Transferring funds, and pink slips

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Bluebird
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Joined: Sat May 18, 2019 11:10 am

Transferring funds, and pink slips

Postby Bluebird » Sun May 19, 2019 6:20 pm

Good evening all, first time posting so hope I'm in the right place!
Many years ago when we bought our holiday home, we used Moneycorp to transfer the money and received "pink" slips from the national bank of Greece, where our Greek account is held.
In these days of internet banking, if I were to do my own transfer, would I still get the pink slips? We are intending to buy a car so I'm assuming our accountant would need them for our tax return, to prove we hadn't earned the money in Greece. How do you all transfer funds from your British accounts to your Greek accounts? Is online transfer the norm now, or is it still best to use a specialist company?
Many thanks in advance for any advice!

Tim
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Re: Transferring funds, and pink slips

Postby Tim » Sun May 19, 2019 7:06 pm

Presumably, if you did the transfer yourself you'd get your UK bank's exchange rate - bank exchange rates are usually pretty poor. I use Moneycorp and am happy with them.

Tim

Mixos
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Location: North East Crete or S.W.England

Re: Transferring funds, and pink slips

Postby Mixos » Sun May 19, 2019 7:10 pm

Welcome to the forum, Bluebird. Yes, you still get the pink slips, although they are now white! And yes, you'll need them for your tax return. I have never used Moneycorp, as Tim has done, so I can't speak for them. I just transfer funds as required online from my UK bank account to my Greek one. You pay a small charge at both ends, but it has the advantage of being simple and secure. You just need the IBAN codes of both banks, but be sure to check that you transcribe the account numbers correctly before sending any money!

moggieman
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Re: Transferring funds, and pink slips

Postby moggieman » Sun May 19, 2019 8:08 pm

Transferwise offer better rates and never use your U.K bank as rates are low.

filippos
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Re: Transferring funds, and pink slips

Postby filippos » Sun May 19, 2019 10:38 pm

moggieman wrote:Transferwise offer better rates and never use your U.K bank as rates are low.

The same with CurrencyFair. Better rates than UK banks and to transfer Euros the charge is €3.00. Our bank here (Piraeus) charges €4.00 to receive the money. Set up the transfer early in the day and the transfer is usually completed within 24 hours.

In all the time we've been here I've never actually seen a pink slip (of any colour); our accountant arranged them to be sent directly to him. Two years ago he simply asked me to tell him what funds we had transferred and last year he didn't even ask for that.

Bluebird
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Re: Transferring funds, and pink slips

Postby Bluebird » Mon May 20, 2019 12:12 am

Thanks everyone for your advice. I'll see if I can reactivate my moneycorp account, and maybe shop around for the best rates :D

Houmeri91
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Re: Transferring funds, and pink slips

Postby Houmeri91 » Mon May 20, 2019 7:26 am

I used to used to use Smart Currency but now use Transferwise as well so easy and quick and excellent rates . Compared a transfer with one with my bank who were offering free transfers now and for a £1000 with Transferwise got an extra 30 euro so was a no contest and if I do in the morning money is in my Greek Account same day .

Bluebird
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Re: Transferring funds, and pink slips

Postby Bluebird » Mon May 20, 2019 9:51 am

Houmeri91 wrote:I used to used to use Smart Currency but now use Transferwise as well so easy and quick and excellent rates . Compared a transfer with one with my bank who were offering free transfers now and for a £1000 with Transferwise got an extra 30 euro so was a no contest and if I do in the morning money is in my Greek Account same day .



Very helpful, thank you!

bobscott
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Re: Transferring funds, and pink slips

Postby bobscott » Mon May 20, 2019 12:18 pm

We use Currency Fair who as Philipos says only charge €3 whatever the amount. Our Alpha Bank takes the same for importing the money and that's it. We are not tax resident here, and it is some years since our accountant asked anything about how much, or when we transferred from the UK. Don't have to show P60 or anything like that. Long may it last. Bob.
Yesterday today was tomorrow. Don't dilly dally!

peebee
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Re: Transferring funds, and pink slips

Postby peebee » Mon May 20, 2019 4:24 pm

bobscott wrote:We are not tax resident here, and it is some years since our accountant asked anything about how much, or when we transferred from the UK. Bob.

Hmmm strange, we are not tax resident here either, but our accountant always wants the `pinks' when he does our tax return.

Tim
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Re: Transferring funds, and pink slips

Postby Tim » Mon May 20, 2019 4:47 pm

peebee wrote:
bobscott wrote:We are not tax resident here, and it is some years since our accountant asked anything about how much, or when we transferred from the UK. Bob.

