Deposits in a joint account pass automatically to the surviving co-holders and are exempt from Greek inheritance tax, except for accounts in non-cooperative jurisdictions or in states that do not exchange tax information with Greece; the survivors must notify the tax authority of the balances within fifteen days of learning of the death. Assets in the deceased's sole name deposited with banks and other financial institutions form part of the estate: the inheritance tax attributable to them must be paid before they are withdrawn and the tax authority's certificate is issued.
Joint accounts
Under the Property Tax Code, a bank deposit in euro or foreign currency in the name of two or more holders jointly, and joint accounts in other financial products in Greece or abroad, pass automatically on the death of one holder to the surviving co-holders and are exempt from inheritance tax, whatever the co-holders' residence. The exemption does not apply to accounts held in non-cooperative jurisdictions, or in states that do not apply administrative cooperation or the automatic exchange of financial account information with Greece.
Two duties apply. Before any withdrawal from a joint account, the person withdrawing must confirm by solemn declaration whether the other co-holders are alive. And, after the death of a co-holder, the survivors must within fifteen days notify the tax authority of their residence and of the amounts held on the day of death.
Accounts in the deceased's sole name
These belong to the estate and are distributed according to the will or the intestacy rules. For securities and other movables deposited with financial institutions, the inheritance tax attributable to them must be paid before they are withdrawn and the tax authority's certificate is issued. Where the remaining estate does not secure the rest of the heir's tax, the full tax on the heir's share may have to be paid first, unless security is given.
What banks usually ask for
Requirements vary from bank to bank; the list below reflects common practice, not a statutory list.
- death certificate and proof of who the heirs are: a certificate of closest relatives, a published will, or a certificate of inheritance; from another EU state, a European Certificate of Succession;
- the heirs' Greek tax numbers;
- proof that the inheritance tax return has been filed and the tax certificate issued;
- where an heir acts through someone else, a notarial power of attorney.
Safe deposit boxes
Contents of jointly rented safe deposit boxes are presumed, for tax purposes, to belong to the co-renters in equal shares. When a safe or sealed items belonging to an estate are opened or inventoried, a tax official attends, and the tax authority must be notified in advance.
Questions clients ask
Can a bank pay the heirs on a European Certificate of Succession?
Yes. Under the EU Succession Regulation, a person who pays someone named in the Certificate as entitled is protected, unless he knew the Certificate was inaccurate or was grossly negligent.
Is the whole joint account taxed if one holder dies?
No. Joint deposits passing to the surviving co-holders are exempt, subject to the exception for accounts in non-cooperative jurisdictions or in states that do not exchange tax information with Greece.
Sources
- Κώδικας Φορολογίας Περιουσίας, ν. 5219/2025 (ΦΕΚ Α' 130/18.07.2025), άρθρ. 69, 75, 87, 102, 108, 109, 110
- Κανονισμός (ΕΕ) 650/2012, άρθρ. 69
This page is general information, not legal advice; the answer in any real case depends on its facts and dates.
L+A advises families, business owners and heirs living abroad on inheritance and succession in Greece.
