Country：希腊 · Banking & Funds
Greece · Banking & Funds
Greece lifted capital controls in 2018; funds move freely across borders and foreign companies can open EUR corporate accounts normally. Account opening requires the tax number (AFM), a Greek registered address, director and ultimate beneficial owner (UBO) identity and KYC documents. Chinese banks (e.g. Bank of China Athens branch) can serve Chinese companies' cross-border settlement.
Key points
- Capital controls lifted in 2018; no FX in/out restrictions.
- Corporate accounts need: AFM, registered address proof, director ID, UBO declaration.
- Major banks: Piraeus, Alpha, Eurobank, National Bank of Greece.
- Bank of China Athens branch etc. can serve Chinese companies' cross-border RMB/EUR settlement.
- EUR is the legal tender (eurozone member).
Procedure
- Obtain the AFM tax number.
- Prepare KYC/UBO documents and address proof.
- Book the bank appointment (some require director presence or video verification).
- Inject capital and activate the account.
Hard requirements
- KYC/UBO documents; Greek registered address; director ID.
Costs
Opening and account maintenance fees vary by bank.⏱ ⏱ Timeline：Account opening usually 2-4 weeks (subject to AML review).⚠ Common risks
- Strict AML review; account opening takes longer.
- Non-resident directors must appear in person or by video; remote handling limited.
- Large cross-border transactions subject to bank compliance queries.
Handbook
📘 Step-by-Step Handbook (with owner / timeline / cost / penalties)
Applies to：Chinese enterprises operating in Greece opening EUR corporate accounts and handling cross-border payments; Greece is in the eurozone and fully lifted capital controls from September 2019.
Prerequisites
- AFM tax number obtained (see incorporation/tax)
- Greek registered address proof
- Director and UBO identity and KYC documents
- If applicable, Chinese ODI FX registration completed
| Step | Action | Owner | Timeline | Cost | Official form / system | Notes & penalties |
|---|---|---|---|---|---|---|
| 1 | Obtain the AFM tax number AFM auto-issued by e-YMS at incorporation, or apply separately to AADE for a corporate AFM | AADE | At incorporation, days | None | Tax registration | Precondition for banking and tax |
| 2 | Prepare KYC/UBO documents and address proof Prepare director ID, UBO tracing declaration, registered address proof and business substance explanation (contracts/business plan) | Company/bank | 1-2 weeks | Document translation/certification | KYC questionnaire, UBO declaration, address proof | UBO must be traced to natural persons Penalty：Incomplete documents cause account opening rejection |
| 3 | Choose a bank and book the opening appointment Major banks include Piraeus, Alpha, Eurobank, National Bank of Greece; consider Bank of China Athens branch for Chinese cross-border settlement | Bank | Booking about 1 week | None/low | Account opening application | Confirm remote handling feasibility and verification method |
| 4 | Director in-person or video verification, and AML review Bank conducts due diligence on beneficial owners and business substance; some require director presence or video verification | Bank compliance | 1-3 weeks | None | Identity verification | Strict review, longer cycles Penalty：Non-resident directors limited in remote handling; review delays |
| 5 | Inject capital and activate the account Transfer capital through compliant routes and activate; retain credit records | Company/bank | Days | Remittance fees | Capital credit | Fund source must match ODI filing Penalty：Large cross-border transactions queried; supplementary explanations needed |
| 6 | Maintain account compliance (flow reporting, UBO change updates) Keep business substance consistent with flows; notify the bank of UBO or director changes promptly | Company | Continuous | Account maintenance fees | KYC update | Large cross-border transactions should cooperate with bank queries Penalty：Dormancy or abnormal transactions lead to account freeze |
✅ Self-check list
⚠ Common pitfalls
Strict AML review, long account opening影响：2-4 weeks or longer, affects operations规避：Prepare KYC and business substance materials early
Non-resident directors must appear in person/video影响：Remote limitations cause delay规避：Arrange director travel to Greece or video verification early
Large cross-border transactions queried by banks影响：Credit delay规避：Prepare contracts, invoices, board resolutions as evidence
Capital controls misunderstanding影响：Fear of transferring funds unnecessarily规避：Greece fully lifted FX controls from September 2019; funds move freely (still comply with ODI and SAFE)
UBO not traced影响：Account opening rejected or later freeze规避：Complete the central UBO register information at incorporation
Wrong bank choice (China-friendliness)影响：Repeated due diligence规避：Prefer Bank of China Athens branch or local large banks familiar with Chinese businesses
📅 Ongoing post-incorporation obligations
- Maintain the account and pay maintenance fees on time
- Update KYC when UBO or directors change
- Cooperate with bank queries on large or abnormal transactions
- Repatriate profits via SAFE compliant routes
- Keep business substance consistent with fund flows
🔗 Official portals
📎 Source：Bank of Greece; Capital controls lifting announcement (2018)
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