[REVISION HISTORY]

IRIS instant payment service developments in Greece

Updated 1 time since CLSTR started tracking revisions of this situation.

What changed

2026-08-10 09:09 UTC → 2026-08-11 07:11 UTC · added ~~removed~~

The IRIS instant payment service in Greece has seen increased integration into the banking sector and subsequent scrutiny regarding tax regulations. Initially, financial institutions began enhancing the service's utility, such as Piraeus Bank introducing a rewards program for customers using IRIS via QR codes at physical points of sale. As usage of the service expanded, focus shifted to the tax implications of these instant transfers. The Independent Authority for Public Revenue (AADE) monitors transactions to differentiate between routine living expenses and taxable donations. Experts have advised users that while transfers for daily costs—such as rent or tuition for dependents under 25—do not require specific donation declarations, transfers intended for asset accumulation or loan repayments may be classified as taxable donations requiring formal documentation. Recent developments highlight specific thresholds and tax rates for different recipient categories. For first-degree relatives, such as spouses, children, and grandparents, there is a tax-free threshold of €800,000 for donations or parental provisions made through the banking system. However, transfers intended for wealth accumulation, such as purchasing real estate, vehicles, or making investments, may require formal declaration via the myProperty platform. Tax rates vary significantly by relationship: second-degree relatives, such as siblings, face a 20% tax rate from the first euro, while transfers between friends or non-relatives can be taxed at 40%. To avoid being flagged for undeclared income or undocumented donations, experts emphasize that users should avoid vague or humorous descriptions in transaction notes to ensure proper documentation during potential audits.

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