Joint bank accounts and inheritance in Greece
Joint accounts are a common and tax-efficient way of passing cash on death in Greece – but only if the account is set up correctly, and the forced share may still bite.
The survivorship clause
Under Law 5638/1932, when a joint account holder dies the balance does not form part of his or her estate but accrues to the surviving holders, free of inheritance tax, provided the account was opened with the survivorship term of Article 2 of that law (the so-called ‘joint account No 2’). The exemption does not extend to the heirs of the last surviving holder. Without that term, the balance follows the internal relationship between the holders: the heirs may claim from the survivor the amounts proven to have been deposited by the deceased, on the basis of that internal relationship rather than of any inheritance right.
The forced share
If the deceased placed the funds in the joint account by way of gift – inter vivos or mortis causa (Articles 1998–2000 of the Civil Code) – the value is added to the estate for the purpose of calculating the forced share of descendants, parents or spouse. Where the estate is insufficient to satisfy that share, the forced heir has a monetary claim against the surviving account holder for the shortfall, the recipient of a gift mortis causa being liable in the first place (Articles 1827 and 1830). The claim is time-barred three years after the death.
Practical points
Clients should check that existing joint accounts carry the survivorship term and that the intended beneficiary is actually a named holder. For non-residents, the interaction with the inheritance tax rules of their home country, and with Greek bank compliance procedures on death, should be considered in advance.
How we can help
We advise on the succession and tax treatment of Greek bank accounts and on the release of funds to heirs resident abroad.
Updated October 2026. This article reflects Law 5303/2026, applicable to successions opening on or after 16 September 2026, and is for general information only; it does not constitute legal advice.
* The information is accurate to the best of our knowledge as at the time of writing. We have no obligation to update it. We accept no responsibility against any third party who is not a client of the firm and has not signed the terms of our engagement.