Personal bank account
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No question easy to open account there but difficult to take money out. This is the country with the most draconian tax department in EU. They employ an army of komornikow, a private but state sponsored debt collectors that work on commission. They work with banks and file false claims against accounts in court. You are never notified of claims filed against you and loose by default if you don't show up. Then they shadow close account︀ with no notice or indication when checking balance online. Problems appear if one tries to︁ make a withdrawal as funds are shown as unavailable. At that time, the only alternative︂ a depositor has is to hire local attorney and file a court case against a︃ debt collector. That takes years to adjudicate.
It sounds like most Baltic countries. However, never heard that it shoud be that extreme before︂ in Georgia on the other hand it's lawless country.
Soon I am going to Armenia and Georgia to open account's in person and deposit cash. Will post how it worked.
I had Kazakhstan on list also, but they have signed AEOI. When I researched Kazakhstan I found out that they have quite high interest rate on deposits in KZT, 8.5-9.5%, if you deposit for example 10 000 000 KZT(~26k$) it will generate about 2 000 000 KZT in 2 years which is little more than 5k$. But I didn't check inflation of KZT, probably trick for such interest is in inflation and devaluation of KZT. For USD or EUR interest rate is between 0.5-1.5%.︀
I had Kazakhstan on list also, but they have signed AEOI. When I researched Kazakhstan I found out that they have quite high interest rate on deposits in KZT, 8.5-9.5%, if you deposit for example 10 000 000 KZT(~26k$) it will generate about 2 000 000 KZT in 2 years which is little more than 5k$. But I didn't check inflation of KZT, probably trick for such interest is in inflation and devaluation of KZT. For USD or EUR interest rate is between 0.5-1.5%.︀
In Georgia the best deal is private banking by solo.ge (Bank of Georgia), and the initial deposit requirements aren't strictly enforced. Only a passport is required, no utility bill. You may declare residency anywhere, and if you ask the bank for a Reference Letter later on, the declared address will be displayed, i.e. you get a free proof of address.
It would be great to read about peoples experience with Georgia banks! I don't trust baltic banks after Rietumu bank and a large payment processor in Romania which screwed a few of my friends badly.
I am also looking into a personal account to hide an income coming from a small short term rental 'business', which rises hugely the taxes due in my home country.
I receive bank wires from websites like AirBnB and I would need to collect part of the money received with a bank card (or to send wires) to pay monthly rents and costs.
I have an EU passport and I am a tax resident of a Western EU country. However, I am living mostly in Hungary where the short term rentals are located.
Banks in Serbia and Georgia should be good options for my purpose,︀ whereas Payoneer, Revolut and the likes do not serve the purpose as they partecipare it︁ the CRS, correct?
I receive bank wires from websites like AirBnB and I would need to collect part of the money received with a bank card (or to send wires) to pay monthly rents and costs.
I have an EU passport and I am a tax resident of a Western EU country. However, I am living mostly in Hungary where the short term rentals are located.
Banks in Serbia and Georgia should be good options for my purpose,︀ whereas Payoneer, Revolut and the likes do not serve the purpose as they partecipare it︁ the CRS, correct?
US is making big pressure on Baltic's banks, ABLV was killed by US. Rietumu survived because of they drastically got rid of all dirty business before s**t hit the fan. Verso Bank dead. Danske bank has a lot of problems. Norvik re-branded because of shady business, but it looks like not much changed. Baltikums also re-branded and changed business model before s**t hit the fan.︀ Even mainly retail bank - Swedbank got hit! In Estonia there is no more banks︁ left who will accept clients with shady schemes. Latvia and Lithuania has couple, LPB, RIB,︂ Medicinos Bankas, Expobank, but it is just matter of time when they will be in︃ deep s**t if they will not change their business model. A lot of laundering, bribe︄ money, etc... goes through LPB, I cant even believe that they are still alive.
I agree with you @Tourbillon Georgia will be short term. We have seen this all over the globe. As soon as some have found a water hole it get discovered by the authorities and s**t start to hit the fan. They will freeze money, start delaying transfers and much more until they finally will get shut down.
Good luck to all the holy birds jumping on banking there!
Good luck to all the holy birds jumping on banking there!
Seems interesting! Do you know what amount's of cash deposits and what frequency for Georgia banks usually are OK without rising any flags and too much questions?
I am asking this because EU banks has their limits of cash deposits︀ per month, after which they need to ask for a lot of documentation and report︁ transaction, limits depend from country.
I am asking this because EU banks has their limits of cash deposits︀ per month, after which they need to ask for a lot of documentation and report︁ transaction, limits depend from country.
I don't know, but if you have sizable cash deposits to make every month, you could open two or three accounts in the bigger banks, break into smaller deposits and then periodically transfer amounts to a single account, or to your account abroad.
Please keep in mind that while you can have USD, EUR, GBP︀ and Lari accounts in Georgia, transfer between Georgian banks can only be made in Lari.︁ You can still transfer USD, EUR and GBP between accounts within the same bank though.︂
Please keep in mind that while you can have USD, EUR, GBP︀ and Lari accounts in Georgia, transfer between Georgian banks can only be made in Lari.︁ You can still transfer USD, EUR and GBP between accounts within the same bank though.︂
Hi, Guys!
Everything is pretty well - pleasant speaking, relevant questions from compliance, adequate bank forms, nice attitude from personal manager.
I have 4 currency account - USD, EUR, RUR, AMD(local currency). Also got a debit card.
Please note that they are not working with crypto.
Everything is pretty well - pleasant speaking, relevant questions from compliance, adequate bank forms, nice attitude from personal manager.
I have 4 currency account - USD, EUR, RUR, AMD(local currency). Also got a debit card.
Please note that they are not working with crypto.
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