Greece : Capital controls and Escrow.com domain transactions

As a Greek investor and entrepreneur, a good portion of my domain portfolio is focused on Greek brands, names and geodomains.

It’s not easy to relay the true essence of the Greek society and entrepreneurship, without it being distorted by the media.

One thing is certain: there is plenty of capital in Greece, and a huge investment potential is awaiting.

Entrepreneurs fight back the government-created obstacles that stifle the economy, seeking ways to expand outside of Greece. Many Greek corporations move to other European countries where red tape is considerably less.

Capital controls in Greece have harmed the ability of consumers to freely allocate capital and to make purchases; there is plenty of capital in Greece but no way to spend it outside of the country.

In September, Konstantinos of OnlineDomain, posted his experience with Greek banks and how Escrow.com assisted with the issues he faced.

I can now attest to the fact that nothing much has changed: Greek banks allow up to 500 EUR per transaction, per month, to be transferred abroad.

Meanwhile, the Greek economy is improving, and entrepreneurs want to invest in their business, which includes the acquisition of domain names.

Limits on spending make this process almost impossible. In a recently completed transaction, I felt the frustration of the buyer, who was limited by the decisions made by the bankers over her own money.

Once again Escrow.com came to the rescue, allowing the funds to be deposited by the domain buyer’s associate in the US. This type of flexibility is what makes Escrow.com great, even when it seems impossible.

The transaction took three weeks to complete and required plenty of hand-holding, as I was dealing with a person unfamiliar with the fine details of domain acquisitions. The sale took place via Domain Name Sales, raising my total domain sales to Greek entrepreneurs to mid five figures.

Eventually, the capital controls will be removed and hopefully more straightforward sales will occur. From the ashes of an economic depression, entrepreneurship and capital flow will once again rejuvenate the Greek economy.