Greek Finance Minister Euclid Tsakalotos published a decision
dated July 21, 2016, by virtue of which capital control measures
have been substantially lifted aiming at the strengthening of the
deposit basis of the banks in Greece. Specifically, the following
should be noted:
Cash which will be deposited after
July 22, 2016 into bank accounts belonging either to individuals or
legal persons can be withdrawn 100%.
It is permitted to withdraw cash in
amount up to 30% of the total funds which have been transferred
from abroad and credited to existing accounts. The specific
procedure will be defined by the Commission for the Approval of
EUR 840 may be now withdrawn in cash
every two weeks from the banks or the ATMs. 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
Opening of bank accounts:
Erasmus students may open a bank
account for the purpose of the deposit of their respective
compensation, provided that they do not have any other bank
The opening of a bank account is also
permitted for foreign residents for the purpose of depositing their
pension in Greece.
The early, partial or whole payment of bank loans is now fully
Payments of pensions and welfare benefits of any kind from Greek
social security organizations to bank accounts held at banks with
registered seat and operating abroad are permitted in the following
The beneficiary was entitled to
pension or welfare benefit before June 28, 2015 (commencement of
bank holiday) or the beneficiary used to receive his/her pension or
welfare benefit in that way or had submitted application for
receiving them until the above date; or
The pension has been granted for the
first time after July 22, 2016 provided that the beneficiary has
been a foreign resident for the last two years.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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