When does a buyer actually need a Georgian account?
Owning property in Georgia does not require a local bank account. What decides whether you need one is what you will do with the money after the first payment.
| Your situation | Account needed? | Why |
|---|---|---|
| One purchase of a finished flat, paid in one transfer | Not necessarily | The price can go from your bank abroad to the seller's account |
| Off-plan purchase paid in instalments | Practical | Many small transfers cost less and are easier to trace from a local account |
| Letting the flat | Yes, in practice | Rent, utilities, building charges and the 5% tax are paid locally |
| Living in Georgia | Yes | Everyday payments, cards and local transfers |
| Selling later | Useful | The buyer's payment and the release of any mortgage go through Georgian banks |
What the law requires, and what the bank decides
No Georgian law prevents a non-resident from opening an account, and banks do not legally require a residence permit, a local address or a Georgian employer. What they do require comes from the anti-money-laundering law: every bank must identify its client and may ask where the money comes from. Each bank applies those duties through its own compliance policy, and a bank may decline an application without giving a reason. That is why two people with similar passports can have different experiences at different banks, and why the same bank's practice can change from one year to the next.
In person or through a representative?
Practice differs between banks and over time. A Tbilisi law firm writing in July 2026 lists TBC Bank, Bank of Georgia, Liberty Bank and Terabank as opening accounts through a local representative under a notarised power of attorney, in about two to four weeks from preparing the documents; other advisers report that Bank of Georgia asks every non-resident to come to a branch for a personal account. Treat both as reports, not rules, and ask the bank you choose before you prepare anything.
If the bank does accept a representative, the power of attorney has to be made before a notary, legalised for use in Georgia by apostille or consular route, and translated into Georgian by a certified translator. How such a document is structured, and why it should be limited to the account, is explained in our guide to the power of attorney.
How to choose between banks
- Acceptance. Whether the bank currently opens accounts for holders of your passport and residents of your country, which is the first and most decisive question.
- Route. Whether it accepts a representative with a power of attorney, or needs you in a branch at least once.
- Tariff. Opening, maintenance, incoming and outgoing transfers and conversion; the NBG comparison tool puts them side by side.
- Where you will be. A branch in the city where your property is, if you expect to visit it.
- Online banking. Whether the app and statements are available in a language you read, and how operations are confirmed when you are abroad.
No single bank is best for every buyer, and the answer to the first question can change faster than any guide. Ask it in writing and keep the reply.
Opening the account, step by step
Ask the bank about non-residents
Whether it opens accounts for your nationality, in person or by representative, and which documents it wants today.
Prepare the passport and a funds file
A valid passport, and documents showing where your money comes from: statements, a salary record, a sale contract, dividends.
Prepare the power of attorney, if remote
Notarised, apostilled or legalised, and translated into Georgian, limited to opening and running the account.
Apply and answer the questions
The bank asks about the source of your wealth and income, the purpose of the account and the turnover you expect.
Wait for approval before sending money
A transfer sent before approval can sit in a holding account while compliance finishes.
Send a small test transfer
Check that it arrives, what the bank charged and under which name it was credited.
The questions the bank will ask, and what to bring
| Question | What answers it |
|---|---|
| Where does your wealth come from? | Salary history, a business sale, an inheritance, investment statements |
| Where will the money in this account come from? | The account it will be sent from, in your name |
| What is the account for? | The purchase contract or reservation, a lease if you will let the flat |
| How much will go through it? | The price, the instalments and the expected rent, as figures |
| Who are you? | Passport; where asked, proof of address and tax residence |
The common thread is consistency. The purpose you give, the money that arrives and the payments that leave should tell the same story. An account opened "for daily expenses" that then receives the full price of a flat invites exactly the questions you were hoping to avoid.
What it costs
Banks publish their tariffs, and the National Bank of Georgia runs a comparison tool that lists each bank's packages and transfer fees side by side. As one example, Terabank's published tariff charges GEL 50 to review a non-resident individual's account application and GEL 1 a month for maintenance, with outgoing transfers in dollars or euros at 0.2% (minimum 15, maximum 500 in that currency) and conversion at its own rate free of commission. In the NBG tool, TBC Bank's standard outgoing dollar transfer is listed at 0.2% with a minimum of $15 and a maximum of $150. Other banks charge differently, and tariffs change, so compare on the day you choose.
