How a Foreigner Can Open a Bank Account in Georgia

How to open a bank account in Georgia as a foreigner 🏦

Opening a bank account in Georgia is generally straightforward. The country is known for friendly procedures toward non-residents and flexible banking products — helpful for buyers and investors in real estate. Below is a practical guide tailored for people planning to live in or invest in Georgia.

1) Documents you'll likely need 📄

• Passport (original and a clear copy).
• Proof of address — can be a utility bill, bank statement from your home country, or rental agreement.
• Tax identification details if available.
• For corporate accounts: company incorporation documents and authorized representative IDs.

Tip: Banks may ask for additional documents depending on your country of origin and the bank's internal policies. Contact the bank ahead to get the exact list.

2) Choosing the right bank and account type 🧭

• Decide between a personal or corporate account based on how you will receive and manage funds.
• Consider a multi-currency account if you expect payments in different currencies (lari, euro, dollar).
• Compare fees for account maintenance, transfers, and currency conversion.
• Check the quality of online banking and customer support — crucial for remote management.

If you plan to rent out a property, prefer banks with easy payment collection tools and fast international transfers.

3) KYC and AML checks — what to expect 🔍

Banks will perform standard checks: identity verification, confirming the source of funds, and expected transaction types. Being transparent and documenting the origin of funds will speed up approval.

Prepare contracts or bank statements that show the legitimate source of investment funds.

4) Remote opening vs in-person / power of attorney ✈️

• Some banks allow you to start the process online, but many require an in-person visit to finalize the account activation.
• A notarized power of attorney (and its legalization if needed) can allow a trusted person to open the account on your behalf.

Recommended approach: if you cannot visit immediately, coordinate with the bank about preliminary remote steps and plan a later visit for verification.

5) Multi-currency accounts and online banking 💳

• Multi-currency accounts make receiving rent and paying suppliers easier while reducing conversion costs.
• Evaluate mobile apps, transfer limits, and the speed of international payments.

6) Taxes and links to property transactions 🏠

Opening an account does not by itself create tax liabilities, but rental income and capital gains are subject to tax rules. If you use a company to hold property, consult a tax advisor about local obligations.

7) Common pitfalls and how to avoid them ⚠️

• Not confirming the exact documents required before visiting.
• Overlooking ongoing fees and conversion margins.
• Opening an account without considering how it integrates with your property transactions.

8) How BuyHome can help 🤝

We assist clients with document preparation, liaising with banks, and arranging power of attorney or in-person visits. If you are searching for property, start with our listings and ask us about banking options: https://buyhome.ge/en/search or visit https://buyhome.ge/en

Final notes

Opening a bank account in Georgia is a practical and often necessary step for buying and managing property. With a little preparation and the right partner, the process is smooth.

If you'd like help choosing a bank or arranging account opening as part of a property purchase, contact BuyHome — we will help you through the whole process.