Opening a Greek bank account: Requirements and banks for Golden Visa investors

Opening a Greek bank account is the second mandatory administrative step in the Golden Visa journey, immediately after obtaining the AFM tax number. This account is the intermediary used to transfer investment capital from Vietnam to Greece, pay for the property, settle the transfer tax, and later receive rental income or pay annual maintenance fees. Under new rules in effect from 16 December 2024, payment for Golden Visa investment property must go through a bank transfer — cash is not accepted in any form.

This article examines the requirements for opening a bank account in Greece for Vietnamese investors, compares the four recommended major banks (Piraeus Bank, Alpha Bank, Eurobank, National Bank of Greece), and clarifies the AML (anti-money laundering) process, the documents required and the processing timeline. All information is based on the regulations of Bank of Greece — the Bank of Greece — together with AML guidance circulars updated in 2026.

To understand the programme’s context, readers should first refer to the overview article Greece Golden Visa and the country profile Greece. The precondition for opening a bank account is obtaining an AFM tax number — see the article Greek AFM.

Why a dedicated Greek bank account is needed for the Golden Visa

There are three reasons why investors must open a Greek bank account before completing their Golden Visa transaction.

The first reason is the legal requirement for a transparent flow of funds. The Greek Directorate for Migration and Asylum requires investment capital to come from an account in the main applicant’s own name, not through a third-party intermediary. The Greek account in the investor’s name is the final point of the money trail — the point from which the assessing authority can trace the funds back to their originating account in Vietnam.

The second reason is the new rule in effect from 16 December 2024. Previously, some investors could pay for property with an international bank cheque or even cash for smaller transactions. The new rule closes off both methods entirely — all payment for Golden Visa investment property must go by transfer from the Greek account in the investor’s name to the seller’s account.

The third reason is the ongoing operational need once the property is owned. Annual ENFIA property tax, utility and internet bills, building management fees, property insurance — all of these are paid through the Greek bank account. Non-resident investors can set up a standing order to handle these payments remotely.

For investors intending to let the property long-term, the Greek account is also where rental income is received. This income must be declared to the AADE tax authority and is taxed at progressive rates of 15–45%.

Greece’s four major banks — comparison and choice

The Greek banking system is centred on four major banks, collectively known as the “Big Four”. All are closely supervised by the Bank of Greece and are equipped to serve Golden Visa investors. However, each bank has its own particular approach to serving non-residents.

Bank	Key characteristics	Friendly towards non-residents
Piraeus Bank	Greece’s largest bank, with an extensive network	High — allows fully remote opening via a POA
Alpha Bank	Traditional, with good private banking services	Medium — requires one branch visit
Eurobank	The most advanced technology, with a good app	Medium — accepts a POA but the process is more difficult
National Bank of Greece	The oldest bank, with a nationwide network	Low — usually requires personal attendance

Piraeus Bank is the most recommended for Vietnamese investors for two reasons: it allows an account to be opened entirely through a Power of Attorney to a lawyer, with no need for the investor to be present; and it has a well-established AML processing procedure for Vietnamese clients, reflecting the growing number of Vietnamese investors using this service in recent years.

Alpha Bank suits investors with a larger budget (€500,000 EURO or more) who intend to use private banking services — asset management, financial investment. The minimum account level for this service is usually €300,000 EURO. Savings account interest rates are also better than at a standard bank.

Eurobank has the best mobile app and internet banking among the Big Four. It is a good choice for younger, tech-savvy investors who prioritise a digital experience. However, Eurobank’s POA account-opening process has a few more complex procedures than Piraeus — the lawyer needs specific experience with this bank.

National Bank of Greece has the longest history (founded 1841) and the widest branch network, but a more cautious policy towards non-residents. This bank usually requires investors to attend in person at least once for biometric verification. It suits investors who already plan to travel to Greece early in their journey.

Documents required to open an account

The Greek bank account opening file comprises four main groups of documents. Specific requirements may differ between banks, but the following document groups meet the requirements of all four major banks.

The first group is personal identification documents. This includes a passport valid for at least 18 months, an AFM certificate (issued from TAXISnet or by the tax office), and a certificate of permanent address in Vietnam. The passport should carry a recent Greek entry stamp if the investor has already visited, or a copy of a valid Schengen visa.

The second group is proof of funds. This is the most complex and important part, owing to the strict AML process. The documents include Vietnamese bank statements for the most recent 6–12 months, stamped by the issuing bank; a business registration certificate if the investor owns a business; financial statements for the most recent 2–3 years; and confirmation of personal income tax compliance in Vietnam.

The third group is proof of the account’s intended use. The investor needs to state clearly that the account is for Golden Visa purposes — purchasing property, paying taxes and fees. Supporting documents include a confirmation letter from the representing lawyer, the intended property transaction (an LOI or deposit contract, if already in place), and a planned schedule for transferring the capital.

