Thousands of Greek taxpayers – individuals and businesses – holding accounts abroad, are coming under intensified scrutiny as Greece activates one of the world’s largest international financial information networks.
Each year, detailed data from more than 120 countries will be transmitted automatically to the Independent Authority for Public Revenue (AADE), covering bank deposits, interest, dividends, investment transactions and joint account holders.
Based on information already received for 2025, AADE carried out extensive cross-checks and identified undeclared foreign income. Taxes totaling €20.7 million were imposed on 12,770 taxpayers.
The new system operates permanently and automatically, without prior requests or notice. Annual data flows will enable immediate comparisons between declared income and foreign account information, significantly improving the accuracy of audits. Authorities note that identification has become easier despite differing tax identification systems across countries.
The initiative falls under the Organization for Economic Cooperation and Development’s common reporting standard, a global framework for the automatic exchange of financial information among participating states.
Holding bank or investment accounts abroad is legal. The key issue is whether income generated, including interest, dividends or capital gains, is properly declared.
In addition, Greece will also receive cryptocurrency investment data from 67 countries, allowing tax authorities to verify whether crypto holdings originate from declared income, in a broader effort to combat tax evasion and money laundering.