Greek banks and loans for foreigners in Greece after the debt crisis
Four systemic banks dominate Greek lending: National Bank of Greece, Eurobank, Piraeus Bank and Alpha Bank. After years of restructuring and bad-loan sales, they returned to growth, but their mortgage criteria for borrowers without Greek income remain conservative.
The largest banks are supervised directly by the European Central Bank within the Single Supervisory Mechanism, while the Bank of Greece supervises smaller credit institutions, payment firms and credit servicers. Investment firms fall under the Hellenic Capital Market Commission.
First requirement: the AFM tax number
Nothing financial, including a loan for foreigners in Greece, happens without an AFM, the tax identification number issued by the Independent Authority for Public Revenue. Non-residents can obtain one through a tax office or a Greek lawyer acting under power of attorney, often with a tax representative appointed.
With the AFM, foreign borrowers in Greece can open a Greek bank account, sign a property contract before a notary and apply for credit, which makes the AFM the first step of any loan for foreigners in Greece. Banks also query Tiresias, the interbank credit database, so Greek arrears or bounced cheques from earlier years can resurface.
Bank accounts for residents and non-residents
Residents with a Greek address and AMKA social-security number generally open accounts in a single visit. Non-residents may need to attend in person, explain why they need a Greek account and provide proof of address and income from their home country.
Eurobank and other banks run dedicated desks for international customers, partly to serve golden visa applicants who must pay through Greek accounts. Expect detailed source-of-funds questions for any large transfer, especially from outside the European Union.
Consumer loans and car finance
Unsecured consumer loans are mainly available to borrowers who receive salary or pension into a Greek account. Banks look at declared income on Greek tax returns, so newcomers with no Greek filing history usually wait at least a year before qualifying.
Car finance is offered through banks and captive finance companies of car manufacturers, often with promotional rates on new vehicles. Leasing is used mostly by companies and self-employed professionals, who can deduct lease costs under Greek tax rules.
Mortgage for foreigners in Greece: foreign buyers and the banks
Greek banks do grant mortgages as loans for non-residents in Greece, typically at lower loan-to-value ratios than for residents, often around half to two thirds of the valuation. They assess foreign income through tax returns, employer letters and statements, frequently with certified Greek translations.
Euro-denominated income is easiest to accept. Applicants paid in pounds, dollars or other currencies face stress tests on the exchange rate, and some banks will lend only if the borrower also holds a significant deposit or other assets with the bank.
The golden visa and its finance angle
Greece's residence-by-investment programme was tightened in 2024. The minimum property investment rose to EUR 800,000 in Attica, Thessaloniki, Mykonos, Santorini and larger islands, and to EUR 400,000 elsewhere, generally for a single property of at least 120 square metres.
A EUR 250,000 route remains for converting commercial buildings into homes or restoring listed buildings. Later amendments also restricted short-term letting of golden visa homes, so loan plans built on holiday-rental income need checking against current law.
Costs and paperwork for a Greek purchase
| Item | Usual amount or document | What foreign buyers should know |
|---|---|---|
| Property transfer tax | Around 3 % of the taxable value | New buildings may instead carry VAT; check status |
| Notary | Percentage-based fee on the price | Contracts are signed before a Greek notary |
| Lawyer | Fee agreed in advance, often a percentage | Performs title checks at the land registry or cadastre |
| Engineer certificate | Confirms no unauthorised construction | Illegal additions can block a sale or loan |
| AFM and account | Tax number, Greek IBAN | Needed for payment and golden visa evidence |
| Income evidence | Tax returns, payslips, statements | Certified translations frequently requested |
Business lending and private banking
Foreign entrepreneurs registering a Greek company can access bank credit and programmes from the Hellenic Development Bank, which guarantees or co-finances loans through partner banks. Recovery and Resilience Facility loans have also been channelled through Greek banks for eligible investment projects.
Private banking units of the Greek banks and foreign wealth managers serve clients with larger deposits, offering lending against securities. Shipping families historically used this channel, and similar structures are available to wealthy foreign residents who bring documented assets.