The fourth group is a Power of Attorney if the account is opened remotely. The POA must be notarised in Vietnam and legalised as required. Before 11 September 2026, a POA had to go through a four-step consular legalisation process (notarised translation + certification by the Department of Justice + legalisation by the Ministry of Foreign Affairs + certification at the Greek Embassy in Hanoi). From 11 September 2026, according to an announcement by the HCCH (Hague Conference on Private International Law), only a single Apostille stamp is required.

The AML process and transferring capital from Vietnam

The Anti-Money Laundering assessment process is the most rigorous part of opening a Greek bank account for Vietnamese investors. This is not unique to Greece — the whole EU applies a unified AML standard under the AMLD6 Directive, in effect since 2024.

The AML process takes place in three stages. The first is Customer Due Diligence (CDD) — basic customer assessment. The bank verifies the investor’s identity through the passport and AFM, and checks the PEP (Politically Exposed Persons) database, international sanctions lists, and financial risk history. This stage usually takes 5–10 working days.

The second stage is Enhanced Due Diligence (EDD) — a more advanced assessment applied to large transactions. Because Golden Visa transactions are usually €250,000 EURO or more, every investor must go through EDD. The bank requires detailed proof of the origin of each large sum in the statements: which business the income came from, which transaction generated a given profit, who left an inheritance, who made a gift. This stage can take 2–4 weeks and sometimes requires several rounds of additional documentation.

The third stage is Ongoing Monitoring — continuous monitoring after the account is opened. The bank will track every transaction on the account, especially large or unusual ones. The investor may need to provide further explanation if unfamiliar funds appear in the account. This is why investors should use this account solely for Golden Visa purposes, and not mix it with other personal financial transactions.

For transferring capital from Vietnam, there are two common methods. The first is an international transfer via the SWIFT network directly from a Vietnamese bank. This method is simple but carries a high fee (0.2–0.5% of the value plus a fixed fee of 25–50 USD) and takes 1–3 working days. The second is a transfer through an intermediary (Wise, OFX, or services specialising in large transactions) — with lower fees but limits on volume and its own additional KYC requirements.

Vietnam’s foreign exchange control regulations should also be noted. Under the Foreign Exchange Ordinance, a Vietnamese individual transferring a large amount abroad must declare it and hold documentation matching the purpose of the transfer. For the purpose of overseas property investment, the investor needs to work with a Vietnamese bank to prepare the appropriate foreign currency transfer file.

Realistic timeline and practical advice

The total time from starting to prepare the file to the account being active and ready to receive funds is around 3–6 weeks. This is a realistic timeframe when everything proceeds smoothly.

In the first week, the Greek lawyer sends a specific list of documents and a ready-prepared Power of Attorney template. The investor begins gathering bank statements, business registration certificates and financial statements in Vietnam, while also visiting a notary office to sign the POA.

Weeks 2–3 are spent legalising the POA and translating documents. Before 11 September 2026, this was the most time-consuming stage because of the four-step consular process. After 11 September 2026, with only an Apostille required, it can be shortened to 3–5 working days.

Weeks 4–5 are the stage of submitting the file and AML assessment at the bank. The lawyer brings the entire legalised file to the bank to open the account. The CDD stage is usually quick; the EDD stage may require additional documents — the lawyer will contact the investor by email to request them.

Week 6 is usually the final stage — the account is activated, an IBAN is issued, and the investor can begin transferring funds from Vietnam. Some banks require an initial small transfer (called a “test transaction”) worth a few hundred EURO before allowing a large transfer.

Practical advice: investors should not transfer all their investment capital to Greece in a single transfer if it is not needed straight away. Splitting it into 2–3 tranches in line with the property transaction schedule (a 10% deposit, 50% on signing the contract, the remaining 40% on registration at the Land Registry) reduces exchange-rate risk and gives more flexible cash flow. However, every transfer must go through AML checks — it should not be split into too many small tranches.

Summary and next steps

Opening a Greek bank account is administratively simple in form but complex in execution, owing to the strict AML process and the detailed proof of funds required. Choosing the right bank (Piraeus Bank is preferred for remote investors) and preparing a transparent financial file from the outset are the two factors that determine how quickly it can be done.

The Apostille reform, in effect from 11 September 2026, will shorten the time needed to legalise a Power of Attorney — an important factor, since a POA is a mandatory document when opening an account remotely. For investors with a flexible schedule, delaying account opening until after this date can save 2–3 weeks.

The next recommended read is the 7-step Greece Golden Visa process to understand how the bank account fits into the overall investment journey, then refer to the article Power of Attorney in Greece — the most important legal document for opening an account remotely. To understand the tax obligations that arise once the account is active, see the article taxes in Greece.