International Banking in Georgia

23 September 2020

Georgia is a developing country in the Caucasus region, located at the crossroads of Western Asia and Eastern Europe. Prudent macroeconomic management applied in Georgia resulted in low budget deficit, low inflation, and robust economic growth. Georgia attracts foreign investors and expatriates by her liberal tax, labor and immigration legislation, business friendly practices, low corruption, high security, mild climate and picturesque landscapes.

Residence in Georgia

There are several investment residence permit types for investors, entrepreneurs and property buyers.
Work residence permit in Georgia is granted not only to salaried employees, but also to entrepreneurs and freelancers.
In July 2020, Georgia announced a migration program “Remotely from Georgia” allowing remote workers from 95 countries to apply for a work residence permit.

Taxation in Georgia

Georgia enjoys flat income tax rate which is quite low compared with the EU member states, namely general corporate income tax rate is 15,00 %; general personal income tax rate is 20,00 %.
In Georgia, there are a lot of tax credits and incentives for corporate and individual tax payers.
Virtual zone persons (legal entities engaged in IT activities and holding an appropriate status) are exempt from profit tax and VAT generated outside Georgia.
Georgia does not tax resident individuals on their foreign-source income.
Micro-businesses and individual entrepreneurs with annual turnover of less than 30,000 GEL are exempt from tax on their business income.
Depending on the annual turnover other individual entrepreneurs pay 1,00 – 3,00% income tax of their annual turnover.
Georgia has neither signed the Automatic Information Exchange Agreement nor indicated a timeline of the start of the automatic information exchange.
Georgia has FATCA agreement with the United States in effect since 10 July 2015 (Intergovernmental Agreement Model 1).

Banking Sector in Georgia

Georgian banking sector consists of 15 and is dominated by two banks, Bank of Georgia and TBC Bank, each holding a market share around 35,00% of aggregated total assets. 4 banks in Georgia have domestic capital, while 11 banks are foreign-controlled (representing 10 different countries, namely the United Kingdom, China, United States, Kazakhstan, Turkey, the Netherlands, Azerbaijan, Germany, United Arab Emirates, Russian Federation). Banks in Georgia operate as unversal banks offering retail banking and business banking to individuals and companies, domestic and international.

International Banking Services

International banking services, provided to non-residents of Georgia are mainly concentrated around traditional retail and business banking, some banks also offer private banking, wealth management, corporate and investment banking.

Bank Name Country of Origin % Market Services Clients
JSC “Bank of Georgia” Country of Origin
United Kingdom % Market 37.51% Services retail banking

business banking

corporate and investment banking

asset management

wealth management Clients natural persons

companies
JSC “Basisbank” Country of Origin
China % Market 3.48% Services retail banking

business banking Clients natural persons

companies
JSC “Cartu Bank” Country of Origin
Georgia % Market 2.74% Services retail banking

business banking

corporate banking Clients natural persons

companies
JSC “Credo Bank” Country of Origin
Georgia % Market 2.07% Services retail banking

business banking Clients natural persons

SMEs

businesses
JSC “FINCA Bank Georgia” Country of Origin
United States % Market 0.57% Services SME banking

retail banking Clients natural persons

SMEs
JSC “Halyk Bank Georgia” Country of Origin
Kazakhstan % Market 1.08% Services retail banking

business banking Clients natural persons

companies
JSC “Isbank Georgia” Country of Origin
Turkey % Market 0.56% Services retail banking

business banking Clients natural persons

companies
JSC “Liberty Bank” Country of Origin
Netherlands % Market 4.37% Services retail banking

private banking

business banking Clients natural persons

companies
JSC “PASHA Bank Georgia” Country of Origin
Azerbaijan % Market 1.01% Services corporate and investment banking

retail banking Clients companies

SMEs

natural persons
JSC “ProCredit Bank” Country of Origin
Germany % Market 3.09% Services retail banking

business banking Clients natural persons

companies
JSC “Silk Road Bank” Country of Origin
Georgia % Market 0.17% Services corporate banking

retail banking Clients natural persons

companies
JSC “TBC Bank” Country of Origin
Georgia % Market 37.48% Services retail banking

business banking Clients natural persons

companies
JSC “TeraBank” Country of Origin
United Arab Emirates % Market 2.14% Services retail banking

business banking Clients natural persons

companies
JSC “VTB Bank – Georgia” Country of Origin
Russian Federation % Market 3.46% Services retail banking

private banking

business banking Clients natural persons

companies
JSC “Ziraat Bank Georgia” Country of Origin
Turkey % Market 0.27% Services retail banking

corporate banking Clients individuals

legal entities

Market share (% Market) is calculated using total assets (2019).

Bank Accounts in Georgia

Resident and non-resident entities of Georgia can open and dispose of any accounts in national as well as any other foreign currency.

Account Opening Procedure

While some banks in Georgia offer online account opening to Georgian citizens/residents, non-resident customers can’t open an account online, and it’s necessary to visit a branch of the chosen bank. However, the account opening procedure is rather simple and straight-forward.

Account Access

All Georgian banks provide online banking services to access the account.

Account Currencies

Accounts can be opened in Georgian Laris (GEL) as well as in foreign currencies. Most commonly used foreign currencies are EUR and USD; GBP, RUB, and TRY are also offered.

