Remote bank account opening facilitates the Golden Visa Program: Following the recent government announcements that aimed at facilitating Golden Visa’s procedures for investors, now comes the latest Government Gazzete that clarifies the prospect of opening bank accounts remotely.
The Executive Committee of the Bank of Greece passed in late May of this year a decision for the remote electronic verification of the identity of individuals who wish to open a Greek bank account for themselves or for the company that they represent (Decision 172/1/29.05.2020). The decision was promulgated on 02 June 2020 in the Government’s Gazzete and aims to align the anti-money laundering rules for the reliable verification of the identity data of the banks’ customers with the new business reality of going digital.
Is it necessary for foreign investors to have a personal bank account in Greece?
For the purchase of real estate in Greece the price can be transferred from a Greek or foreign account. However, the payment of the property transfer tax can only be made from a Greek bank account. In addition, property tax payments, payments of utility bills can only be made through a Greek bank account. Consequently, every investor must open a personal bank account in Greece. However, the opening of a bank account in Greece usually demands the physical presence of the beneficiary in order to give a signature sample and verify his/her identity in front of a bank employee.
Can I open a bank account as a non-resident of Greece?
Of course, a non-resident can open an account in Greece. Banks have special banking products for this purpose.
What’s the process? How long does it usually take?
The basic requirements involve an application for opening an account and it’s supporting documents. The requested documents concern the personal and financial situation of the prospective clients in the framework of the European policy anti-money laundering and counter terrorist financing.
Which bank should I choose?
Greece has a large banking sector, with many local brands operating all over the Southeast European region.
The largest banks in Greece are:
- Alpha Bank
- Eurobanκ
- National Bank of Greece
- Piraeus Bank
If you are interested to know more about the Golden Visa Program please visit Law Office Stathaki
