NewsCase StudiesEvents

Capital Control And VAT Changes In Greece

Also in the news...

Norway's WTO Trade Policy Review: UK Statement

UK Statement at Norway’s World Trade Organization Trade Policy Review. Delivered by the UK's Permanent Ambassador to the WTO and UN, Simon Manley.

UK-Norway Iceland Liechtenstein free trade agreement

Business guidance, reports and other documents to help you understand the UK-Norway, Iceland, and Liechtenstein free trade agreement (FTA).

Essential Steps Before Launching an International Auction Business

Expanding a business internationally presents unique challenges, particularly when that business involves auctions. The global auction market continues to grow as more entrepreneurs see its potential for reaching new customers across borders. However, success in this specialised field requires careful planning and the right technological foundation.

Innovative Welsh exporter puts Britain at the forefront of global immunisation efforts

UK Export Finance supports renewable energy tech company Dulas to deliver life-saving vaccine refrigerators to over 80 countries worldwide.

British aerospace manufacturers to benefit from UK-US trade deal

British aerospace manufacturers to benefit from UK-US trade deal as further details announced

Capital Control And VAT Changes In Greece

Back to News

Our Managing Director in Athens provides a summary of Greek capital control and VAT changes over recent weeks. You may have seen the news posted last week about the abolishment of reduced VAT rates on six popular holiday islands. From 1 October 2015, the Greek mainland VAT rates of 6%, 13% and 23% have applied on the islands of Rhodes, Santorini, Mykonos, Naxos, Paros and Skiathos

Businesses based on the above islands must adjust their prices and update their software and devices. These changes also impact the filing of VAT returns.

Capital Controls

Following is a summary of what is allowed under the current capital control measures.

  • The opening of a bank account for all new established companies and professionals (with a date of incorporation after 1 May 2015) is allowed.
  • The opening of one single bank account (not for cash withdrawal) is allowed for servicing any loan taken before or after the end of the bank holiday (caused by capital controls) by the financial institution in which the loan has been opened.
  • The use of credit or debit cards is allowed for buying goods and services abroad. Buying goods from abroad is allowed in general however there are some exceptions (eg. clothing market, online betting).
  • The early loan payoff is exceptionally allowed (partial or total) with cash, remittances from abroad and with a new loan for the purpose of restructuring.
  • The early ending of time deposits is exceptionally allowed for the payment of hospitalization and tuition, payroll, overdue debts to the banks, and Greek public and social security departments.

If you would like clarification on any of this information please get in touch with our expert team in Greece.


You are not logged in!

Please login or register to ask our experts a question.

Login now or register.