![\"056_MG_4466\"](\"http:\/\/gktizein.gr\/blog\/wp-content\/uploads\/2016\/10\/056_MG_4466.jpg\")
<\/a>The majority of revenues of Greek<\/strong> luxury real estate transactions acquired by foreign nationals remain in banks outside of Greece, sources have reported.<\/p>\nIn fact, many of the Greek sellers are even prepared to travel abroad<\/strong> in order to close contracts and open foreign bank accounts where they then deposit their profits. A major motivation for sellers opening bank accounts when dealing with the luxury real estate market and foreign buyers is to avoid capital controls imposed on Greek banks.<\/p>\n Unfortunately\u00a0that means that the money spent on luxury Greek properties by foreigners never enters the Greek credit system<\/em> and only some of it enters the Greek economy<\/span>, but is impossible to track back to its original origin.<\/p>\n After the imposition of the capital controls [at end-June 2015], the cases of sellers requesting that money be deposited abroad have multiplied<\/strong>. Of course such transactions are entirely legitimate and taxed in Greece, but the revenues remain in other countries.<\/p>\n