Offshore Bank Account in Georgia
In August 2020, an update was released regarding offshore bank accounts in Georgia. The update highlights that while Georgia is gradually evolving as a financial center, the changes are seen in a positive light as they enhance its appeal. The requirements for opening an offshore bank account in Georgia remain the same regardless of whether the account is opened remotely or in-person. However, opening an account remotely necessitates a power of attorney and a copy of the passport, in addition to a completed Know Your Customer (KYC) form and a bank account statement for the previous six months.
During the account opening process, the bank may require further documentation or information. It usually takes between three to five working days to open an account remotely. It is essential to note that even though Georgia is becoming more accessible, the country's regulations regarding offshore bank accounts remain stringent.
Furthermore, Georgia is expected to participate in the automatic exchange of financial information in the next three to five years, according to TaxFree Matrix. This exchange is expected to boost Georgia's status as a financial center and bolster its global reputation.
It is important to be cautious when seeking offshore bank account services from intermediaries, such as founding law firms and bank brokers. These entities may claim to have direct contracts with banks or partnerships with bank officials, but the bank and its compliance department have the final say in approving an account. Even with a partnership, opening an account does not become any easier. The compliance department of the bank reviews all documentation submitted for approval, and they have the right to ask for more information or deny the account opening request.
Preliminary investigations are not allowed, and banks can only make a decision on opening an account based on the submitted documentation and KYC information. Claims made by intermediaries should be verified directly with the bank to avoid any fraudulent activity.
In conclusion, while Georgia's reputation as a financial center grows, the regulations around offshore bank accounts remain strict. To ensure a smooth and successful account opening process, it is best to follow the guidelines and submit accurate and complete documentation directly to the bank.