Due to the climate prevailing in the Greek economy and the fear that the risk of deposits in Greece, many are considering transferring their money in foreign accounts.
Inhibitor, these days, to transfer money abroad is perhaps deliberate, ambiguity of the new tax bill . Based on the new law, the bank manager told someone wanted to open a deposit account abroad, that will have tax returns. Key Points of the Article 18 are references to encourage repatriation of capital has not been declared and it was already abroad when the date of the bill (April 15, 2010). That makes no reference to future deposits and the existing use if we have the money out is not declared to tax office and we want to "formalize".
The other problem opening an account abroad is that we should go there themselves for small amounts (eg in Switzerland for amounts less than 250.000 CHF - 175.000 euros). A trip is a bad idea in a beautiful country like Switzerland. Banks asking for passport and possibly account DEI - OTE - bills to verify residence. For larger amounts, in some Swiss banks, there are ways of opening from a distance, but it needs some time to see the applicant come even if the bank's representative at it. Interest rates are low and "good" accounts pay a fee each year.
It is usually easier to open an account in a foreign country through a bank branch in Greece. Some of these banks are:
- In Cyprus : Marfin, Cyprus, Greek Bank, Commercial, National, General, Piraeus, Eurobank.
- In Russia: Kedr Bank
- In Romania : Commercial, Alpha, Citibank, Marfin, Eurobank (BankPost), ATE Bank, Millennium, Piraeus. Interest rates fluctuate in the Romanian Greek levels
- In England : Alpha, Citibank, HSBC, Cyprus, Eurobank, Emporiki, Marfin, National, Piraeus
Since opening an account abroad is unusual request, often by officials in Greece do not know the process and will require some perseverance. Natural barriers to serving the local banks to avoid losing precious liquid. With some phones in the shop of the country or even in email can be found by the procedure. To open an account remotely sometimes there are sunk costs, eg The Kedr charged 65 euros.
When you transfer money abroad no charge for remittances. Is usually .15% to 0.30% of the amount, with a few (5-10 million) and maximum (100-300 euros). Eg Bank of Cyprus can tell you that in order to transfer 100,000 euros from Greece to Cyprus they want 120 euros. But there are ways to transfer have a much lower cost and no such can every day to send free Euro 8000 via the Onebank . The destination store usually gives the best solutions.
If there is an internet banking you pay considerably less, eg Alpha Bank is 0.30 euros in EU and 10 euros for non-EU but the costs of foreign banks. The system of Piraeus Online for amounts of around 10,000 euros charged around 5 euro.
As for the taxation of interest, residents of Greece should give themselves a 10% interest in the Greek tax authorities, in the month following receipt of interest. They may seek exemption from the withholding tax process in the state are deposits. Excluding Belgium, Luxembourg, Austria, Switzerland, Andorra, Monaco, Liechtenstein and San Marino, Andorra, British Virgin Islands, Guernsey, the Isle of Man, the Netherlands Antilles, Jersey, the Turk and Caicos. In some of these countries apply a transitional period during which interest is tax deduction (20% -35%) in a foreign country and that amount (75%) will be given to country of origin of the applicant.
Opening this section of the site presents the time deposit interest rates in Romania. This is a country in the hands of the IMF over a year, so it has many similarities to Greece. The deposits are guaranteed by the Romanian Deposit Guarantee Fund up to the equivalent in LEI of EUR 50,000. If the bank is based in an EU country you can choose to be covered by the guarantee of origin.
Compare deposits in three currencies: Euro , Ron (Lei) and USD .
Like all information on the site, deposit our money in a bank abroad is not an investment recommendation or a proposal. The aim is to be aware of the possible choices, but in the end the decision and the burden of responsibility is always ours.
