Banking, Money and Taxes in Greece
It is fairly simple to open a bank account as an expat in Greece, though filing taxes in the nation can be more complicated.Opening a bank account in Greece
In order for expats to open a bank account in Greece all that is needed is €150, a local address and a passport. Getting a credit card is only slightly more difficult, a residence permit is required, as well as a tax return and proof of income; thus expats will need to have a work permit and employment in order to qualify for this privilege.
While both financial processes are fairly uncomplicated in terms of legislation, prepare to spend some time filling out a pile of paperwork.
Not all banks in Greece offer free debit and cash cards, so it’s worth shopping around for the best deal. Pireus Bank has English-language Internet banking which can be important for expats who have yet to master Greek.
Banks open from 8am to 2:30pm on Mondays to Thursdays and from 8am to 2pm on Fridays, although hours may vary according to the area. This means that almost any banking will have to be done during working hours.
Taxes in Greece
Tax in Greece is amongst the highest in Europe, though this includes social security contributions. Income tax is done on a pay-as-you-earn basis, and is usually submitted by employers. However a tax return will still be required.
A tax file number (Arithmo Forologiko Mitro, or AFM) is needed for almost any large transactions and in any dealings with the tax department of the government. A visit to the local tax office with a passport is all that is need to acquire the number.
A tax return must be filed if any of the following criteria are met: an income of more than €3,000 per annum, ownership of a motor vehicle, property ownership, member in a Greek company, or oddly enough, if you own a large swimming pool. Most essential life expenses such as medical, social security and schooling are tax deductible.
Tax deadlines are delegated according to the category of filing and the last few digits of the AFM.
The tax returns in Greece can be complicated, but a free tax consultation can be had at the local town hall. All tax business is done in Greek and in person, the online version of filing is also still in Greek; thus expats that do not speak Greek will need to get a translator if not an accountant.
