now traditionally the Greeks seem to be more a cash society than many other developed EU economies. It so happens Spain has recently announced the intention to rein in and limit the amounts in cash transactions.
"Back in 2012, Spain banned large euro cash transactions – anything over $2500 as a matter of fact. Now with a further squeeze that apparently may include various VAT changes as well, the trap is primed once again. Such aberrant moves can bring a kind of civil war to Spain sooner rather than later."
Question: does anyone know what are the limits for cash transactions in Greece and for which specific purposes?
PS: I am aware that due to exchange controls we are still restricted to limited cash withdrawals from local bank accounts at ATM machines and across the counter. That is Euros 60 a day, totalling â‚¬420 a week. No government restrictions on ATM withdrawals on foreign accounts, except certain exceptions imposed by the banks themselves.
The limit for ATMs is now â‚¬840 per fortnight. That still equates to â‚¬420 per week but allows the possibility of withdrawing double if you miss a week.
The limit for cash transactions (from memory) was â‚¬3000 (over a year ago) but may have changed. However, enforcing it is another matter!
One result of the restrictions is that many British property owners in Greece are selling their properties mainly to British buyers who can make the cash transfer within the UK. Apparently that’s still legal. However, it means that the money will not appear on the "pink slip" bank record, so they new owners will have to transfer a certain minimum amount into a Greek bank each year in order to avoid paying tax on "imputed Greek income".