Need to obtain €40000 cash in Greece

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Besonders

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Firstly I hope this falls within forum rules. If not I will completely understand if it removed. My dilema is that I have been presented with a golden opportunity to purchase a yacht in Greece for a cash only transaction. I do not intend to go into the reasons for the cash only situation except to say that all is legitimate but due to Greek capital controls the seller does not wish to have his money locked in a bank for an indefinable period. I have the legitimate tax paid funds in sterling in my UK bank account. Any ideas on how I can resolve this issue would be appreciated
 
Talk to a big solicitor or a smaller bank.

They can provide a piece of paper, as good as money, that your vendor can liquidate in London, and over which there will be little or no trouble cross border. The only issue now being ... clean title for the boat.
 
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Fatbeard said:
Talk to a solicitor or a smaller bank.

They can provide a piece of paper, as good as money, that your vendor can liquidate in London, and over which there will be little or no trouble cross border. The only issue now being ... clean title for the boat.
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Thanks for the quick reply, that is an option worth considering but the vendor wants actual cash. There is clean title to this tax paid boat but legal although complicated
 
Any firm of shipping solicitors can do this for you... most of them sail, most of them do business in Greece... there will be a cost but it will be safe and you will be sure of the title and the tax position.

You really, really, do not want to get involved with actual cash crossing borders on aeroplanes etc.

I once had to pay off a gang of Somali pirates. I know what is involved.
 
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Your paperwork could be arranged to give instant electronic access and a waiting account here for the vendor... It depends on how much you pay and what you specify.

The risks of transporting 40K to some unknown vendor seem ... obvious. At least with a good solicitor for each party there would be some mitigation of these risks.

Tell me ... is this boat available to you at a large discount?
 
Replies coming in thick and fast. In answer to some of the questions. Yes the boat is offered at a large discount. Involves a dead man and a power of attorney. Yes solicitors are involved but greek capital controls mean any cash paid into a greek bank can only be liquidat3d at €2,500 per month. The vendor who I have known for some time prefers cash. Quimby a noble offer to store the cash on my behalf but sadly declined
 
Maybe I’ve been living in the Eastern Med too long but if it was me and if I really wanted the boat and I was sure the title was legit then I’d open a bank account in Greece, transfer the money plus around 10% to it and then take the 40k out in cash in Greece and pay the guy. I would however insist on getting a receipt and reasonable proof of address from the seller in case the Greek authorities ask me later about the transaction. I’m assuming none of this would be illegal in Greece but if it is then forget it.
 
Besonders said:
Replies coming in thick and fast. In answer to some of the questions. Yes the boat is offered at a large discount. Involves a dead man and a power of attorney. Yes solicitors are involved but greek capital controls mean any cash paid into a greek bank can only be liquidat3d at €2,500 per month. The vendor who I have known for some time prefers cash. Quimby a noble offer to store the cash on my behalf but sadly declined
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So explain why this isn't illegal?

If you hadn't known the vendor for some time ... ... this sounds very like a common scam here.

When you say known for some time. You do mean - known in physical person? As in you haven't just been chatting on-line for a while. As in you know where he/she lives. As in you've been there for tea. As in you've met their friends / family? As in you've checked their back story on social media etc?

If Quimbly's offer is no good, I got a message from a Nigerian King who needed a bank account to store some money in for a bit. Perhaps he can help.

Technically there appears to be nothing to stop you travelling with the cash from the UK: https://www.gov.uk/foreign-travel-advice/greece

Still has **ALARM BELLS** all over it.
 
ShinyShoe said:
So explain why this isn't illegal?

If you hadn't known the vendor for some time ... ... this sounds very like a common scam here.

When you say known for some time. You do mean - known in physical person? As in you haven't just been chatting on-line for a while. As in you know where he/she lives. As in you've been there for tea. As in you've met their friends / family? As in you've checked their back story on social media etc?

If Quimbly's offer is no good, I got a message from a Nigerian King who needed a bank account to store some money in for a bit. Perhaps he can help.

