so , bank account in Georgia for non resident is over ,whats next?

[ikan]

Hey guys, since early stage, all countries commited or taking commitments to comply CRS plan a D Date 1 or 2 years in advance.
Georgia who never took commitments would have "secretly" "in the dark" jointed OECD for sudden complying and immediate reporting within the same year !
How can we believe it ?

 

[micand]

Just talked to my private banker at SOLO Bank. Can still open private accounts with a notarized passport copy, power of attorney and an apostille.

 

[KJK]

Hey guys, since early stage, all countries commited or taking commitments to comply CRS plan a D Date 1 or 2 years in advance.
Georgia who never took commitments would have "secretly" "in the dark" jointed OECD for sudden complying and immediate reporting within the same year !
How can we believe it ?

You're mixing two different things imho.

CRS is a regulation / reporting standard that may or may not be implemented by some countries. I don't think any "secret" commitment or "secret" sharing is possible.

Banks policy is another thing - a bank may reject you because they don't want you as a client, no matter if whether you'd be reported via CRS and to where. They may not like your nationality, or even your age or the way you're dressed when you want to open a new account. Is there any defence against this? No. Is it going to get worse? Yes.

 

[Marie Manila]

Where exactly have you learned about this?

That's a good question!
I cannot find the link any more. I think a tax consultant told me.

I found a document from Deloitte mentioning they are not reporting by 2019: https://www2.deloitte.com/content/dam/Deloitte/us/Documents/Tax/us-tax-crscountrystatus-121317.pdf

Here it is also mentioned: Georgia Bank Account - Remote opening and no exchange of information

If you open an account in Georgia, the bank doesn't want to know anything about you, except the passport.
You don't have to provide an address or your tin. I cannot imagine, how CRS would work without knowing the country of residence.

 

[khinkali]

I read few post here that open a bank account in georgia for non resident is over

I also read that supposedly is only temporary, but for sure if comeback, will be need fulfill new additional requirements, so...

This information is truth..

According to the OECD status list, Georgia executes CRS from 01.05.20

As far as I know, Georgia has signed CRS, but did not put it into force.

Georgia who never took commitments would have "secretly" "in the dark" jointed OECD for sudden complying and immediate reporting within the same year !

Something smells very fishy here.

So come on @timloveotc @proexper @onemansomewhere @Marc M @Marie Manila @ikan and tell us where you read these things.

We want to know who told you these things. Please show us so that we can tell if the accusations are true.

Or if something bad is happening.

 

[anotherone]

I have observed the implementation of the CRS rules in the netherlands; I know that if Georgia just signed the CRS reporting agreement, banks will start to collect data at the end of the day. However, only bank accounts from individuals will be reported to their country of fiscal residency. Corporate bank accounts are not reported even if the CEO is foreign. Usually, you solve the problem by incorporating a company and opening a corporate bank account for your company. and if you want more guarantee you take a nominee.
I guess that the problem targets individuals who opened a bank account in Georgia.

 

[proexper]

@khinkali I dont see the fishy point, see the first post.
And yes I know a place who offer the service and STOP, reason, problems there... no more info, not sure if in general or only this bank.

Usually this info is founded on the source of the service, or other places like this.

 

[khinkali]

@proexper thank you I have read the first first post; "open a bank account in georgia for non resident is over". I thought that was interesting, as it would be a big change if true.

All three posters saying this are not saying how they found this knowledge, just "I read few post here", "I also read that supposedly" and "This information is truth..". Now you say "I know a place who offer the service and STOP". That is not evidence of non-resident banking being "over"; I too was refused an account here by one bank.

Another member has now named a well known bank in Georgia, telling us that a direct source inside the bank personally told them that accounts can be opened. Even opened remotely with POA!

So who to believe? The thread title asks "whats next", and I would bet a few Lari that the answer is still Georgia!

 

[extremedox101]

All three posters saying this are not saying how they found this knowledge, just "I read few post here", "I also read that supposedly" and "This information is truth..". Now you say "I know a place who offer the service and STOP". That is not evidence of non-resident banking being "over"; I too was refused an account here by one bank.

i believe in conspiracies too this forum is not excluded .

 

[ikan]

You're mixing two different things imho.

CRS is a regulation / reporting standard that may or may not be implemented by some countries. I don't think any "secret" commitment or "secret" sharing is possible.

Banks policy is another thing - a bank may reject you because they don't want you as a client, no matter if whether you'd be reported via CRS and to where. They may not like your nationality, or even your age or the way you're dressed when you want to open a new account. Is there any defence against this? No. Is it going to get worse? Yes.

Full respect in your imho : I can be wrong, or missunderstood the overall ?
Some among us, shall confirm : International Treaties are planned in advance, first with commitment, second for future D Date/year implentation of CRS
In other words to my original question : How can Gerogia suddenly comply CRS right now.............

When ••••• OECD publish the following As At May 2020 : http://www.oecd.org/tax/transparency/AEOI-Commitments.pdf

What should we all understand : Georgia did commit AEOI, but did not take any D Date to comply-implement CRS ?

Or shall we understand anything else ?

 

[ikan]

If you open an account in Georgia, the bank doesn't want to know anything about you, except the passport.
You don't have to provide an address or your tin. I cannot imagine, how CRS would work without knowing the country of residence.