Hmmm strange, we are not tax resident here either, but our accountant always wants the `pinks' when he does our tax return.


Yes, me too. There is a box on the return headed ΑΝΑΛΥΣΗ ΚΟΚΔΙΚΟΝ-ΠΟΣΟΝ where this information is recorded along with my car reg number.

Tim

Kathleen
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Re: Transferring funds, and pink slips

Postby Kathleen » Tue May 21, 2019 6:03 am

I too have always obtained 'pink slips'(one sheet on white paper) from my bank who now also require the a copy of the TransferWise transaction document(s) before they will issue it, to enable my accountant to complete my tax returns.

Knowing the way the regulations change here I have also continued to transfer in around the old Greek 'guidance' levels (£4-5000 a year) as far as funds are concerned. The money has been spent on living costs and also the upkeep of my house and car. I have never kept a large balance in the account, and only sufficient to cover direct debit amounts over the winter period when I spend less time here.

Kathleen

Kilkis
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Re: Transferring funds, and pink slips

Postby Kilkis » Thu May 23, 2019 11:11 am

I'm not sure what the latest situation is on "pink slips". I am tax resident so they are not relevant to me. I will make a couple of comments, however.

First you need to understand why pink slips were used. Greece operates a system of presumed/imputed income. In the UK HMRC will sometimes look at a person's lifestyle and compare it with his declared income and if the former seems lavish given the income they might investigate further. It is all a bit arbitrary. In Greece this has been formalised such that certain assets mean you must have a certain income. You own a house of A sqm means you have an income of €X. You own a car with an engine of B cc means you must have an income of €Y. You own a boat C m long means you have an income of €Z and so on. Your presumed income is then €(X + Y + Z). If you declare an income more than the presumed income you are taxed on your declared income. If you declare an income less than your presumed income you are taxed on your presumed income. This system used to apply to everybody and so ex-pats, who had no income in Greece, had to demonstrate that they brought an amount of money each year into Greece at least equal to their presumed income. If they didn't they could be made to pay tax on their presumed income. This is an extract from a general email sent by my accountant to all his clients in July 2010 that illustrates the point:

    Please note that the cost of living means that one (or a family) needs to prove that one has either earned in Greece the money or brought that money from abroad (only via bank transfers. Withdrawals from Cash Points direct from a bank, or cash deposits to a Greek bank account are not included) during that last or the previous years. If you cannot prove that, now you are going to be taxed at 5% or 18% or 24% for the rest of the living cost. So it is important to have an account with a bank located in Greece, transfer money to that every year (so that “white or pink slips" will be produced), and withdraw money from that account however you wish. In case that the house or the car is joined, it is very important the bank account also be joined.

Between 2010 and 2013 there were massive changes to the Greek tax code. I think at one point they issued 2,000 pages of new tax regulations in a few months some of it incomplete. The following is an extract from an email sent to all clients in August 2011:

    Since 1/1/2011 according the new tax changes the individuals are classified in 3 types:

    Type A: individuals that spend less than 183 days in Greece.

    Since 1/1/2011, the rules that concern the imputed income are not applied to the individuals that spend less than 183 days in Greece with the precondition that they don’t have any income produced in Greece (neither hidden income). So there are no liable to transfer a certain amount of money in order to cover the cost of living.

    The tax office will require some evidences that have to be companied the submission of your tax return each year. When the tax office will issue instructions related with what kind of evidence are required in order an individual proves how long he spends in Greece, we will send you an email.

So the presumed income is no longer applicable to people who are not tax resident, so pink slips are irrelevant, BUT the tax authority will want something but he didn't know what. I didn't pay much attention, since I am not in Type A but I can't find any reference to what the tax authority does now require. It looks like some people are being asked to produce pink slips by their accountants and some aren't. NfG. Collecting them cannot do any harm while not collecting them might so I would advise collecting them.

Warwick

Clio
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Re: Transferring funds, and pink slips

Postby Clio » Thu May 23, 2019 2:06 pm

It must. be at least ten years since our helpful accountant, at my husband's insistence, brought a successful
test case with Rethymno Eforia, as a result of which they agreed to accept proof of ATM withdrawals as proof of income.. I think they must have asked for something a bit more substantial than the withdrawal slips, because he used to submit photocopies of our English bank statements with ATM withdrawals underlined in red.

bobscott
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Re: Transferring funds, and pink slips

Postby bobscott » Thu May 23, 2019 2:06 pm

I used to give my accountant a summary of incoming funds but eventually that was not required. Point taken about collecting Pink slips, but if needed I guess I can get the bank to supply the details. Bob.
Yesterday today was tomorrow. Don't dilly dally!


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