Learn How to Do Offshore Banking in Greece in 3 Steps11 min read

Learn How to Do Offshore Banking in Greece in 3 Steps11 min read

If you’ve ever wanted to try “offshore banking” and didn’t know where to start, Greece can be a great place to start. 

In this article, we will break down the process into three easy steps and give you some advice on how to find the best online bank for offshore banking in Greece. 

By the end, you’ll know how to use offshore banking in the Hellenic country pretty well.

Tax Advantages of Offshore Banking in Greece

The greatest appeal of offshore banking in Greece lies in its tax benefits. Greece is a European Union country and, as such, taxation of domestic income is relatively high. But money earned and held outside Greece in an offshore bank account is not subject to Greek income tax.

That’s why offshore banking is so attractive to both Greeks and foreigners seeking to legally minimise their taxes. The Greek tax authorities consider money sitting in an offshore Greek bank account as foreign-source income.

In addition to income tax saving, an offshore Greek bank account also protects your wealth from potential tax hikes in Greece. 

If you hold your money offshore, it is out of the taxing jurisdiction of the Greek government. This can ensure that you can rest assured that your saved money is not at risk from volatile fluctuations in Greek tax regulations.

Which is the Best Way to Do Offshore Banking in Greece?

There are three basic ways to do offshore banking in Greece:

Set up an account in a brick and mortar bank: Most foreign banks have offices in Greece where you can open offshore accounts. But this means regular trips to Greece and constant physical contact.

Use an online-only bank: There are now more and more digital banks, which allow you to open and manage offshore accounts 100% online without ever leaving Greece. 

This allows for far more leeway, but does require some caution to make sure the bank is legitimate and regulated.

Create a company and bank account: Some individuals set up offshore companies in places such as the Bahamas or Belize, and create a corporate bank account in Greece to benefit from a lower tax on the earnings of the company. But this path has a higher legal cost.

Most individuals just want the tax benefits of offshore banking in Greece, and that is what an online bank is going to do. It has all the advantages of an offshore account but at a much higher level of convenience as everything can be controlled from anywhere through online login.

When picking an online bank, make sure it is licensed and supervised by the Greek financial authorities for a higher degree of security and credibility. A great example is The Kingdom Bank, a fully digital bank authorized to offer Greece offshore bank account services to its clients worldwide.

How to Manage Your Offshore Banking Account in Greece Remotely?

Once you’ve got an offshore banking account with an online bank such as The Kingdom Bank, you can access it anytime and anywhere from anywhere in the world. 

Here are a few tips:

• Use the bank website and mobile app – Sign in frequently from your computer or mobile device to view account balances, transfer funds, and view statements. Most of today’s online banks have excellent apps.
• Email and telephone support – The majority of online banks provide email, live chat and phone customer support for any problems when you’re accessing your account from home.
• Online banking – Access e-banking services such as bill pay, wire transfers, tax payments right from your account online.
• Archiving – Electronically maintain vital documents such as account documents, tax returns, and investment records by using the bank’s portal for easy access anywhere.
• Automatic account notifications – Get text or email notifications for transactions, balance, incoming payments, etc., while you’re spending funds from anywhere.

As long as you are connected to the internet, operating an offshore Greek bank account opened by a digital bank is extremely easy and convenient via remote control.

What are the Benefits of Opening an Offshore Banking Account in Greece?

Beyond these tax benefits, there are a few other significant factors that make offshore banking in Greece with a bank such as The Kingdom Bank attractive:

• Protect assets – Funds held offshore remain out of the jurisdiction of the Greek courts and are therefore safe from lawsuits, taxes or a future financial meltdown.
• Political stability – As an EU member, Greece has both economic and political stability that rivals most offshore states.
• More favorable interest rates – The interest rates on savings held in foreign Greek bank accounts are usually higher than the Greek rates.
• Privacy – Greece has tight bank secrecy rules, so that no one except the government or creditors has access to your finances.
• Access – Greece, being an EU member, has visa-free travel agreements with most countries, which make it easy to have access to your money if necessary during visits.
• Investment opportunities – A number of Greek offshore banks offer international investment products and securities trading that is not possible at home.

So, whether you’re looking to reduce your taxes, safeguard your assets, or enjoy higher return investments, there are a number of very good reasons to open an offshore bank account in Greece.

Best Online Bank to Do Offshore Banking in Greece for Foreigners

The Kingdom Bank is arguably the best online bank to conduct offshore banking in Greece as a foreigner. 

Some reasons why:

• 100% digital bank – The Kingdom Bank runs 100% online, no branch in place to facilitate ease of management from a distance.
• Licensed and supervised – With a Class A Banking License granted by the Greek regulatory body, The Kingdom Bank meets strict compliance criteria.
• Multi-currency accounts – Open accounts in USD, EUR and other major currencies for mobility.
• No minimums – The Kingdom Bank does not have any initial or ongoing minimums for its funds.
• Rapid account registration – Accounts can be registered and funded within a day or two.
• High-security – Military grade encryption and two-factor authentication secures your money.
• Universal service coverage – You can access your account from the intuitive website or iOS/Android app.
• Low charges – The Kingdom Bank keeps prices competitive and has no monthly maintenance or idle charges.

In terms of convenience, regulation and all-inclusive digital solutions, The Kingdom Bank is by far the best option for foreigners who want to find a safe and trustworthy online bank in order to make an offshore banking transaction in Greece.