Backup Banking option for a Dubai Resident.

[Del Raz]

Context:
I am a Non-CRS citizen currently based in Dubai.
My residency in Dubai is sponsored by the company I own here and my company / personal bank accounts in Dubai.

I've heard Georgia is an excellent country to have a backup personal bank account (Solo/concept)

Do you, gentlemen, suggest I go with Georgia or are there other countries with a similar offering?
Also any idea as to what the process is of opening an account in Georgia, walk-in with passport days are over?

Thanks in advance.

 

[Martin Everson]

Del Raz said:
I am a Non-CRS citizen currently based in Dubai.
Click to expand...

What exactly does this mean? Dubai is part of CRS. So are you saying your passport is from a non-CRS country?

Anyway CRS has nothing yo do with nationality it is about residency.

Del Raz said:
Do you, gentlemen, suggest I go with Georgia or are there other countries with a similar offering?
Click to expand...

What would this offer? Georgia is committed to CRS. Georgia will undertake its first AEOI by 2024.

https://www.oecd.org/tax/transparency/AEOI-Commitments.pdf
P.S I have no idea what you are trying to achieve or maybe its you don't understand CRS.

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Del Raz]

@martin
My apologies if my post wasn't clear.
I want to know if Georgia is a good country for an offshore personal Bank account. I've heard about Solo.

Could you also shed some light on the account opening procedures? Is passport only enough? Do you just walk into a branch?

I will be using the account for expenses during my travel. No business activity.
Any recommendations in this regard is highly appreciated.

 

[Martin Everson]

Del Raz said:
My apologies if my post wasn't clear.
I want to know if Georgia is a good country for an offshore personal Bank account. I've heard about Solo.
Click to expand...

I used BoG back in day and used their Golden Lion service required a minimum balance 250k GEL. Not sure if this account can still be opened. The account could be opened remotely if using their Wealth Management division. Never used Solo so cant comment.

Del Raz said:
I will be using the account for expenses during my travel. No business activity.
Any recommendations in this regard is highly appreciated.
Click to expand...

Now the problem with BoG 😕. It owns a bank in Belarus and has close connection to Russia financial system. See my below post. It may be ok for card payments during your travel but not a great time to utilize them for in/out wires as. Georgia would fall into high risk country category due to current situation with Russia. Add to fact that UAE is on FATF grey list your creating a nightmare for moving funds between those countries.

https://www.offshorecorptalk.com/th...ccept-payments-from-belarus.38143/post-223076
https://www.offshorecorptalk.com/threads/problems-with-georgia-because-of-russia.37561/post-215728

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[jafo]

Martin Everson said:
I used BoG back in day and used their Golden Lion service required a minimum balance 250k GEL. Not sure if this account can still be opened. The account could be opened remotely if using their Wealth Management division. Never used Solo so cant comment.
Click to expand...

Were you happy with their service?
Did BoG deliver what they promised?
Would you use them again?

 

[Martin Everson]

jafo said:
Were you happy with their service?
Click to expand...

Yes

jafo said:
Did BoG deliver what they promised?
Click to expand...

Yes everything back in the day.

jafo said:
Would you use them again?
Click to expand...

No as wild west days of Georgia banking are long gone and the country next door is at war. They also made me travel to Georgia to close my account at a time when there was on-going protests.

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.