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

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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 ?
 
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.
 
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 via︀ CRS and to where. They may not like your nationality, or even your age or︁ the way you're dressed when you want to open a new account. Is there any︂ defence against this? No. Is it going to get worse? Yes.
 
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.
 
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.
 
@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.
 
@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 bank︀ in Georgia, telling us that a direct source inside the bank personally told them that︁ accounts can be opened. Even opened remotely with POA!

So who to believe? The thread︂ title asks "whats next", and I would bet a few Lari that the answer is︃ still Georgia! 🙂
 
Full respect in your imho : I can be wrong, or missunderstood the︀ overall ?
Some among us, shall confirm : International Treaties are planned in advance, first︁ with commitment, second for future D Date/year implentation of CRS
In other words to my︂ original question : How can Gerogia suddenly comply CRS right now.............

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

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

Or shall we understand anything else ?
 
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 it︀ with you ! If you fly below radars, the datas keep parked with no issue︁ for you..........till the eventual bad day or no bad day.
 
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, Czechia︀ 2004, Hungary 2004, Poland 2004, Romania 2007, Sweden 1995), they signed treaties and agreements and︁ committed that they will use euro as soon as they legally can. However, the reality︂ is that they committed and never did anything and don't plan to. Similarly, Norway and︃ Iceland have committed to stop hunting whales but they are doing it, for ehm... scientific︄ purposes.
 
@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 !
 
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.
 
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 apparently︀ 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 which︂ currencies you want to open and let you know it will be ready by afternoon︃ the next day.
5. You go to the same branch the next day in the︄ afternoon with your passport. They will give you the card in a sealed envelope and︅ let you know to activate it in any ATM.
6. Walk out from the branch︆ and buy some khachapuri
 
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.
 
7. Get your account closed and funds frozen the moment you have any significant transaction activity︅
8. (In case of TBC) Deal with non-helpful staff that speaks barely any English, trying︆ to get them to understand your business and the documents that you've submitted (Note: You︇ will NOT be dealing with branch staff, so the fact that they speak English and︈ appear helpful is irrelevant here)
9. If your business is not 100% straightforward (I'm talking︉ a donut shop), or if you don't actually reside in Georgia or have actual economic︊ substance here, wave goodbye to your account.
 
this scares︀ me tbh. I was planning on opening a corporate banking account in Georgia for a︁ company abroad. Can anyone confirm that my account will get frozen if I do so?︂
 
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