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  • Finance ministry eases capital controls

    A decision by Finance Minister Euclid Tsakalotos to proceed with a new easing of capital controls was published in the Government Gazette yesterday and is now in effect.

    ΤοΒΗΜΑ Team

    A decision by Finance Minister Euclid Tsakalotos to proceed with a new easing of capital controls was published in the Government Gazette yesterday and is now in effect.

    The new measures allow those who until now did not have a bank account to open one. In addition, adding a co-beneficiary to accounts with a separate client identification number will be permitted. If clients have an account with another bank, they must sign a notarised declaration to that effect.

    Those who have wired money from abroad to a Greek account will be allowed to immediately withdraw 100 percent of the wire amount, compared to just 50 percent until now. The measure will come into effect on 1 December.

    In addition, depositors who are legal entities or entrepreneurs, in the context of their business activity, can carry out transactions at domestic bank branches of up to 20,000 euros, per client and per day, with foreign countries, compared to the 10,000 euro limit until now.

    These business transactions require the client to provide the relevant invoices and all necessary documentation. These must be accompanied by a notarised declaration by the client that all the documentation is authentic and has not been presented to any other bank.

    The ministerial decision is expected to expedite banking transactions for both businesses, other legal entities, and individuals, in the framework of the roadmap for the gradual easing of capital controls that was announced by the finance ministry on 17 May 2017.

    International