Opening a Greek Bank Account for the Golden Visa

For the strategic investor pursuing a Greece Golden Visa, the opening of a Greek bank account is not a mere administrative step; it is the secure financial conduit through which the entire investment is validated and executed. As of August 2025, Greek financial institutions operate under stringent national and EU-level regulations, including rigorous Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols. A meticulously prepared application is therefore essential for success.

This guide provides a definitive framework for navigating this process. It details the required documentation, clarifies the critical Source of Funds (SoF) declaration, and outlines the procedural paths for both in-person and remote account opening. Our objective is to demystify the requirements and empower you to meet them efficiently, ensuring a smooth and compliant flow of capital for your Golden Visa acquisition.

Investor’s Quick Brief

• Prerequisite for Investment: You cannot complete the Golden Visa property purchase or investment without a Greek bank account in the primary applicant’s name. The investment funds must be transferred from this account.
• AFM is Mandatory First: Before approaching any bank, you must first obtain a Greek Tax Identification Number (Arithmos Forologikou Mitroou – AFM). This is a non-negotiable requirement.
• Two Paths Available: The account can be opened in-person with a pre-arranged appointment or remotely through a limited Power of Attorney (PoA) granted to your legal representative in Greece.
• Source of Funds is Key: Be prepared for intense scrutiny of your Source of Funds (SoF). A clear, well-documented declaration proving the legitimate origin of your investment capital is the most critical part of the application.
• Major Banks are Prepared: Greece’s systemic banks (National Bank of Greece, Piraeus Bank, Alpha Bank, Eurobank) are experienced in handling Golden Visa applications and have dedicated processes for non-resident clients.
• Compliance is Global: The extensive documentation required is not unique to Greece; it reflects global standards like the Common Reporting Standard (CRS) and FATCA, designed to ensure financial transparency.

The Strategic Importance of a Greek Bank Account for Your Investment

The Greek government mandates that the qualifying investment for the Golden Visa must be paid through a local financial institution. This serves two purposes:

1. Traceability and Compliance: It creates a clear, auditable trail for the migration authorities, proving that the funds originated from the applicant and were used for the specified investment, satisfying AML regulations.
2. Economic Integration: It formally integrates the investor’s capital into the Greek financial system.

Attempting to pay a seller directly from a foreign account will invalidate the transaction for Golden Visa purposes. The Greek bank account is the official, required gateway.

Choosing the Right Financial Institution: Key Considerations for Investors

While several banks operate in Greece, HNWIs should focus on the four systemic banks due to their stability, extensive networks, and experience with international clientele.

• National Bank of Greece (NBG)
• Piraeus Bank
• Alpha Bank
• Eurobank

Key considerations when choosing:

• Experience with Golden Visa clients: Inquire if the specific branch has a department or relationship managers experienced with non-resident investors.
• Digital Banking Platform: Assess the quality and security of their online and mobile banking services for remote account management.
• Language Support: While most major branches have English-speaking staff, confirming this is prudent.
• Fee Structure: Understand the fees for account maintenance, international transfers (SWIFT), and any premium banking services.

The Two Paths to Opening an Account: In-Person vs. Remote

Investors have two options for opening the account, each with its own process.

Path A: The In-Person Application

This is the most direct method.

1. Obtain AFM: Your lawyer first secures your Greek Tax Number.
2. Schedule Appointment: Your lawyer schedules an appointment at a bank branch. Walk-in applications for non-residents are highly discouraged.
3. Attend Meeting: You attend the meeting with your lawyer, bringing your passport and all other required documents. The process typically takes 1-2 hours.
4. Account Activation: The account is usually activated within a few business days.

Path B: The Remote Application via Power of Attorney (PoA)

This is the most common path for busy investors.

1. Execute a Limited PoA: You grant a limited Power of Attorney to your Greek lawyer, specifically authorizing them to open a bank account on your behalf. This PoA must be notarized and carry an Apostille stamp.
2. Lawyer Secures AFM: Your lawyer uses the PoA to obtain your AFM.
3. Lawyer Represents You at Bank: Your lawyer presents the Apostilled PoA and all your documentation to the bank to complete the application process.
4. Receive Credentials Securely: Once the account is open, the bank will provide the debit card and online banking credentials to your lawyer, who will then courier them to you securely.

The Core Documentation Checklist: Preparing for Success

Preparation is paramount. While requirements may vary slightly between banks, the core list is consistent.

For the Individual Applicant

• Valid Passport: Clear copy for all named account holders.
• Greek Tax Identification Number (AFM): The official certificate of issuance.
• Proof of Address: A recent utility bill (electricity, water, landline phone) or bank statement from your home country, clearly showing your name and residential address. It must be officially translated into Greek or English.
• Proof of Occupation/Income: A letter from your employer, recent payslips, or a letter from your accountant detailing your professional activity.
• Contact Information: A mobile phone number (a Greek number is often required for verification codes).
• Source of Funds (SoF) Declaration: A detailed statement and supporting evidence (see next section).

