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What it is worth paying attention when transferring money to and from Greece

Is a hot topic in Greece the subject of money transfer abroad. Especially, after Capital Controls in 2015, tax authorities in cooperation with banking system of the country, approach this subject with high sensitivity, and citizens, businesses (and not only), have to have sufficient information to avoid unexpected and simultaneously unpleasant situations.

Money transfer from Greece to abroad

Generally, after the recent abolition of Capital Controls in 2019, transfers from the domestic banking system to abroad are allowed. In each case, however, each bank has its own limits and prerequisites. So it is good to do a market research first.

For cash, it is allowed to transfer in any currency in the equivalent amount of 10.000 Euros per trip (except for nonresident taxpayers of Greece). It should be noted that periodic money transfers to foreign countries can cause tax audits. So it's advisable always to consult with a financial consultant to check whether these sums become covered by tax declarations.

Money transfer from abroad to Greece

Special attention is required from residents of Greece, even if they transfer money from abroad to a domestic (Greek) bank. This applies also to Greeks who live abroad and those who did not informed the Greek tax authorities about their new tax residence.

In general, Greek taxpayers must be able to cover the transferred amounts with incomes that has been declared or will be declared, otherwise they risk paying high taxes due to unjustified high amount of cash. It is highly recommended to consult with a financial adviser in such cases.

For those who live permanently abroad and have informed the Greek tax authority about this, things are simpler as the income they earn in their country of residence is not subject to control by the Greek tax authority.

It is recommended the remittances be channeled into personal accounts where the recipient is beneficiary or co-beneficiary, unless it is an investment or for consuming purposes, if so, they can be channeled into third party accounts as well.

It is useful to know that if a person wish to return (or come) to Greece, he/she have the option of transferring funds within two years after relocation without the risk of being taxed for the transferred capital, with precondition, that they have remained abroad for at least three years.


ATTENTION! This article intends to give only a general informative picture and should not, in any case, be taken as a rule. It is strongly recommended to seek a full and professional guidance specifically for your circumstances before making any decisions.

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