Steps to get a loan for foreigners in Greece
Greek procedures for a Greece loan for foreigners involve several professionals and public registries, so sequencing helps. The following order fits most foreign borrowers in Greece buying a home, with small adjustments for golden visa purchases and for buyers who are already resident.
- Obtain an AFM and, if non-resident, appoint a tax representative.
- Open a Greek bank account and transfer documented funds from abroad.
- Instruct an independent lawyer and an engineer to check title and planning status.
- Request mortgage pre-approval and compare APRs between at least two banks.
- Sign the purchase before a notary once loan approval is in writing.
- Register the deed and the bank's mortgage prenotation with the land registry or cadastre.
Red flags specific to Greece
Fraud in Greece often mixes property and credit. The list below highlights warning signs reported by Greek authorities and consumer groups, from fake rental listings to loan offers aimed at buyers hurrying to meet golden visa deadlines.
- An agent promising a Greek bank mortgage in exchange for an arrangement fee paid upfront to a personal account is a classic advance-fee scheme.
- Paying a deposit before your lawyer has checked the title and cadastre entries.
- Buying a property with unregistered extensions that a bank later refuses to accept as collateral.
- Assuming a golden visa home can be let on short-term platforms without checking the latest rules.
- Ignoring calls from credit servicers about old Greek debts sold by banks.
Interest rates and loan types
Greek mortgages follow euro-area rates, with variable loans linked to Euribor and fixed periods growing in popularity. The European Central Bank cut its deposit rate to 2.00 % in June 2025; compare spreads and fixed-rate offers, which differ markedly between banks.
Complaints and alternative dispute resolution
Customers should first file a written complaint with the bank. If unresolved, the Hellenic Financial Ombudsman offers free alternative dispute resolution, and complaints about credit servicers or supervisory issues can be addressed to the Bank of Greece.
FAQ about borrowing in Greece
These answers address recurring questions from foreigners. Golden visa amounts and tax rules have changed several times since 2023, so verify the latest legislation with a Greek lawyer before signing any contract or loan agreement.
Can a golden visa property be bought with a Greek mortgage?
Programme rules focus on the investment amount and documented foreign funds. Some buyers combine own funds with credit, but the conditions are technical. Ask a lawyer to confirm how financing affects eligibility before relying on a loan.
Do Greek banks lend to retirees moving to Greece?
Yes, if the pension is stable and the loan ends within the bank's maximum age, often in the seventies. Pensions paid from abroad are accepted when they arrive regularly into a Greek account and are declared to Greek tax authorities.
Is a Greek tax return needed for a loan?
Residents usually must provide their recent Greek tax returns and income statements. Non-residents provide home-country returns instead, but many banks still want an AFM and sometimes a Greek filing, especially when the property generates rental income in Greece.
How long does a Greek mortgage take?
From first application to final signing, six to ten weeks is common for Greek banks when documents are complete. Delays usually come from title irregularities, missing engineer certificates or translations, rather than from the credit decision itself.
Specialised guides for this country
Private lenders offering this loan
- Alpha Bank — Major Greek bank with a dedicated mortgage loan for foreigners buying property in Greece, alongside consumer loans for its retail customers.
- Eurobank — Leading Greek bank whose international customers unit offers housing loans to foreign buyers of Greek property, with brochures in several languages.
- Piraeus Bank — Large Greek banking group whose housing loans include options for borrowers earning income in foreign currency, relevant to non-resident and expat buyers.
Useful organisations and resources
- Eurobank – international customers — Greek bank page describing accounts and services offered to international and non-resident customers.
- A Place in the Sun – getting a mortgage in Greece — Overseas property publisher's guide to Greek mortgages, deposits and documents for foreign buyers.
- IFC Review – Greece golden visa and residency programmes — Professional journal article outlining Greece's golden visa and other residence routes for investors.
Official and legal references
- EY – Greece amendments for golden visa applicants — Tax alert summarising Greek legislative amendments affecting golden visa investors and digital nomad residence permits.
- European Banking Authority – national registers and complaint authorities — EBA overview of national authorities, including Greece, handling complaints about credit servicers of sold loans.