Banking for Greece-Based Expats: Post-Capital-Controls Recovery, Major Banks, and Property Banking

Greece has undergone a remarkable economic recovery since the depths of its sovereign debt crisis, and the country is increasingly attractive to international residents and investors. Property prices remain competitive by Western European standards — though rapidly rising in Athens and on popular islands — and the Golden Visa programme has drawn significant foreign investment. Banking in Greece has stabilised substantially since the trauma of 2015, but the legacy of that period continues to shape both bank behaviour and the caution of depositors.

This guide is for general information only and does not constitute financial, legal, or tax advice. Greek banking and tax regulations change frequently; consult a qualified Greek lawyer, accountant, or tax adviser before making financial decisions.

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Capital Controls: History and Legacy

In June 2015, Greece imposed capital controls — restrictions on withdrawals and transfers — following a breakdown in negotiations between the Greek government and international creditors, and a subsequent bank run that depleted liquidity across the Greek banking system. At their most severe, restrictions limited:

• ATM withdrawals to €60 per day per card holder
• Overseas transfers to those approved on a case-by-case basis
• Opening of new accounts in certain circumstances

Capital controls were gradually lifted over the subsequent years, with the last formal restrictions removed in September 2019. Greek banks, which had been recapitalised multiple times using European Stability Mechanism (ESM) funds, emerged leaner and more closely supervised under ECB/SSM oversight.

The legacy for expat banking today:

• Greek depositors and international residents retain a cultural memory of capital controls; maintaining accounts in multiple jurisdictions remains common and entirely prudent
• Greek banks apply relatively stringent AML and KYC procedures — partly a learned response to the crisis period and regulatory scrutiny that followed
• The banking sector is more stable and capitalised than at any point since 2008, but concentration risk (four major banks dominating the entire market) means the system lacks the diversification of larger economies
• Deposit guarantee protection of €100,000 per depositor per bank under the EU Deposit Guarantee Schemes Directive applies; the Hellenic Deposit and Investment Guarantee Fund (HDIGF) is the national scheme

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The Four Major Greek Banks

Greece's banking sector is dominated by four institutions — known collectively as the "systemic banks" — which between them account for the overwhelming majority of the country's banking assets:

Piraeus Bank

Piraeus Bank is Greece's largest bank by total assets. Founded in 1916, it expanded aggressively through acquisitions during the crisis years and is now the dominant retail bank in Greece. Piraeus has completed successive capital increases and cleaned up its non-performing loan (NPL) portfolio considerably. It offers a full range of retail, business, and digital banking products.

Alpha Bank

Alpha Bank is among the most internationally recognised Greek banks, with a strong presence in South-Eastern Europe. It has been a recipient of ESM recapitalisation funding and has undergone significant restructuring. Alpha has a dedicated international clients unit and is often used by expats and foreign property buyers.

Eurobank

Eurobank Ergasias — commonly known as Eurobank — has the highest exposure to markets outside Greece (particularly Cyprus and Bulgaria) of the four major banks. This diversification is viewed as both a strength and a complexity factor. Eurobank offers a solid private banking offering for HNW clients.

National Bank of Greece (NBG)

NBG is one of Greece's oldest banks (founded 1841) and remains partially state-owned. It has one of the widest branch networks across Greece and is the default banking choice for many Greeks. For expats, NBG offers standard account services but is less oriented towards international clients than Alpha or Piraeus.

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AFM: The Greek Tax Identification Number

The Arithmos Forologikou Mitroou (AFM) — Greece's tax identification number — is the Greek equivalent of the NIF (Portugal) or NIE (Spain) and is required for:

• Opening a bank account
• Property purchases (the AFM appears on all property registration documents)
• Tax filings
• Almost any significant financial or commercial transaction

Non-residents can obtain an AFM through their local tax office (Δ.Ο.Υ. - Dimosio Oikonomiko Ypireresio) in Greece or through a Greek consulate abroad. For property buyers, the AFM is the first administrative step, before any other purchase procedure.

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AMKA: Social Security Number

The AMKA (Arithmos Mitroou Koinonikis Asfalis) is Greece's social security number, required for accessing the healthcare system (EFKA) and certain employment-related services. AMKA is distinct from the AFM — both may be required for different purposes.

