Bank account

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Kriticat
Posts: 14
Joined: Mon Aug 17, 2009 11:54 am

Bank account

Postby Kriticat » Fri Jan 20, 2017 7:58 pm

Hoping someone can shed some light on what my bank is asking for...
We are non resident but own property here. We are both still working in the UK
We've had our accounts for over ten years but apparently new laws mean we have to supply proof of employment.
We are both self employed and not sure exactly what they require...and the usually helpful woman in the bank doesn't know either!
Any ideas anyone?

Kilkis
Posts: 8910
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Bank account

Postby Kilkis » Sat Jan 21, 2017 9:28 am

I don't know for certain but I think your last UK P60s should suffice. It proves you are employed and it also shows the tax paid, which is what Greek banks usually want from Greek citizens. Simply tell your bank that it is the UK equivalent of the statement a Greek employer issues each year showing the income you have earned and the tax that has been paid on it. It's called a "ΒΕΒΑΙΩΣΗ ΑΠΟΔΌΧΩΝ Ή ΣΥΝΤΑΞΕΩΝ" which roughly translates as "CERTIFICATE OF REMUNERATION OR PENSION".

Warwick

Mixos
Posts: 363
Joined: Mon Aug 13, 2012 8:26 am
Location: North East Crete or S.W.England

Re: Bank account

Postby Mixos » Sat Jan 21, 2017 10:03 am

There seems to be something going on with the banks updating their records, as we have also just been required to go through all that. We are also non-tax resident, but retired, and we have been asked to give our bank a copy of our UK pension statements as proof of income in the UK. We were also required to sign a fresh declaration that we have no employment or income in Greece; to confirm our passport details and address and contact details in Greece and the UK. It would be nice to think that this is all being linked with the Greek tax authorities to make the annual tax return process even smoother .. but I'll believe that when it happens. The bank official was a bit vague about why this is being done, but said all the ex-pats were being contacted for this information, so I wonder if it has anything to do with Brexit. I think the bottom line, Kriticat, is that they want proof that you can afford to own your property in Greece without having any income here, so as Warwick says, a P60 should do the trick.

altohb
Posts: 788
Joined: Sun Aug 05, 2007 2:51 pm
Location: Sitia

Re: Bank account

Postby altohb » Sat Jan 21, 2017 1:27 pm

Pretty sure it isn't anything to do with Brexit - we were asked to do this ages ago, and we're permanent residents. There was a bank leaflet available detailing all the bits of information requested and it was dated 2013, if I remember correctly. Everyone has to provide that info - obviously getting it from Greek people is easier and I imagine they just "collar" Brits and other immigrants if we happen to be in the bank anyway - certainly no-one called us about it.

Kilkis
Posts: 8910
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Bank account

Postby Kilkis » Sat Jan 21, 2017 3:27 pm

I'm also sure it is nothing to do with Brexit. Financial organisations around the world are constantly tightening up on Know Your Customer, KYC, rules. In Greece changes have also occurred because of the financial crisis and capital controls. People have been asked for additional information for some time now and certainly before the referendum was even enacted let alone voted on.

Warwick

Forsto
Posts: 15
Joined: Wed Feb 24, 2016 12:36 pm

Re: Bank account

Postby Forsto » Sun Jan 22, 2017 10:10 am

Would anyone self employed have a P60? Think the bank is requesting a copy of the self assessment tax return.

Mixos
Posts: 363
Joined: Mon Aug 13, 2012 8:26 am
Location: North East Crete or S.W.England

Re: Bank account

Postby Mixos » Sun Jan 22, 2017 10:31 am

Good point, Forsto. I think self-employed people would need to present their most recent Notice of Assessment from HMRC, if they didn't want to hand over the return or accounts.

Kilkis
Posts: 8910
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Bank account

Postby Kilkis » Sun Jan 22, 2017 11:25 am

Oooops! I didn't notice the "self employed" bit. I agree with Mixos that the HMRC Notice of Assessment would be appropriate in that case. Tell the bank it is the UK equivalent of the Greek:

"ΠΡΑΞΗ ΔΙΟΙΚΗΤΙΚΟΥ ΠΡΟΣΔΙΟΡΙΣΜΟΥ ΦΟΡΟΥ
ME BAΣH THN ΑΡΧΙΚΗ ΗΛΕΚΤΡΟΝΙΚΗ ΔΗΛΩΣΗ"

Which roughly translates as:

"ADMINISTRATIVE TRANSACTION FOR DETERMINING TAX
BASED ON THE INITIAL ELECTRONIC DECLARATION"

Effectively it is a combined statement of what you have declared and what tax has been assessed based on the declaration. It is commonly used by Greek citizens to prove that their tax affairs are up-to-date.

Warwick

Mackie
Posts: 70
Joined: Sat Jul 23, 2016 1:08 pm
Location: Cheshire / Hersonissos

Re: Bank account

Postby Mackie » Sun Jan 22, 2017 1:29 pm

Rules have changed. Even if you are not self employed, P60 is not enough
My advice based on very recent experience (last week) is as follows:
For PAYE, you need a recent letter from your employer with their address clearly marked on it as well as the most recent P60.
For Self Employed, get the company house recent communications and some of the paperwork that proves you are a director or a shareholder of the company, again must have address on it. You also need recent account submission.

The safest way is to do what I have done, I brought both a recent letter from my employer (it was just a yearly letter from HR), a recent P60, my business card and a company house certificate of company formation (I do some consultancy work for Oil and Gas from time to time), which lists me as a director and my wife as a secretary.

I also had a letter for us both from the HMRC to confirm that we were UK residents (ordered it online)

I did not show all of them to the bank but waited until they asked and only gave them what they asked for. They were keen on the company letter and Company House letter with company number. Not much else.

we spent £120 using Apostile service for the tax resident certificates as were advised by the lawyer but they did not even ask for that. We were aware just before we arrived about the employer letter via a recent email from our lawyer so came prepared.

Hope this helps

Mackie

Kilkis
Posts: 8910
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Bank account

Postby Kilkis » Sun Jan 22, 2017 1:53 pm

Mackie wrote:...we spent £120 using Apostile service for the tax resident certificates as were advised by the lawyer but they did not even ask for that...


I think it tends to be the Greek tax authority that has started asking for Apostille stamps on all documents and Greek translations, which is possibly why your lawyer advised you to get it. I don't think banks and other private organisations tend to do this.

Warwick

Kriticat
Posts: 14
Joined: Mon Aug 17, 2009 11:54 am

Re: Bank account

Postby Kriticat » Mon Jan 23, 2017 6:11 pm

Thanks all, hope the notice of assessment will keep them happy...

Kilkis
Posts: 8910
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Bank account

Postby Kilkis » Thu Apr 06, 2017 10:09 pm

A sort of related fact. I had a chat with my local bank manager yesterday about showing them tax statements. He said that it had been the law for a few years now that you are supposed to take your tax statement to the bank every year. Obviously that is for people who are tax resident in Greece so I am not sure how it applies to people who are not tax resident. I've never done it and he didn't seem particularly worried that I hadn't. I asked how many he needed to see and he said, "Just bring last years and this one when you have it."

Warwick


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