By Christos ILIOPOULOS* 12 September 2016 Foreign residents wishing to do business in Greece must open a bank account, but when they get in touch with a Greek bank they discover that this is not so easy. For example those who wish to obtain property in Greece, must have a bank account in order to complete the transaction, most importantly the transfer of money to the seller. And those who set up a new company, can’t do any business, obviously, without a bank account in the name of the company and possibly in their own name, as foreign residents. But is it possible these days to even open a bank account in Greece, with the capital controls still in force? Of course it is, especially if you have a specific reason to open the account, like the two main reasons mentioned above, i.e. purchasing property or setting up a company in Greece. It should be made clear that being a Greek citizen does not make things much easier, as long as you are a foreign resident and do not file income tax returns in Greece, because you do not have any income in the country. The Greek bank will request a number of documents, which you must obtain from your country of residence. You must have your tax returns from your country of residence, a telephone and/or an electricity bill to prove your address and possibly telephone number and some type of written proof about your occupation or professional activity. This could be a letter…
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