When a bank says no
A refusal is not unusual and not always about you. Banks weigh nationality, the source and size of funds and their own risk appetite, and may decline without explaining why. The usual next steps are to ask whether a fuller funds file would change the answer, to try another bank, or to pay the purchase directly from your bank abroad to the seller and open a local account later, once you are on the register as owner and have a clear reason for it.
If a company will own the property
An account for a company follows the same logic with more paper. The bank identifies the company, the people who run it and, under the anti-money-laundering law, the individuals who ultimately own or control it. Expect to provide the company's registration documents, proof of who may sign for it, and a source-of-funds file for the money the company will use. If the company is registered abroad, its documents will usually need the same legalisation and translation as a power of attorney. Whether owning through a company makes sense at all is a tax and accounting question to settle before you open anything.
Keeping the account in good order
Opening the account is the start of the relationship, not the end of the checks. Banks review their clients' information from time to time and may ask you to update a passport that has expired, confirm your address or explain an unusual payment. Several advisers also list a Georgian mobile number among the items banks ask for, because it is used to confirm online-banking operations; keep it active, or agree an alternative with the bank. Read the tariff for fees on accounts that stay unused for long periods, and keep the account's activity consistent with the purpose you gave when you opened it.
After a sale: keep it or close it?
When you sell, the buyer's payment and, if there is one, the repayment of a mortgage usually pass through Georgian banks, so an account in your name makes the closing simpler. After the money has been moved on, you can keep the account for future use or close it. Before closing, make sure that no tax, utility or building charge is still to be paid from it, and keep the final statement with your sale documents.
Which currencies to hold
Georgian accounts are usually multi-currency. A practical split for an owner is dollars for the purchase and for any rent agreed in dollars, and lari for taxes, utilities and building charges. Converting inside the bank is simple, but each conversion carries the bank's exchange spread, so convert in larger amounts and less often.
Risks and exceptions
- Sending money before approval. It can sit in limbo for weeks.
- A purpose that does not match the money. The mismatch, not the amount, triggers questions.
- A broad power of attorney. Limit it to the account.
- Relying on last year's rules. Banks change their non-resident policies.
Frequently asked questions
Can a non-resident open a bank account in Georgia?
Yes. No law prevents it, and no residence permit is required; each bank decides under its own compliance rules.
Can I open it without coming to Georgia?
Some banks accept a representative with a notarised, legalised and translated power of attorney; others ask for a branch visit. Ask the bank first.
How long does it take?
In person, often days; remotely, a law firm reports two to four weeks including the power of attorney.
Do I need an account to buy a flat?
No. A one-off purchase can be paid from a bank abroad to the seller's account.
What does an account cost?
It depends on the bank; for example, Terabank lists GEL 50 for reviewing a non-resident's application and GEL 1 a month. Compare tariffs in the NBG tool.
Why was my application refused?
Banks may refuse without reasons. A fuller funds file, another bank, or paying from abroad are the usual ways forward.
Getting the purchase money to Georgia is covered in transferring money to Georgia; if you would rather have the account opened for you, see our bank account service.
Sources
- Law of Georgia on Facilitating the Prevention of Money Laundering and the Financing of Terrorism, consolidated 1 April 2026, Legislative Herald of Georgia (accessed 12 October 2026)
- How to open a bank account in Georgia remotely: non-resident guide 2026, Legalese Georgia, 11 July 2026 (accessed 12 October 2026)
- How to open a bank account in Georgia and what expats need to consider, Eurofast (accessed 12 October 2026)
- Service fees, Terabank (accessed 12 October 2026)
- Tariff package comparison, National Bank of Georgia (accessed 12 October 2026)
Change log
- - Guide published from the anti-money-laundering law, bank tariffs, the NBG comparison tool and advisers' reports; being reviewed by the partner accountant.