Opening a Bank Account in Greece

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Greece has suffered enough the past years due to the worldwide economic depression occurred in 2008. However, Greece has shown great financial improvement the last 3 years owing to:

• The boost of Tourism, which in 2019 reached almost 40 million visitors, and is projected to increase even more when the pandemic ends
• Major investments that have taken place in Greece resulting in the country’s GDP increase with the latest being that of Pfizer  
• Greece’s strategic location connecting 3 continents  

Some key details before investing in Greece are: 

• The tax return is currently at 24% and for 2021 will be reduced to 22% on profits
• VAT is at 24%, when in some cases can reach 13% and 6.5%. 
• Criminal rate is one of the lowest in Europe
• Greece is an EU member since 1981 and a Eurozone member since 2001 
• Greece is considered to become the main supplier of electricity in the years to come 

Greek companies must own an active bank account for their transactions. In order to open a bank account for a domestic corporation, indicatively the following are needed:

• Articles of association 
• Declaration of beneficial owners 
• Sample of the signings of the company’s representatives 
• Recent tax return or financial statements of the company 
• Recent certificate from the Greek register of companies regarding any changes in the articles of association 

On the other hand, foreign companies indicatively will need the following signed by the tax authorities:

• Memorandum of association & articles of association 
• Certificate for the incorporation of the company 
• Certificate for the address of the company 
• Certificate for the shareholders of the company 
• Certificate for the directors of the company 
• General meeting of the shareholders regarding the declaration of the directors 
• Declaration of beneficial owners 

Individuals are also given the option to open a bank account through mobile applications. However, the bank can require more data and documents from the company, the administrator and the shareholder/UBO.

It’s worth mentioning that since the pandemic started Greek banks have taken actions in order to help both, individuals and companies affected by COVID-19. 

 Some of these measures are:  

• Deferral of the principal for companies and renewal of credit lines 
• Suspension of all instalments for some period, for individuals facing income reduction due to Covid-19 

For further details and assistance, please contact Mr. Antonis Gavrielides, Director, and Mr. Odysseas Marinos, Accountant, in our offices in Greece, at athens@eurofast.eu

Eurofast is a regional business advisory organization employing local advisors in over 23 cities in South East Europe & the Middle East . The Organization is uniquely positioned as one stop shop for investors and companies looking for professional services in South East Europe & the Middle East.

26/5/21