Law and taxes
Bank Compliance in Greece for CIS Investors: How to Prove Source of Funds
Today, one of the main challenges when purchasing real estate in Greece is not finding a suitable property, but passing the bank compliance check and proving the lawful origin of funds.
In recent years, the requirements of European banks have become significantly stricter. Greek banks examine not only the buyer’s citizenship, but also their tax residency, country of residence, source of capital, sending bank, payment purpose, and full transaction history.
What Is Source of Funds Verification?
Virtually every major transaction begins with a review of capital origin.
The bank may request:
- tax returns;
- bank statements;
- real estate or business sale agreements;
- dividend statements;
- certificates of inheritance;
- proof of income from business activities;
- documents confirming the origin of invested funds.
All documents must form a single, logical chain. If any stage of the capital’s origin cannot be verified, the bank has the right to suspend the transfer until additional explanations are provided.
Does Transferring Funds Through Another Country Help?
Many investors believe it is enough to first transfer money through Kazakhstan, Armenia, Turkey, the UAE, or another country, and then send it to Greece.
In practice, this rarely solves the issue.
Greek banks still verify the initial source of capital. If the origin of the money remains unclear or the chain of transfers appears artificial, the bank may request additional documents or temporarily halt the transaction.
Therefore, the best strategy is not to seek workarounds, but to prepare a complete package of documents in advance.
How to Reduce the Risk of Transaction Delays
Before signing a preliminary agreement, it is advisable to determine which bank will handle the payment and discuss the list of required documents in advance.
It is best if the funds come directly from the buyer’s account. Using accounts belonging to relatives, acquaintances, or intermediaries without valid legal grounds is not recommended, nor is artificially splitting payments.
This approach significantly increases the likelihood of successfully passing the bank compliance check.
How AILIT Group Helps
AILIT Group supports investors at every stage of the transaction: assisting in property selection, organizing collaboration with lawyers, notaries, accountants, and banking specialists, and advising on document preparation to prove the source of funds.
Our goal is to make the buying process as transparent, secure, and compliant with Greek legal requirements as possible.
Article reviewed by Alexey Fatuev — expert in construction and real estate development in Greece.