Greek Bank Accounts In The Capital Controls Era

  • by XpatAthens
  • Tuesday, 06 June 2017
Greek Bank Accounts In The Capital Controls Era
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.
 
Katerina Sirouni and Attorney Arsinoi Lainioti of LAINIOTIS LAW LLC discuss the current restrictions (as of May 2017), and well as how to open a Greek bank account.

What's new in Capital Control 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 Euros per week or 840 per two-week period may be made.
  • Funds may be transferred within the Greek banking system without significant restrictions.
  • Funds up to 1,000 Euros 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 Euros (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.

To read this article in full, please visit: K.Sirouni Architecture and Property Management

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