CAPITAL CONTROLS: New Changes Remain
On Nov. 14, the Government's Gazette (B 3976) published the ministerial decision, according to which there is a new relaxation in capital controls.
Three are the major changes which anticipated by this new relaxation of capital controls.
1. It is now allowed to open an account to individuals who to date did not have a bank account, sight or deposit, and to add a co-beneficiary to an account by creating a new Customer ID in a credit institution. The requirement to open an account is to have no account available to another credit institution, of which it is the beneficiary, so the applicant will submit a relevant statement.
2. It is allowed to withdraw cash up to 100%, instead of 50% that was in force, of the amount which, after 01/12/2017, is transferred from the rest of the world by credit transfer to existing accounts held with a credit institution in Greece, in a procedure defined by the Bank Transaction Adoption Committee.
3. Transactions from branches of credit institutions for legal entities or traders abroad are permitted in the course of their business activities, which do not exceed twenty thousand (20,000) euro, instead of the 10,000 that was valid until today, each per customer per day. The above transactions are completed upon presentation of the relevant invoices and other supporting documents, which will be accompanied by a mandatory declaration, that the above persons declare that the submitted documents are genuine and have not been submitted to another credit institution.