We won’t re-hash how Georgia has quickly become highly capitalist and one of the most free economies in the world. Or how it’s one of the best countries in the world for business.
While offshore banking around the world — from the Caribbean to Asia — has become more and more difficult (especially for US persons), Georgia is hands down the easiest place in the world to open an offshore bank account today.
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How Easy is it to Open an Offshore Bank Account?
A lot of offshore banks around the world are facing big challenges, and while offshore banks are generally safe, it is important to approach them cautiously and should be part of an overall wealth management strategy.
Is it legal to open an offshore bank account? Yes, offshore bank accounts are entirely lawful as long as they are in line with regulations, and it’s vital to understand the necessity of fulfilling annual reporting obligations.
It’s not that the banks themselves are always a problem — although some are — rather, the problem is that they are tax havens in the backyard of the United States. Occasionally, one of the less-than-professional bankers on some island allows a suspect individual to open an account there, and all hell breaks loose.
A jurisdiction like Georgia hasn’t seen such problems precisely because it’s not a tax haven, nor is it a large offshore financial center. It’s not even on the radar of the vast majority of people. So, what is the easiest way to open an offshore bank account here?
Why Georgia is a “New Safe Haven”
Wealthy individuals can bank here and get top-notch service by depositing as little as $50,000.
Service here reminds many of the “good old days” of private banking in countries like Hong Kong, where banks like HSBC are now impossible to deal with. In fact, as we have written before, it’s possible to open a bank account in Georgia with no minimum deposit amount.
The process at the top banks takes as little as ten minutes. If you’re a US citizen or have US indicia, you’ll be asked to fill out a few forms for the IRS, but that’s about it. You don’t need piles of paperwork or anything like that. You basically just show up with the necessary documentation and get started. Opening additional bank accounts is relatively easy once you’re in the door with a particular bank.
Georgian banks don’t offer remote account opening, but service, once you’ve opened at least one account, is good, and you can handle most account functions from home after you get set up. In fact, online banking for Georgian banks is refreshingly simple.
For as much as we love Singapore, banks there sure do make it a lot more difficult, giving you a lot of codes, PINs, and access numbers to remember. In Georgia, it’s simple. You can move money between Georgian lari, US dollars, and Euros in a single click.
If you opt for a term deposit with TBC in the Georgian Lari (GEL), you can enjoy impressive interest rates of more than 10%. The GEL is a relatively stable currency and has exhibited significant value growth over the years.
How To Open A Bank Account In Georgia
You don’t need a lot to get started banking in Georgia. Far and away, the biggest challenge will be flying to Georgia to appear in person. Once you’re there, however, the process is easy.
There are so many banks here, but the country’s business-friendly laws, rather than one bank’s specific policy, make the account opening process easy. That said, there are some banks I’d suggest avoiding.
While the two largest banks are suitable for large deposits, we would recommend caution with smaller banks.
In addition to ease of opening, Georgian banks offer both ATM and debit Visa Debit cards that can be used anywhere in the world that Visa is accepted. It’s also a great tool to have for booking travel online in Europe, as credit cards incur lower transaction fees from cheap airlines.
Opening an offshore bank account is an easy way to diversify your finances. If you’re willing to get on a plane, consider Georgia for its ease of account opening and maintenance. Georgia is one of the best locations to go right now if you’re looking to deposit a mid-sized sum.
Banking, however, is just one of several flags our founder, Andrew Henderson, has planted in Georgia and recommends to our clients.
Georgia has emerged as one of the most capitalist countries in the world, offering attractive opportunities for business and wealth creation. On top of excellent banking, Georgia also offers a simplified tax system, including a flat 20% personal income tax and a flat 15% corporate profits tax.
Overall, the ease of doing business has attracted businesses to Georgia, offering a favorable environment for those seeking to establish companies, open accounts, and apply for residency or citizenship.
Are you looking for asset protection, diversification, and higher rates of interest? At Nomad Capitalist, we work as architects and general contractors to create holistic offshore strategies that include offshore banking. We have helped 1,500+ HNWI clients, and we can help you, too.
