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Georgian OTC Crypto Sales

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James2774

Active Member
Jan 26, 2020
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#1
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Just googling and I see Georgia has zero crypto regulations, and gains from it are tax free.
With a bank that accepts crypto, it seems like the perfect place to set up as a seller.

I haven’t seen anything about KYC required for private sales. Maybe the bank or exchange would ask for proof of funds but nothing legally required/no laws broken.

Would a Georgian citizen be able to sell btc without much kyc/aml until the bank asked and be in the clear? Mostly its IPTV and similar businesses that I work with that want btc. Always looking for better solutions.
 
#2
James2774 said:
Just googling and I see Georgia has zero crypto regulations, and gains from it are tax free.
With a bank that accepts crypto, it seems like the perfect place to set up as a seller.

I haven’t seen anything about KYC required for private sales. Maybe the bank or exchange would ask for proof of funds but nothing legally required/no laws broken.

Would a Georgian citizen be able to sell btc without much kyc/aml until the bank asked and be in the clear? Mostly its IPTV and similar businesses that I work with that want btc. Always looking for better solutions.
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Sounds like mission impossible. Banks in Georgia would hate crypto. They dont get too much money from such transactions but the risk is very high
 
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#3
avalanche said:
Sounds like mission impossible. Banks in Georgia would hate crypto. They dont get too much money from such transactions but the risk is very high
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Really? I was reading a thread that mentioned Bank of Georgia SOL membership (a preferred customer service) accepted crypto. Perhaps then if that Georgian citizen had a US bank that accepts crypto, that would work. Assuming they got the bank opened which I could prob arrange for that person. Foreigner wouldnt owe any taxes here so long as they dont reside here, no tax residency, no corp tax on an LLC that simply pays out back to Georgia.
In all honesty I think I have better uses for my time but was thinking today about how I can put my Georgian friends to work. Its a poor country and an extra 1k/month income is a game changer I believe.
 
#4
James2774 said:
Really? I was reading a thread that mentioned Bank of Georgia SOL membership (a preferred customer service) accepted crypto. Perhaps then if that Georgian citizen had a US bank that accepts crypto, that would work. Assuming they got the bank opened which I could prob arrange for that person. Foreigner wouldnt owe any taxes here so long as they dont reside here, no tax residency, no corp tax on an LLC that simply pays out back to Georgia.
In all honesty I think I have better uses for my time but was thinking today about how I can put my Georgian friends to work. Its a poor country and an extra 1k/month income is a game changer I believe.
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If you are able to proof everything up to the last penny and if you are already a long standing customer with them and if the transfer comes from a reputable exchange they might with -many caveats- still accept it.
Times have changed in Georgia and Georgian banks have become quite restrictive. They are now largely in line with other jurisdictions and local regulator NBG is getting tougher by the day.
 
#5
James2774 said:
then
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Bagpacker said:
If you are able to proof everything up to the last penny and if you are already a long standing customer with them and if the transfer comes from a reputable exchange they might with -many caveats- still accept it.
Times have changed in Georgia and Georgian banks have become quite restrictive. They are now largely in line with other jurisdictions and local regulator NBG is getting tougher by the day.
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They suck up to the eu. So only short time left until they amend tax code etc.
 
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#6
Have used Georgian banks to cash out crypto for years. Not a single question asked, ever, about any incoming wire, crypto related or not. Only outgoing wires get some scrutiny.
 
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#10
James2774 said:
Any decent volume? 100k USD/month? 400k? Would that be a problem do you think?
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I'd rather not comment publicly about my volumes but I wasn't transferring $500. I believe that if you wanna do it regularly your manager should be informed beforehand, and you should be minimally prepared in case they ask for some justification.
 
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#13
Outlander said:
I'd rather not comment publicly about my volumes but I wasn't transferring $500. I believe that if you wanna do it regularly your manager should be informed beforehand, and you should be minimally prepared in case they ask for some justification.
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Do you have recommended exchanges for Georgia? Thank you btw
 
#17
JackAlabama said:
only short time left until they amend tax code
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Spot on!
Expect a plebiscite -latest in 2023- for a total overhaul of the current tax code.
Outlander said:
Have used Georgian banks to cash out crypto for years.
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You say you did that for years. That means you do have what I mentioned: A long-standing customer relationship. Moreover, you use reputable exchanges.
Additional speculation: You are most likely a citizen + resident of the "right" jurisdiction (EU/EEA, i.e. their "European friends").
 
#18
Bagpacker said:
Spot on!
Expect a plebiscite -latest in 2023- for a total overhaul of the current tax code.

You say you did that for years. That means you do have what I mentioned: A long-standing customer relationship. Moreover, you use reputable exchanges.
Additional speculation: You are most likely a citizen + resident of the "right" jurisdiction (EU/EEA, i.e. their "European friends").
Click to expand...

One could imagine a small poor country like e.g. Montenegro could need some extra cash for people looking to get another citizenship.

But what they do in their unlimited wisdom?
"Montenegro will stop granting citizenship to wealthy foreigners who invest in the Balkan country from January 1st, 2022 as the European Union, which it wants to join, doesn’t approve of the program."

https://www.invest-visa.com/Post/40...tizenship-by-investment-program-starting-from
I expect Georgia doing exactly everything the eu wants them to do.
 
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#19
EU? lol How often have the EU's own accounts not been "affected by a material level of error"?

I would bet money that Georgian banks have visits from Americans who are far more scary.

Last time I checked, when I open an account in Georgia I have to sign FATCA declarations. Georgian banks are scared of being frozen out of USD, not EUR.
 
#20
JackAlabama said:
I expect Georgia doing exactly everything the eu wants them to do.
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This could be seen very well during the last political turmoil and the agreement negotiated between local political parties. It was a text drafted by the EU. When Charles Michel flew in it took them just a bit chit-chat and they signed what the EU wanted them to sign.
The overhaul of the tax code is something not only the EU wants. Also the current government considers it a matter of urgency.
khinkali said:
in Georgia I have to sign FATCA declarations
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The same goes for Egypt and the Philippines. I would not want to bank in a jurisdiction where they do not let you sign this declaration.
 
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