GEORGIA

ADVANTAGES OF OPENING A BANK ACCOUNT IN GEORGIA

One of the key features of banking policy is the fact that Georgia has not yet become a part of the common data exchange standard, namely CRS. This global standard allows tax authorities and other regulatory agencies to receive comprehensive information about the taxes and financial activities of an organisation or sole proprietors. In other words, Georgian banks do not exchange information under the CRS protocol. It should be noted that Georgia plans to sign the CRS information exchange agreement as early as 2024 (previously it was reported that this would happen in 2023). But the fact that this has not yet happened, in conjunction with a number of other advantages of opening a bank account, make the investment climate in this country even more attractive.

Other advantages of opening a bank account in this country are:

• existing tax incentives and a favourable tax system;
• no double taxation, which is ensured by a wide range of agreements;
• possibility of opening an account for absolutely any company, both European and offshore, as well as personal account for non-residents;
• there are banks where you can open an account remotely, without visiting the country;
• no minimum balance and minimum deposit requirements;
• availability of Russian-speaking managers in many banks, which greatly facilitates communication.