Technically there appears to be nothing to stop you travelling with the cash from the UK: https://www.gov.uk/foreign-travel-advice/greece

Still has **ALARM BELLS** all over it.
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I have personally known the vendor in a social capacity for several years. I also vaguely knew the deceased. Explain to me why you think this is illegal having of course read all my previous postings on this subject. I am aware that within the EU I can transport up to 100,000 euros although certain countries have maximum limits. Greece has a maximum limit of 40,000 euros. With a 10000 euro declaration limit. The problem arises that firstly I am aware of the obvious risks of carrying that amount of cash and secondly even though I do not need to declare at UK customs you can imagine the questions and disbelief that will inevitably follow when it shows up on the x-ray scanner. UK customs can and will sieze the money for 14 days in order to verify its source and negate money laundering, regardless of its intended use. No doubt the same will apply in greece.
Be assured I am completely satisfied this sale is legitimate and does not involve Nigerians or any other national ities from the African sub continent.
 
Greece has decided to restrict capital transactions from a bank account to EUR5000 / month. Explain why trying to find a way round that to gain access to the money quicker is likely to be legal?

If you were bringing in >£10k in cash - you'd go to UK Customs in advance, fill in a form, explain why. Feels like you should be able to do the same to Greek Customs. BUT it feels like the reason is to get round the rules... so they wont be happy...

Couple of thoughts...

- If someone buys a house in Greece how does that money move?

- If I was selling my dead Husband's boat and £40k was in my bank account and I could only access £5k a month,,.. 8 months later I have my money... Did I really need it sooner?
 
Treat 3 mates to a short break along with yourself and carry 9999 each (not declarable) and make the remainder up from the hole in the wall. If the deal is that good the cost of three flights may be worth it.
 
Many a slip between the cup and the lip.

'Shoes is trying to point out that should you make an attempt to circumvent the local currency rules you could find yourself falling foul of the law. Further, while your actions may seem legal to you, they are hardly 'above board' and therefore will attract attention on the Greek side.

Better to simply deliver funds in the UK. You may find your vendor is well served in this case. Hard currency, eg. unrestricted, and available for dispersal ... anywhere.
 
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I have a Lloyds Euro account in the Channel Islands so why not just open one yourself. Then pay in the 40k into Lloyds in the UK before going into a bank in Greece and arranging to withdraw the money in cash. Presumably you would need to give notice etc. You could do it at a cash machine like I do but as the maximum withdrawal seems to be only around 1k per 24 hours, it's going to take you a long time.

Richard
 
Fatbeard said:
Many a slip between the cup and the lip.

'Shoes is trying to point out that should you make an attempt to circumvent the local currency rules you could find yourself falling foul of the law.

Better to not break them by simply delivering funds in the UK. You may find your vendor is well served in this case. Hard currency, eg. unrestricted, and available for dispersal ... anywhere.
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I take your point and the comments by shiny shoe. However as I said in an earlier post on this thread it is not illegal to not put money in a bank in Greece. Shiny shoe is trying to imply that I am doing something illegal which I am not. Greek capital controls were implemented to prevent a run on the banks yes he could draw out a fixed amount each month but he still has normal monthly expenditure of x amount so he would only realise his money after a considerable period , certainly longer than 8 months.
 
RichardS said:
I have a Lloyds Euro account in the Channel Islands so why not just open one yourself. Then pay in the 40k into Lloyds in the UK before going into a bank in Greece and arranging to withdraw the money in cash. Presumably you would need to give notice etc. You could do it at a cash machine like I do but as the maximum withdrawal seems to be only around 1k per 24 hours, it's going to take you a long time.

Richard
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Richard, I think I need a Greek tax number to open a Greek bank account. I cannot get a Greek tax number as I am neither employed nor reside here. Greek tax numbers are highly prized at the moment as it is a means to show you are resident in Greece post Brexit and potentially eligible to stay here (Yacht charter employees etc)
 
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