Laws, Regulations & Policies

In efforts to boost confidence in the country’s banking system, pave the way for new deposits and allow leeway for business transactions abroad, the Greek government has further relaxed capital controls.

According to a draft law currently being examined at the Greek finance ministry, individuals found renting properties to tourists illegally will be subject to hefty fines.

Tourism, reforms and privatizations are key to bringing Greece back into the game, Greek Central Bank Governor Yannis Stournaras said last week, expressing his optimism that faith is being restored in the Greek economy.

Amid terror attacks, Turkey’s failed coup, Brexit and the refugee crisis, Greek tourism appears to be resilient, Alternate Tourism Minister Elena Kountoura told a press briefing on Wednesday.

Greek Finance Minister Euclid Tsakalotos approved the further relaxation of capital controls last Friday in efforts to efforts to boost confidence in the country’s banking system and pave the way for new deposits.

Greece’s international lenders have indicated that they will go ahead and approve the further relaxation of capital controls imposed on June 28 last year in efforts to boost confidence in the country’s banking system and bring back more than 15 billion euros in “elusive” deposits by the end of the year.

Dozens of hotels across Greece will be “accommodating” a new team of so-called mystery guests on a mission to expose businesses that are tax evading.

All hoteliers in Greece are obliged to prominently display a special “customer information card” in their hotels for guests to see, according to new legislation.

Greek Alternate Tourism Minister Elena Kountoura believes that there is great potential to increase tourist arrivals from China to Greece.

Greek authorities will begin inspecting tourist destinations across Greece and businesses that are known to be in violation of tax law.