Movements of Capital
Presidential Decrees 96/22 March 1993 and 104/14 May 1994 govern the movement of capital and the deregulation of the foreign exchange market. Bank of Greece Governor's Act 2535/21 January 2004, as amended by Bank of Greece Governor’s Act 2621/21 December 2009, amends and codifies provisions on data reporting to the Bank of Greece on transactions between residents and non-residents in euro and foreign currency
Presidential Decrees 96/22 March 1993 and 104/15 May 1994 harmonising the Greek legislation with the provisions of Directives 28/361 and 92/122/EEC concerning the movement of capital liberalised capital movements between residents and non-residents of the European Union, as well as third countries.
Bank of Greece Governor's Act 2535/21 January 2004 amended and codified into a single text provisions on statistical data reporting on any transactions between residents and non-residents, to be used in compiling Greece's balance of payments accounts. The most important changes brought about by Bank of Greece Governor's Act 2535/21 January 2004 concerning statistical reporting, as currently in force are as follows:
1. Abolition of the obligation:
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of residents to submit statistical statements on capital movements and current transactions with non-residents in euro and foreign currency with the intermediation of credit or financial institutions, provided that their value does not exceed the equivalent of €50,000.00;
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of residents to submit statements on withdrawal of banknotes from deposit accounts in foreign currency;
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of resident and non-resident natural and legal persons to submit statements, for purposes of statistical recording of the transaction, on the payment instruments they carry on their entry into or exit from Greece; and
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of resident natural and legal persons to submit to credit institutions documentation of the nature of transactions, in addition to information given in the statement, regardless of the transaction type and value.
2. Pursuant to the instructions of the Statistics Department, credit or financial institutions must submit to the Bank of Greece information on all transactions with non-residents exceeding the equivalent of €50,000.00. Resident legal persons shall report directly to the Bank of Greece information on all transactions that they carry out without the intermediation of resident credit institutions
* as per Bank of Greece Governor’s Act 2621/21 December 2009.