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Bank account for Georgian company

Yes, but they are promoting Georgia as onshore jurisdiction with offshore benefits. This is the sole reason why people bank there. If they join CRS it would affect FDI and banking sector which is strongest compared to all other business sectors.
 
Yes, but they are promoting Georgia as onshore jurisdiction with offshore benefits. This is the sole reason why people bank there. If they join CRS it would affect FDI and banking sector which is strongest compared to all other business sectors.

At this point the tendency is such that the correct way to say it is "This is the sole reason why people bankED there". Banking for foreign owned companies in Georgia is getting ever more difficult. The above mentioned promotion of Georgia is rapidly dying without even having been properly born.
 
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At this point the tendency is such that the correct way to say it is "This is the sole reason why people bankED there". Banking for foreign owned companies in Georgia is getting ever more difficult. The above mentioned promotion of Georgia is rapidly dying without even having been properly born.
You can still use EMIs and withdraw dividends to your personal bank account in Georgia. Whats the issue?
 
You can still use EMIs and withdraw dividends to your personal bank account in Georgia. Whats the issue?

EMIs can be quirky at times too. For example, I had an account with TW and was expecting a transfer from a russian company. They not only blocked the transfer, but also closed the account consequently because, they said, the sending company was under sanctions in Ukraine. Even though TW has nothing to do neither with Ukraine, nor with Russia and freaking out about a company being sanctioned internally in a 3rd party country is at least weird. Another example is that far not all EMIs support currencies one may need.
 
EMIs can be quirky at times too. For example, I had an account with TW and was expecting a transfer from a russian company. They not only blocked the transfer, but also closed the account consequently because, they said, the sending company was under sanctions in Ukraine. Even though TW has nothing to do neither with Ukraine, nor with Russia and freaking out about a company being sanctioned internally in a 3rd party country is at least weird. Another example is that far not all EMIs support currencies one may need.
Well this I agree
 
I don’t think this will happen in next 10 yrs. This is clearly not in the interest of Georgian government.

Although I do not live in Georgia full time any more I think joining CRS will not be a major blow if they eventually join.
 
Even though TW has nothing to do neither with Ukraine, nor with Russia...
Not exactly true. TW is a British company, and Britain (as part of the EU) adheres to the EU foreign policy, including the EU sanctions list. Here is a list of 500 Russian companies on various sanctions lists that were created because of Russia's war against Ukraine. Banks and other financial companies have to comply with the laws of their jurisdiction.
 
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I heard about Germans (I don't know such fools personally) who only open a bank account in Georgia to hide their money there because they think: No CRS and reporting, my money is invisible.
I bet my a*s they will get in trouble in some years. Such fools are also hurting in long term the reputation of Georgia and their banking sector... so I would rather say it is in long-term interest for Georgia to be a little bit more transparent.
Somewhere else I've read that Georgia already signed CRS but it is only not applied nowadays.

Also don't forget about cooperation on manual look up and information exchange which is also often written in double tax treaties. It's no automatic exchange but some people also forget about that.
 
Not exactly true. TW is a British company, and Britain (as part of the EU) adheres to the EU foreign policy, including the EU sanctions list. Here is a list of 500 Russian companies on various sanctions lists that were created because of Russia's war against Ukraine. Banks and other financial companies have to comply with the laws of their jurisdiction.

The sending company was/is not on the list. It is just a social network, access to which was banned in Ukraine. This is what TW referred to as “under sanctions in Ukraine” and this certainly was not legally preventing TW from receiving transfers from that company. So in that particular situation it was a TW’s quirk.
 
It is just a social network, access to which was banned in Ukraine. This is what TW referred to as “under sanctions in Ukraine” ...
OK, in that case it was the "dread effect", i.e. they won't touch it "just in case". In a similar way, Russian oligarch billionaire Boris Rotenberg has been kicked out by Scandinavian banks, because he is on the U.S. sanctions list (but not on the EU list).
 

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