As capital controls continue and clouds of economic uncertainty loom over Greece, many business owners opt to move their companies abroad.
According to a CNBC report, Philip Ammerman, a Greek-born investment advisor who moved his business from Athens to London in 2010, said that the trend “is reaching epidemic proportions.”
Ammerman told CNBC that he gets daily requests for advice from Greek businessmen and individuals who want to transfer their companies or money abroad.
Greece has entered the sixth week of capital controls, with individuals allowed to withdraw 60 euros per day and businesses unable to make large transactions. Only a week ago the Greek government gave permission to banks to move large company capitals, and that under scrutiny.
Several large companies have moved headquarters to other European countries with less taxation on businesses. But the recent capital controls imposition and political upheaval have made more business owners anxious.
In a study by non-profit organization Endeavor, of 300 Greek businesses surveyed between 13 and 17 of July, 23 percent planned to transfer their headquarters abroad—and another 13 percent had already done so.
There is one request per day now, Ammerman told CNBC. “There is a dramatic acceleration since before capital controls were implemented… before capital controls I was hearing of roughly one case per week or 10 days,” he said.
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