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Greek Finance Ministry Announces Capital Controls Amendments

capital708_6On Monday, the Greek Finance Ministry announced new modifications to the capital controls that have been imposed in Greece since June 28, 2015.
While the bulk of the announcement, published on the four month mark of capital controls in Greece, includes directives that are already in effect, a few significant changes were made.
Greek bank depositors are still allowed to withdraw up to 420 euros per week, with the liberty to withdraw this sum in one transaction if they choose to. However, those who choose to transfer their money from foreign bank accounts into Greek banks will be able to withdraw an additional 10% of the transferred funds.
Among the most significant changes is that interested real estate owners will now have the ability to partially terminate their time deposits and withdraw the money in these accounts in order to make real estate purchases. Time deposits can be partially terminated to cover expenses up to 1,800 euros of an individual’s living expenses.
The limit for carrying cash to a foreign destination remains at 2,000 euros per individual per trip.

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