Greece to ban cash rent payments starting October 1

Starting October 1, cash payments for rent in Greece will be prohibited, as all rental transactions must be conducted exclusively through the banking system. This regulation follows a six-month extension granted by the Ministry of National Economy and Finance to allow for technical adjustments and system integration with the Independent Authority for Public Revenue (AADE) and the new Real Estate Ownership and Management Registry (MIDA).

Renters must pay via e-banking, bank deposit, or standing order. A bank receipt will serve as the sole legal proof of payment, and cash transactions will no longer be recognized as valid settlements. Renters are required to declare the landlord's IBAN through AADE procedures. The account must be in the landlord's name, or in the case of joint accounts, the renter must be listed as the primary beneficiary.

Non-compliance carries penalties for both parties. Landlords who fail to prove electronic payments may lose tax benefits, such as the 5% income tax deduction on rental earnings. Renters who do not use electronic methods risk losing rights to state subsidies or refunds that require electronic transaction records.