CRS Banks or subsidiary local sister bank/branch belonging to Majors located abroad : softwares can report with missing informations, by default, with mistakes. With NO Tin. Why => banks comply legal obligations.
••••••••
At the very end in your home country (not all countries), your local tax man can use homemade softawares looking for specfic issues, criss-cross datas. Than find the "by default - no TIN " parked datas and match it with you ! If you fly below radars, the datas keep parked with no issue for you..........till the eventual bad day or no bad day.

 

[KJK]

What should we all understand : Georgia did commit AEOI, but did not take any D Date to comply-implement CRS ?

You're difficult to understand and your English is pretty bad first of all...

Secondly, what exactly do you not understand by the word commitment and the phrase not yet set date?

A commitment is just that, a commitment. It does not mean something enforceable, the local banks have other things to worry about right now anyways.

There are many commitments in international relations, for example there are many countries which committed to adopting the euro (Bulgaria 2007, Czechia 2004, Hungary 2004, Poland 2004, Romania 2007, Sweden 1995), they signed treaties and agreements and committed that they will use euro as soon as they legally can. However, the reality is that they committed and never did anything and don't plan to. Similarly, Norway and Iceland have committed to stop hunting whales but they are doing it, for ehm... scientific purposes.

 

[ikan]

@KJK : thank' you taking time doing your best for explanations with detailed infos.

I'm not english brain mother tongue : it's hard to write in simple, clear way as you do guys !

 

[machinetheory]

So not sure what was the information for this thread to start, but I opened a personal bank account yesterday without any issues.

 

[JohnLocke]

So not sure what was the information for this thread to start, but I opened a personal bank account yesterday without any issues.

Where did you open the account and how did you do it? without this information your post make no sense.

 

[machinetheory]

Where did you open the account and how did you do it? without this information your post make no sense.

Why it makes no sense? Anyways, to reply your questions.

I am staying in Georgia since a while already, I opened in a TBC branch in Saburtalo, Tbilisi. Steps how to do it (which have been mentioned in different threads):

1. Get your passport
2. Walk to the nearest TBC (as far as I know, based on expat groups, only TBC and BOG are the only banks that open without residence permit, I didn't try Liberty, Terabank, etc, which apparently request a residence permit id)
3. Tell them you want to open an account/bank card.
4. They will ask you what kind of card you want, Visa, Mastercard and which currencies you want to open and let you know it will be ready by afternoon the next day.
5. You go to the same branch the next day in the afternoon with your passport. They will give you the card in a sealed envelope and let you know to activate it in any ATM.
6. Walk out from the branch and buy some khachapuri

 

[Davis123]

I think @timloveotc talk about personal bank account, not business and I guess is because in theory the is no info interchange, facta, OECD...

FATCA is there on every bank's application these days. Some banks/brokerages show you the door in the world just for being American. Been there done that.

 

[Traveler]

Why it makes no sense? Anyways, to reply your questions.

I am staying in Georgia since a while already, I opened in a TBC branch in Saburtalo, Tbilisi. Steps how to do it (which have been mentioned in different threads):

1. Get your passport
2. Walk to the nearest TBC (as far as I know, based on expat groups, only TBC and BOG are the only banks that open without residence permit, I didn't try Liberty, Terabank, etc, which apparently request a residence permit id)
3. Tell them you want to open an account/bank card.
4. They will ask you what kind of card you want, Visa, Mastercard and which currencies you want to open and let you know it will be ready by afternoon the next day.
5. You go to the same branch the next day in the afternoon with your passport. They will give you the card in a sealed envelope and let you know to activate it in any ATM.
6. Walk out from the branch and buy some khachapuri

7. Get your account closed and funds frozen the moment you have any significant transaction activity
8. (In case of TBC) Deal with non-helpful staff that speaks barely any English, trying to get them to understand your business and the documents that you've submitted (Note: You will NOT be dealing with branch staff, so the fact that they speak English and appear helpful is irrelevant here)
9. If your business is not 100% straightforward (I'm talking a donut shop), or if you don't actually reside in Georgia or have actual economic substance here, wave goodbye to your account.

 

[machinetheory]

7. Get your account closed and funds frozen the moment you have any significant transaction activity
8. (In case of TBC) Deal with non-helpful staff that speaks barely any English, trying to get them to understand your business and the documents that you've submitted (Note: You will NOT be dealing with branch staff, so the fact that they speak English and appear helpful is irrelevant here)
9. If your business is not 100% straightforward (I'm talking a donut shop), or if you don't actually reside in Georgia or have actual economic substance here, wave goodbye to your account.

This thread is about personal account not business.

 

[Gravity]

7. Get your account closed and funds frozen the moment you have any significant transaction activity
8. (In case of TBC) Deal with non-helpful staff that speaks barely any English, trying to get them to understand your business and the documents that you've submitted (Note: You will NOT be dealing with branch staff, so the fact that they speak English and appear helpful is irrelevant here)
9. If your business is not 100% straightforward (I'm talking a donut shop), or if you don't actually reside in Georgia or have actual economic substance here, wave goodbye to your account.

this scares me tbh. I was planning on opening a corporate banking account in Georgia for a company abroad. Can anyone confirm that my account will get frozen if I do so?