Trends in opening bank accounts for citizens of Belarus in 2025 in Georgia
In 2023 and 2024, there was a great interest of Belarusian citizens in opening bank accounts in Georgian banks. The possibility of mutual settlements with the Republic of Belarus and the European Union without restrictions on amounts was a key factor in choosing a country for opening a bank account. At the same time, during this period Georgian banks were constantly adjusting their procedures, which we followed and, having gained some experience and practice, we are ready to share our observations on what trends in account opening are expected for foreign business in Georgia.
KYC procedure and required list of documents
In 2025, banks in Georgia will implement strict and clear control of applicants. It is important to realize that the money that will be deposited into the bank account must have a transparent origin and must not be cashed out during the whole way of confirming its origin. In case the money has been cashed in, it is very difficult for the bank to prove the route back to the bank account.
In practice, banks refuse to open an account if the funds have been cashed at any point along the route of origin.
Since 2024, the practice of providing tax returns from the countries where income is received has been established. Georgia's banks, due to the state's accession to the Common Reporting Standard, under which it is obliged to transfer information on Georgian bank accounts to other member countries, in most cases began to request tax returns.
Payment processing
When making payments, it is important to remember that a Georgian bank account cannot be used as a “transit” account. Banks react extremely negatively to such cases and in practice block a non-resident's bank account after the first such transaction.
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Example: A citizen of Belarus opens a bank account in a bank in Georgia and receives a transfer of €10,000 from a European Union country. Further, the funds in the amount of €10,000 are transferred the same day to a bank account in the territory of the Republic of Belarus. In this case, the bank account in the territory of Georgia will be blocked. |
This trend will continue.
Ban on luxury shopping for citizens of the Russian Federation and the Republic of Belarus
Due to the sanctions regime, Georgian banks may not allow payments to be made when shopping in branded and luxury stores. In practice, expensive goods include purchases related to the clothing or car industry.
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Case Study Example: A client had a bank card issued by a Georgian bank. When the client tried to purchase a bag of a famous brand, he found that the bank blocked the transaction and prevented him from making the purchase. |
Thus, opening a bank account in Georgia provides opportunities for storing and transferring funds. In addition, the Georgian banking sector is attractive from the investment point of view due to the fact that Georgian banks trade on the London Stock Exchange.
Authors: Yaroslavna Zadesenskaya, Levan Pogosov
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