Dreaming of a holiday home in Greece that will allow you to spend your family vacations and also provide you with income when it is not in use? Greece has recently opened its bank doors, and this means that from now on, you can also have a bank account in Greece and enjoy many benefits. This guide is designed to put your investment in order and make the process easier for you, which is among your first tasks – if you are going to look for houses for sale in Greece that you can also rent. So let’s understand how to open a bank account Greece.
Contents:
Steps to open a bank account in Greece
What is important to know before opening a bank account in Greece
Our Tip
summary
Steps to open a bank account in Greece
In the first step, you need to issue a Greek tax number, which is also called
AFM. The nine-digit number is an indispensable asset for you for most of the bureaucratic activities in Greece and for those you need in the process of buying houses in Greece for sale, opening a bank account, etc. To get the number, you need to contact the Greek tax offices and present a registration card or residence permit, along with a document proving your residential address.
In the second stage, you must choose a bank. You need to find out which bank you can and should open an account with. For this purpose, you should find out the fees of fees, the costs of opening and managing an account, the location of the branch closest to you, the availability of appointments, whether there is an international department and whether there are internet services and applications.
Once you have chosen which bank you should open an account in Greece, you should find out with them what documents they need to examine your application. The purpose of submitting the documents is to prove your identity, sources of funds, and place of residence. The list of documents varies according to the requirements of each bank and these are the main documents: (must be submitted in English translation with an apostille).
Valid passport
Registration Extract from the Population Registry
Greek Tax Number
AFM.
Income Statement (106/1301)
Confirmation of account management from the Bank of Israel and current account movements.
Cellular/Electricity/Water/Arnona invoice with your address or lease contract.
Confirmation of employment/proof of profession.
Last pay slip.
Your Greek phone number.
You can now apply for bank account opening in Greece. For this purpose, you must schedule a meeting in the bank’s diaries and come to an official visit, during which you will submit the documents and begin the signing process.
After submitting the application, you will be asked to undergo due diligence by the bank’s legal department (similar to checking a credit rating and preventing money laundering, etc.). This process takes about a week.
Preparation of deposit money. Some banks may require you to deposit funds in advance. The deposit amount varies according to the requirements of each bank.
What is important to know before opening a bank account in Greece
If you are in the process of buying houses in Greece for sale or starting the process of buying a property in Greece to get a golden visa in Greece, in any case, opening a bank account in Greece helps you manage all the processes you will need to carry out such as money transfers, paying taxes, managing income (in cases of renting an apartment in Greece) and proving your commitment to Greece in cases of residence permit applications (golden visa in Greece). Owning a bank account in Greece makes most of the processes easier for you and contributes to getting the most out of the transactions of buying houses in Greece for sale, such as villas for sale in Greece on the sea for vacation rentals. Very recently, Greek banks have opened their doors to foreign residents, and even the possibility of obtaining a loan to international customers, which was previously impossible. Some of them have even upgraded and established international departments in order to provide quality service to their international customers. At Eurobank, for example, you can have Zoom meetings with English-speaking teams from the international department they recently opened –
Link here. Information about Greek banks can be found on the official websites, by visiting the branch directly or by requesting by email. Greece’s largest banks (NBG, Eurobank, Alpha Bank And-Piraeus Bank) are well-established and some even have global branches in international destinations, outside of Greece, such as Piraeus Bank, which is also available 24 hours a day to provide excellent online banking services.
Our Tip
“Make a comparison between the banks in terms of services, interest rates, terms of location and benefits. There are many types of accounts and a wide variety of Greek banks. Such a comparison will help you choose the most suitable bank to handle your assets, income, and financial proceedings abroad.”
summary
It can be said that Greece’s economic situation is well reflected in the high-quality banking system it presents, which leaves no room for doubt about the viability of successful and promising investments in Greece. It is important to note that funds deposited in Greek accounts are insured up to the sum of €100,000, whether it is from local banks or the EU, and if the amount in your Greek account is more than €400,000, you can also be eligible to receive a golden visa without buying real estate in Greece. All these advantages, plus the short flight times from Israel to Greece, are excellent reasons why many Israeli investors, whether they have invested in villas in Greece by the sea or in an urban apartment in Frankfurt, prefer to open their European bank account in Greece.