Greece relaxes certain Capital Control measures

Recently, the Greek Finance Minister, Euclid Tsakalotos, announced new modifications to the still-imposed Capital Control Regime introduced nearly eighteen months ago.

Herein below we present a summary of the main capital control lifts, as published in the Hellenic Government Gazette B (684/15.03.2015), and applicable as of November 18, 2016:

• It is now possible for companies which keep their accounting records using the double entry system to open a bank account either on demand or a long term deposit account in a credit institution. They can open a new customer account (ID customer), regardless of the fact that an additional bank account might already exist in their name, something which was previously not allowed.

• The monthly limit for transferring money abroad for individuals has remained the same at €1,000 per ID customer.

• Cash withdrawals from ATMs are allowed up to €840 per two weeks. Effectively, if someone didn’t manage to withdraw the permitted amount of EUR 420 in a given week, the withdrawal can be done during the following week as well.

Greece’s Central Bank chief Stournaras has stated that the comprehensive lifting of capital controls is the ultimate goal. Greece’s second bailout program review is still ongoing.

For more information, please do not hesitate to contact at the Athens office, at the e-mail address, tel: 0030 210 8257720.