Multi-currency and FX account for international real estate agencies with a Georgian company

We begin by thoroughly understanding your Georgian real estate agency's specific currency corridors, expected FX volumes, and counterparty relationships. This involves mapping out where your funds originate and where they are disbursed. Based on this profile, we identify suitable international banks or EEA-licensed payment institutions with an appetite for the international real estate sector and experience with Georgian entities. Our team then compiles a meticulous Know Your Business (KYB) pack and a detailed flow-of-funds narrative, highlighting your robust AML procedures. We manage the entire introduction and onboarding process, ensuring your application is well-positioned for account issuance, and we also assist in scoping backup provider options.

Underwriters and compliance teams scrutinise several key areas when evaluating a Georgian real estate agency. They pay close attention to the currency corridors you operate within and the jurisdictions of your counterparties, particularly concerning any sanctions exposure or high-risk geographies. Expected FX volumes are assessed to ensure they align with your business model. Crucially, the residency of Ultimate Beneficial Owners (UBOs) is verified, alongside the legitimacy of commercial contracts for property transactions. Robust procedures for handling large deposits and foreign buyer source-of-funds are essential for demonstrating compliance and mitigating risk.

Operating an international real estate agency via a Georgian Limited Liability Company (LLC) has distinct considerations for banking and FX. While Georgia offers rapid registration, often within one to two days, securing a bank account can sometimes require a physical visit by a founder. Authorities like the National Bank of Georgia oversee financial activities, including those involving virtual assets. Demonstrating substance, such as a local director or a regular presence, significantly strengthens banking relationships. For tax, monthly and annual filings are required, with profit tax applied upon distribution, which banks will consider during due diligence. Local banks are generally welcoming, though with increasing scrutiny on certain fund flows.

Account applications for international real estate agencies using a Georgian entity are typically declined due to insufficient detail on source of funds, particularly for large deposits from foreign buyers. A lack of clear, documented buyer AML procedures or an incomplete agent registration can also lead to rejection. Furthermore, failing to adequately explain currency corridors or expected FX volumes may raise red flags regarding risk management. Our process meticulously prepares your file, ensuring all necessary industry documents, such as escrow arrangements and buyer AML policies, are properly presented. We construct a comprehensive narrative that proactively addresses these common concerns, safeguarding against potential declines or account closures.

The timeline for securing a multi-currency and FX account for a Georgian real estate agency typically ranges from one to five weeks, depending on the chosen institution and the complexity of your operational profile. Xavion manages the entire onboarding process, from initial submission through to final account issuance. Post-onboarding, maintaining compliance with ongoing monitoring requirements is crucial. This includes providing updated documentation as required, ensuring all transaction activities align with your declared business model, and promptly addressing any queries from the payment institution or bank. We advise on best practices to keep your account in good standing and ensure uninterrupted service.