International Transfers

All Georgia’s banks are connected to SWIFT, so the banks’ customers can send and receive SWIFT transfers.

Most of the banks also offer various international money transfers options like Western Union, MoneyGram, Unistream, and Zolotaya Korona.

Card Providers

Visa and MasterCard are the most commonly offered payment cards, American Express and UnionPay are also made available.

Customer Support

Georgian banks provide customer support in Georgain and English; Russian and Turkish speaking customer managers are also available.

Name Currencies Transfers Card Providers Website Languages
JSC “Bank of Georgia” Currencies
GEL

multi-currency Transfers SWIFT

Western Union

Ricogram

+7 other methods

Card Providers
Visa

MasterCard

American Express Website Languages
English

Georgian

JSC “Basisbank” Currencies
GEL

EUR

USD

GBP Transfers SWIFT

Western Union

MoneyGram

+4 other methods

Card Providers
Visa

MasterCard

UnionPay Website Languages
Georgian

English

JSC “Cartu Bank” Currencies
GEL

EUR

USD

RUB Transfers SWIFT

Western Union

Intel Express

+3 other methods

Card Providers
Visa

MasterCard Website Languages
Georgian

English

JSC “Credo Bank” Currencies
GEL

EUR

USD

other currencies Transfers SWIFT

Zolotaya Korona

Ria

+8 other methods

Card Providers
MasterCard Website Languages
Georgian

English

JSC “FINCA Bank Georgia” Currencies
GEL

EUR

USD Transfers SWIFT

Western Union

MoneyGram

+6 other methods

Card Providers
Visa Website Languages
Georgian

English

JSC “Halyk Bank Georgia” Currencies
GEL

EUR

USD Transfers SWIFT

Zolotaya Korona

Western Union

Card Providers
Visa

MasterCard Website Languages
Georgian

Russian

English

JSC “Isbank Georgia” Currencies
GEL

EUR

USD

GBP Transfers SWIFT

Card Providers
Visa Website Languages
English

Georgian

Turkish

JSC “Liberty Bank” Currencies
GEL

USD

EUR Transfers SWIFT

Western Union

Unistream

+9 other methods

Card Providers
Visa

MasterCard

UnionPay Website Languages
Georgian

English

JSC “PASHA Bank Georgia” Currencies
GEL

USD

EUR Transfers SWIFT

Card Providers n/a Website Languages
Georgian

English

JSC “ProCredit Bank” Currencies
GEL

EUR

USD Transfers SWIFT

Card Providers
MasterCard Website Languages
Georgian

English

JSC “Silk Road Bank” Currencies
GEL

EUR

USD Transfers SWIFT

Faster

Anelik

+12 other methods

Card Providers
Visa Website Languages
Georgian

English

JSC “TBC Bank” Currencies
GEL

EUR

USD

GBP Transfers SWIFT

Western Union

Unistream

+6 other methods

Card Providers
Visa

MasterCard Website Languages
Georgian

English

JSC “TeraBank” Currencies
GEL

EUR

USD Transfers SWIFT

Unistream

Intel Express

+7 other methods

Card Providers
Visa

MasterCard Website Languages
Georgian

English

JSC “VTB Bank – Georgia” Currencies
GEL

USD

EUR Transfers SWIFT

Card Providers
Visa

MasterCard Website Languages
English

Russian

JSC “Ziraat Bank Georgia” Currencies
GEL

USD

EUR

TRY Transfers SWIFT

Card Providers n/a Website Languages
Georgian

English

Turkish

JSC “Bank of Georgia”

Customer Rating

n/a

Country of Origin

United Kingdom

Originally established in 1903 as Binsotsbank, Bank of Georgia is a member of Bank of Georgia Group PLC, a UK incorporated holding company. Bank of Georgia provides innovative products and services in the areas of retail, corporate and investment banking, asset and wealth management.

JSC “Bank of Georgia” provides products and services in the areas of retail banking, business banking, corporate and investment banking, asset management, wealth management. JSC “Bank of Georgia” offers a range of products including current accounts, debit cards, credit cards, savings accounts, time deposit accounts, children deposit accounts, consumer loans, car loans, mortgage loans, money transfers. JSC “Bank of Georgia” offers several money transfer options including Western Union, Ricogram, Elva, Intel Express, Ria, Unistream, MoneyGram, Zolotaya Korona, Contact. JSC “Bank of Georgia” makes its solutions available to natural persons, companies.

Current Account in JSC “Bank of Georgia”

Opening an account in JSC “Bank of Georgia” can be done in a few steps:

1. Visit bank branch

Required Documents

•passport

•proof of address

Identity Verification

•branch visit

While onboarding a private individual JSC “Bank of Georgia” will ask him/her to provide the following documents: passport; proof of address. For corporate clients JSC “Bank of Georgia” will ask to provide corporate documentation as well as information about controlling persons. JSC “Bank of Georgia” may request additional documentation or information depending on the case. JSC “Bank of Georgia” performs client’s identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking, mobile app, SMS service.

Website Languages

English
Georgian

Mobile App (BOG mBank – Mobile Banking) Supported Languages

English
Georgian