Banking, Money and Taxes in Greece

Although banking, money and taxes in Greece have been a delicate matter for a number of years, things have returned to normal since the economic crisis stabilised. Nevertheless, financial matters can be tricky to navigate in a foreign country – here’s a rundown of what to expect.

Money in Greece

The currency in Greece is the euro (EUR), subdivided into 100 cents. Currency is available in the following denominations:

• Notes: EUR 5, EUR 10, EUR 20, EUR 100, EUR 200 and EUR 500
• Coins: 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, EUR 1 and EUR 2

Banking in Greece

There are several reputable local and international banks in Greece. The most prominent local banks are Alpha Bank, Eurobank Ergasias, National Bank of Greece, and Piraeus Bank. Although some international banks ceased operations in Greece during the financial crisis, numerous remain, such as HSBC and Citibank. Many expats open Greek bank accounts for local use while maintaining their foreign bank accounts for international transactions.

Mobile and internet banking are commonly available in Greece. Although some smaller businesses and restaurants may only accept cash, it’s possible to pay by card for most transactions. With this in mind, it’s a good idea to keep some cash on you, especially outside of cities and away from major tourist destinations.

Opening a bank account

Opening a bank account in Greece is fairly easy. Before this can be done, however, you will need to apply for a Greek tax number called an AFM (Arithmo Forologiko Mitro). To get an AFM number, you must bring your passport to your closest tax office and fill in the relevant form. Once the application has been processed, the tax office provides a document stating the applicant’s nine-digit AFM number.

Once you have your AFM number, you will also need to present your proof of identity if you’re a non-resident. This could be a passport, national identity card, or driving licence, although some banks are more specific about what forms of identity they accept. A recent utility bill as proof of address may also be necessary, as well as proof of income, such as recent payslips or an employer’s letter. Finally, you will need to pay a deposit. The amount varies between individual banks.

Credit cards and ATMs

ATMs are widely available in most areas of Greece. Many of them, especially in larger cities, offer English transaction options. In more remote areas, however, ATMs are more likely to only accept Greek.

The most commonly accepted cards are Mastercard and Visa. Diner’s Club and American Express are less likely to be accepted. There should be no issues when using cards with either a chip or a magnetic strip.

Taxes in Greece

Most expats will find that they need to obtain an AFM number fairly swiftly upon arrival in Greece, as this number is necessary to take up employment, open a bank account, and make big purchases such as cars or homes.

Depending on your residency status, the Greek government will tax income generated in the country only. Those who are Greek residents will be taxed on their worldwide income. You can expect your income to be taxed on a sliding scale from 9 percent to 44 percent.

Social Security contributions account for a significant portion of this tax, although employers are required to cover a part of this. Expats buying property will also have to pay real estate tax.

Due to the complex nature of tax in Greece, it is highly advisable to consult a bilingual tax adviser who has experience in expat tax matters.

Useful links

• Independent Authority for Public Revenue