How you open or update a bank account in Greece

By Christos ILIOPOULOS*

You may own or wish to obtain real estate property in Greece. You may be entitled to an estate in the country (bank account balance or immovable property in the name of the deceased), or you may want to sell assets. You may be receiving a pension in Greece, you may be obtaining rental income or you may have any other type of business in this country. These and many more may be the reasons that make you wish to obtain or retain an active account with a Greek bank, while you are not a permanent resident of Greece.

In order to open a new bank account or update a virtually inactive bank account, the Greek bank will require proper identification, which usually is a valid passport. It will be appreciated if you could in addition provide a driver’s license and/or a foreign photo id card. Proving your father’s and mother’s name may also be required, as it is the legal practice in Greece and to this end, your birth certificate or other official document stating your parents’ names will suffice. Your tax returns or most recent annual tax declaration documents from the country of your residence will also be needed, showing your income, your foreign address, your TIN number in your country (could be your SSN) and other data, which the Greek bank will want to include in your client profile. If your TIN number does not appear in your tax returns, you may need to produce another official document proving your TIN or SSN. In addition, proof of your valid address abroad is required and to prove this an electricity bill of your residence will do, also matching your address in your tax returns. Your phone number abroad will also be required. That is why you will be asked to present a telephone bill which will state your name and your phone number. Sometimes, a telephone bill does not state the phone number and this will not satisfy the bank, which will require proof that you are connected to a specific, preferably cell phone number.

Proof of your occupation is also required and to prove this you can provide a letter from your employer, or a card or other documentation from the professional board you may belong, unless you are retired, in which case your tax returns will be enough. If you are to import to Greece a large amount of money to deposit it to your bank account, you may be required to prove how you obtained this amount of money and that you have it in a specific foreign bank account from which you will wire it to your bank account in Greece. Finally, in most cases in order to open the account, after the bank has processed your paperwork with the person who had power of attorney to prepare the case on your behalf, you will have to sign documents in person at the Greek bank. However, if you are to update your existing bank account, a power of attorney to a trusted friend, relative or lawyer in Greece, will suffice, and you will not have to come in person to Greece.

Although having a Greek TIN (Tax Identification Number) in Greece, which is called AFM, is not always required in order to open a bank account, it will certainly facilitate the process at the bank, if one is issued in your name by the Greek tax authority, for which the paperwork is filed on line. A foreign resident who obtains a Greek tax number (AFM) does not have to file taxes in Greece at all, if he/she does not earn income in Greece. Equally, even if you obtain the Greek citizenship, you do not have to file any type of tax returns in Greece, provided you do not earn any type of income in Greece. Only if you own property, you file once the details of your property and then you only pay every year the, relatively low, property tax.

*Christos ILIOPOULOS, attorney at

the Supreme Court of Greece , LL.M. www.greekadvocate.eu

e-mail: bm-bioxoi@otenet.gr