The capital controls era – what are the consequences?

Capital controls restrictions in Greece were first implemented in July 2015. Nearly two years later, they are still very much in effect, although somewhat less restrictive.

What’s new in capital controls restrictions?

While limited cash withdrawals are still in effect, there have been some changes and these are the main points you should be aware of:

Cash withdrawals of up to €420 per week or €840 per fortnight may be made

Funds may be transferred within the Greek banking system without significant restrictions

Funds up to €1,000 per month may be transferred abroad without special permission.

ATM cards linked to non-Greek bank accounts are restriction-free for cash withdrawals.

How can I open a Greek bank account?

Opening a bank account in Greece has indeed become a challenge. They can be opened under specific circumstances and only with the person wishing to open the account being present, with very few exceptions.

Of particular interest to residents abroad, it is possible to open a Greek bank account if the bank account is funded with at least €10,000 (or equivalent in another currency) from abroad (i.e. outside the Greek banking system). This is particularly relevant for our clients who are considering buying property in Greece.

What documents are required?

The documentation required to open a bank account in Greece may vary depending on the bank and the reason for opening the account, here is an indicative list for residents abroad:

Photocopy of your passport

Photocopy of your driver’s license and Social Security card (for US citizens)

Non-Greek tax returns/declarations for the past two years (with apostille certification)

Greek tax declarations for the past two years, if applicable

Proof of Greek tax number (Αριθμός Φορολογικού Μητρώου – ΑΦΜ)

For more details on how to open a bank account in Greece, make sure to download the Greek Bank Information for the Post-Capital Control Era handout prepared by Attorney Arsinoi Lainioti.
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