problems, you should be granted your tax residency within 7 weeks. Otherwise, you will be notified of additional requirements and must provide additional information as requested within 30 days in order to complete the application.

Foreign sourced incomes are tax free for a Georgian tax residents.

According to the Tax Code of Georgia, income from abroad is not taxable for tax residents of Georgia. However, it is important to keep in mind that many types of income received from another country while you are in Georgia may not be considered foreign source income.

Tax-exempt foreign source income generally includes passive income such as royalties, dividends, and other income earned outside of Georgia. To clarify your status and type of income, contact us for a consultation.

Income derived from active work, including the provision of contractual services, is considered local income, regardless of whether the payment is made by a Georgian company or a foreign company.

Such income is subject to income tax at the rate of 20% in accordance with Georgian tax legislation.

Yes, you can reduce the tax rate. By registering in Georgia as an individual entrepreneur (IE) and obtaining small business status, you will be able to tax foreign income at a rate of only 1%. It is important to note that this rule applies to income from the sale of services or products, not wages.