For Corporate Entities (if applying as CEO/shareholder)

If your funds are coming from a company you own, be prepared to provide a full suite of corporate documents (Certificate of Incorporation, Articles of Association, Shareholder Registry), all notarized, Apostilled, and officially translated.

The Critical Hurdle: The Source of Funds (SoF) Declaration

This is the most scrutinized part of the application. You must prove, with verifiable evidence, that your investment capital was acquired legally.

Why Banks Scrutinize SoF

Greek banks are legally obligated to prevent money laundering. They must report all large and suspicious transactions. An €800,000 transfer from a new non-resident client automatically triggers a high level of review. A weak SoF declaration is the number one reason for rejection or delay.

Crafting a Compelling SoF Narrative

Your SoF declaration should be a clear story backed by documents. Common legal sources of funds and the required evidence include:

• Salary/Business Income: Tax returns for the last 3-5 years, audited financial statements for your business, and personal bank statements showing accumulated savings.
• Sale of Property: The final sale deed for the property, a tax clearance certificate for the sale, and a bank statement showing the deposit of the proceeds.
• Sale of Shares/Company: The share purchase agreement, evidence of the company valuation, and bank statements showing receipt of funds.
• Dividends: Corporate resolutions declaring the dividend distribution, company financial statements, and personal bank statements showing receipt of the dividend payments.
• Inheritance or Gift: The notarized will or gift deed, a tax certificate proving any inheritance/gift tax was paid, and legal proof of your relationship to the benefactor.

The Process Step-by-Step

1. Engage a Lawyer & Grant PoA (if remote): Select your legal representative.
2. Obtain AFM: Your lawyer secures your tax number. This is Step 1.
3. Gather & Translate Documents: Compile the full checklist of documents, ensuring official translations where required.
4. Submit Application: Either you or your lawyer submits the complete file to the chosen bank.
5. Bank Review & Compliance Check: The bank’s compliance department reviews the file, focusing on KYC and the SoF. They may request additional clarification.
6. Account Approval & Opening: Upon approval, the account is opened, and an IBAN is issued.
7. Fund the Account: Transfer the investment amount into your new Greek account. It is advisable to transfer a slightly larger amount to cover bank charges and property purchase fees.

Post-Account Opening: Managing Your Funds for the Golden Visa Transaction

Once funded, the account will be used to make the official payment for your real estate asset. This is typically done via a bank check or a direct wire transfer from your Greek account to the seller’s Greek account, overseen by the public notary during the signing of the final deed. All transaction records must be kept as they form part of your final Golden Visa application.

The Path Forward: Ensuring a Smooth Financial Process

Opening a Greek bank account is a structured process where preparation and professional guidance are key. A complete and transparent application, especially regarding the Source of Funds, will ensure a smooth and timely outcome, paving the way for your successful investment.

To confidentially discuss your specific situation and ensure your documentation is flawlessly prepared for the Greek banking system, we invite you to schedule a consultation with one of our senior advisors.

Investor Frequently Asked Questions (FAQs)

1. Can I open a bank account in a currency other than Euros, such as USD?
   1. While possible, it is strongly advised to open a Euro-denominated account. The Golden Visa investment must be made in Euros, and holding the account in Euros eliminates currency conversion risks and associated fees at the time of the transaction.
2. Are my deposits in a Greek bank insured?
   1. Yes. Deposits in all Greek banks are protected by the Hellenic Deposit and Investment Guarantee Fund (TEKE). As of 2025, deposits are insured up to €100,000 per depositor, per credit institution.
3. What are the typical fees for maintaining a non-resident account?
   1. Fees are modest but vary by bank. Expect a small monthly or semi-annual maintenance fee, fees for international wire transfers (both incoming and outgoing), and potential charges for debit card issuance. Premium banking services for HNWIs may have different fee structures.
4. Can my lawyer use the account after it is opened?
   1. This depends on the powers granted in your PoA. Typically, the PoA used to open the account is also structured to allow the lawyer to make the specific payment for the property. For any other transaction, you would need to provide separate, explicit authorization. Day-to-day management is typically handled by you via the online banking platform.
5. How long does the entire account opening process take?
   1. If you are applying in person with all documents perfectly prepared, the account can sometimes be opened within the same day or a few business days. The remote process via PoA takes longer due to the time required for notarizing, Apostilling, and couriering the PoA. A realistic timeline for the remote process, from starting the PoA to having an active account, is 3-5 weeks.