Continue to relaxation of capital controls

Capital controls continue to ease, in addition to business, according to decision by the Finance Minister, which published on Thursday in the Government Gazette.

Based on the above decision, the following facilities are offered to individuals as well as to businesses:

  • From 1 September 2017 onwards, the cash withdrawal threshold is increased to the sum of EUR 1.800 cumulatively for one month.

  • Companies with legal personality are permitted to open a sight or deposit account with a credit institution, through the creation of a new Customer ID, regardless of the existence of another available account of which they are eligible.

  • It is allowed to open a bank account to professional farmers, if no other bank account is already in place.

  • A wage bill may be opened by a worker in another credit institution other than the one in which he already holds an account if the new employer pays the salary to a different credit institution than the employee holds the account.

  • An account may be opened by a natural person to deposit the maturity of an insurance policy or indemnity from an insurance company, if he / she does not already have an account with a credit institution.

  • It is permissible to open a special, non-takeover, unprofitable professional bank account of electronic auctions.

  • An authorized shipping company is allowed to transfer a specific cash amount to a foreign country, for cash requirements to the competent customs authority.

  • In addition to the above, cash withdrawals of up to 50% in total, from funds which, after 1 September 2017, are transferred from abroad by credit transfer to existing accounts held with a credit institution in Greece through a procedure Designated by the Banking Commission for Approval.

Katerina Volakaki

Analog Group

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