Georgian banks are very popular among foreigners, especially from neighboring countries. And there are a number of obvious reasons for this, among which the key factors are, in particular, that Georgia is not listed among the countries participating in the automatic exchange of financial information; Paypal is fully operational in the country; the cost of services is affordable and there is a loyal attitude towards non-residents. But in addition to standard services, foreigners can also open a personal account as part of the SOLO premium package, the use of which is not only prestigious, but in some cases more rational.
Financial services under the SOLO package are provided by Bank of Georgia. This is one of the leading financial institutions in the country. The Bank has the largest network of branches: 272 branch offices are placed all over Georgia. In addition to that, the Bank of Georgia has 933 ATM’s, 3 217 teller units, and 21 869 POS terminals. It also serves more than 2.5 million customers, forming the largest credit and deposit portfolio of the country. Every second deposit in Georgia is placed with Bank of Georgia.
The Bank of Georgia offers SOLO premium service platform to its resident and non-resident customers. This service model was launched in 2015 and almost immediately gained popularity among customers.
As of December 31, 2019, the SOLO package by financial indicators occupied the third position in the ranking of Georgia’s banking system in terms of the loan portfolio (2.2 billion lari) and deposit portfolio (2.2 billion lari), and the number of its users reached 54 542.
In order to strengthen the customer-oriented model for SOLO users, the bank divided the package into two internal sub-segments: the top high net worth individuals and mass wealthy customers. Each category offers individual services in the field of banking and everyday life solutions that best suit their needs and lifestyle.
The package includes SOLOclub – a package of elite banking products. At the beginning of 2020 5,482 clients were users of the product.
The SOLO package is not only first-class banking, it is also an exclusive VIP service and Lifestyle. Apart from the exclusive banking services which are available Its users, the clients of this package also have access to private events and concerts.
So, what does a foreigner get by concluding an agreement on SOLO service:
All users of the premium package of services are served in special SOLO- halls. These are separate rooms or branches where the client can discuss any issues with his personal manager. If the issue is a matter of pressing urgency and the user does not have time to visit, he can discuss all the details and find a solution to the issue by phone. All bank managers who serve clients speak English and Russian, so there will be no communication problems.
Attention!!! Citizens from countries that are on the “blacklist” of the National Bank of Georgia will not be able to use the service. As of May 2020, there are 33 countries on the list, including: North Korea, Iran, Colombia, Panama, Malta, Afghanistan.
SOLO payment cards, more specifically, deserve special attention. After all, it is with the help of these tools that a client gets access to a personal account and funds, while located outside Georgia.
This can become an effective tool for servicing an account. With it, you can quickly pay for purchases in stores or services, as well as withdraw cash around the world, and it is also:
Well, in addition to the above, this payment card can easily be linked to PayPal and used to withdraw cash.
A payment card of this class and this payment system can be obtained only within the SOLOclub package with a monthly income of 3,000 GEL (about $ 1,000). Its advantages include but are not limited to the following:
This payment card is multicurrency ( GEL / USD / EUR ), valid for 4 years, has a credit limit of 150,000 GEL and its maintenance costs only 1,000 GEL (about 300 USD ) per year.
Opening a personal account in Georgia and becoming a user of a premium package is beneficial and interesting for non-residents who receive stable income from abroad. After all, they get free access to manage their cash flows, and with the help of a premium payment card they can still withdraw cash for free anywhere. In view of the above, this offer can be especially beneficial for:
Using the SOLO package for a relatively small commission, foreigners get an affordable and comfortable tool for servicing their cash flows, which they can easily manage while in another country.
Also, it should be borne in mind, that Georgia is not a member of CRS, local banks do not restrict foreign exchange transactions and do not establish special requirements for users (such as keeping large account balances).
Attention!!! Dividends and other income from a foreign enterprise received by foreigners into a personal account in Georgia are not subject to income tax, even if these payments were not taxed in the country of payment.
If you are interested in quality service at an affordable price, take care of protecting your business and want to ensure high confidentiality of cash flows, write to us by email: info@offshore-pro.info. We will help you open a personal account in Georgia and issue a premium card remotely as part of the SOLO package.
The Georgian banking system has earned the trust of depositors from all over the world due to its stability and reliability. It consists of 15 commercial banks and a regulator, the National Bank of Georgia. Institutions serve citizens of the country, foreigners, as well as businesses registered abroad.Another feature of the Georgian banking system is that all banks in the country except one are owned by foreign shareholders, and there are no banks with state participation at all.
One of the key characteristics of Georgia’s banking policy is that the country is not a participant in the global system of automatic exchange of information (CRS) which is a unified global standard for reporting financial accounts for taxation purposes, to allow regulatory authorities full access to information about the taxes of a particular entity upon request.
This provides an additional incentive for entrepreneurs and businessmen to have their assets safeguarded, which makes the investment climate in Georgia even more attractive.
In order to reduce the negative effects caused by the coronavirus pandemic and strengthen the Georgian economy, the National Bank of Georgia has developed a temporary oversight agenda in full compliance with the recommendations of the IMF, European Central Bank and other leading financial institutions.
The NBG particularly plans to use the capital and liquidity buffers of banking sector during the financial stress by lowering the capital and liquidity requirements, which allows banking sector to absorb potential losses and continue business as usual.
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