For expats living long-term in Greece, obtaining both the AFM and AMKA early is advisable. AMKA is required for, amongst other things, private healthcare insurance contracts in Greece and some banking products (particularly insurance-linked deposits).

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Greece's Cash Economy

Relative to northern Europe, Greece has a significantly higher dependence on cash transactions. While the Greek government has implemented progressive requirements for card acceptance and electronic payments — with tax incentives for consumers who make a specified proportion of payments electronically — cash remains prevalent, particularly in smaller businesses, markets, traditional tavernas, and rural areas.

For expats:

• Carry cash for everyday transactions, particularly outside Athens and Thessaloniki
• Greeks have become more comfortable with card and contactless payments since the capital controls era (which ironically accelerated digital payment adoption)
• IRIS instant payments: Greece's real-time bank transfer system, equivalent to the UK's Faster Payments — increasingly used for person-to-person transfers via phone number or IBAN
• Tax authority requirements for receipts (αποδείξεις) from businesses have increased compliance in the formal economy, but some sectors still expect cash

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Banking for Property Purchases in Greece

Greece has one of the most active non-resident property markets in Europe, driven by the Golden Visa programme, island property demand, and relatively affordable prices in many areas. Banking for property purchases involves several specific requirements:

AML Documentation for Property Transactions

Greek banks and the land registry (Κτηματολόγιο, Ktimatologio) require AML-compliant documentation for all significant property transactions:

• Source of funds: bank statements covering the period of accumulation of purchase funds, typically 12–24 months
• Source of wealth: overall explanation of how the buyer accumulated their wealth (employment history, business ownership, inheritance, investment returns)
• Declaration of beneficial ownership: for purchases through companies or structures
• Proof of legitimate tax position: some buyers are asked to provide tax clearance certificates from their home country

The notary (συμβολαιογράφος) handling the property transaction will coordinate AML documentation requirements alongside the bank. It is common for this process to take longer than expected — build extra time into your purchase timeline.

Fund Transfer for Property Purchase

Unlike some other European countries, there is no specific FET-equivalent form for property transfers in Greece. However:

• International transfers for property purchase should clearly reference the purpose and the property address in the SWIFT payment message
• The receiving bank (typically the seller's or developer's bank) may request documentation of the funds' origin
• For Golden Visa investments, the investment amount must pass through a Greek bank account in a way that creates a clear audit trail for the immigration authorities

Property Tax (ENFIA)

ENFIA (Ενιαίος Φόρος Ιδιοκτησίας Ακινήτων) is Greece's annual property tax, calculated based on the assessed value of the property. It is payable annually to the AADE (Greek tax authority) and can be paid via bank transfer, at banks, or online via the AADE portal using an AFM.

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Golden Visa Banking Requirements

Greece's Golden Visa — for which the property investment thresholds were raised from 1 September 2024 to €800,000 in high-demand areas (Attica including Athens, Thessaloniki, Mykonos, Santorini, and islands with more than 3,100 residents) and €400,000 in the rest of Greece, with a reduced €250,000 tier only for properties converted from commercial to residential use — requires:

• Investment funds to be transferred via banking channels with clear documentation
• A Greek bank account is strongly recommended (and in practice often required) for the transaction
• Notary documentation referencing the IBAN from which funds originated
• AFM in place before purchase

Golden Visa investment thresholds and eligible areas have changed multiple times; always verify current requirements with a qualified Greek immigration lawyer.

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Practical Tips for Greek Banking

1. Obtain your AFM first — without it, no other financial activity in Greece is possible
2. Alpha Bank and Piraeus are the most internationally oriented for expat account opening; bring full documentation (passport, AFM, proof of address, source of funds)
3. Online banking has improved substantially at all four major banks; full English-language interfaces are available
4. ATM access: Greek banks charge ATM fees for non-customer cards; Revolut and Wise cards avoid most of these
5. Keep copies of all bank documentation — the Greek bureaucratic system benefits from meticulous record-keeping; never assume information can be retrieved easily

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How Global Investments can help

Global Investments is actively engaged in the Greek property market, including island properties, Athens city centre investments, and Golden Visa structures. Our network of English-speaking Greek lawyers, notaries, and tax advisers can guide you through the AFM application, AML documentation, bank account opening, and property purchase process.

If you are considering Greek property investment or planning to relocate to Greece, contact our team for a confidential conversation about your requirements.