Short, clear definitions of the terms that keep coming up around an account outside the EU – from A for apostille to S for SWIFT.
SOLO account
Bank of Georgia's premium retail account with a multi-currency function, VISA/Mastercard debit card, modern online banking and a personal banker. It is operated by the bank; CMC handles the opening remotely.
Freiheitskonto
Our term for a private bank account outside the EU – specifically the Bank of Georgia SOLO account. „Freedom“ means currency, location and system independence, explicitly not secrecy.
Multi-currency account
An account that holds balances in several currencies side by side – with the SOLO account typically GEL, EUR, USD and GBP. Foreign currencies are not converted automatically; the holder decides when to exchange.
Apostille
An authentication for public documents in international legal transactions under the 1961 Hague Convention. It confirms the authenticity of the notarisation so the power of attorney is recognised in Georgia.
Power of attorney
A declaration authorising a representative to open the account in your name on site. It is narrowly tailored to the opening and grants no lasting control over the balance.
CRS
Common Reporting Standard – the global standard for the automatic exchange of account information between tax authorities. Georgia participates and exchanges account data with over 120 states, including Germany and Austria.
Remote account opening
The complete opening of an account from a distance, without travelling to the bank's country. It is done via a notarised and apostilled power of attorney; the cards are delivered by courier.
Bank of Georgia
One of the largest, established and listed banks in Georgia, supervised by the National Bank of Georgia. With the SOLO account it offers an internationally usable retail account.
Debit card
A payment card linked directly to the account balance (unlike a credit card with a credit line). The SOLO account's VISA/Mastercard debit cards can be used worldwide.
Deposit insurance
A statutory protection mechanism for bank deposits. Harmonised in the EU up to €100,000 per institution; Georgia has its own national system that, since 1 April 2026, protects deposits up to GEL 50,000 (around €17,000) per bank.
Perpetual traveler
A person without a fixed tax centre of life who deliberately spreads residence, income and assets across different countries. An account outside the EU often serves as an „asset flag“.
Diversification
The deliberate spreading of banking assets across several countries, currencies and banking systems to reduce the cluster risk of a single economic area. A foreign account adds a layer outside the EU.
SWIFT/BIC
An international bank routing code by which a bank is addressable in the global payment network. Together with the account number it enables cross-border transfers to and from the SOLO account.
Lari (GEL)
Georgia's official national currency. As the currency of an emerging market, the lari fluctuates more than the euro; for pure reserves, more stable currencies such as EUR or USD are usually preferred.
Courier shipping
The worldwide delivery of the bank cards and documents by courier to an address of your choice – part of the remote package, so no collection in Tbilisi is needed.
Tbilisi
The capital of Georgia and home of the major banks. This is where the SOLO account is opened – in person or, as a rule, by power of attorney through a representative.
National Bank of Georgia
Georgia's central bank, which also exercises banking and financial supervision. It sets capital and liquidity requirements and monitors international standards.
Tax residence
The connecting factor that determines in which country you must declare accounts and income. It depends on how you actually live and may change when you emigrate.