Steps in buying a property in Greece
Anyone can buy property in Greece. It is easier for EU citizens to buy property in Greece. Non-EU citizens may need to prove their ties to Greece and their intention to use the property. On the other hand, non-EU citizens can obtain a Golden Visa. Note: Our office can arrange the entire process without your presence, except for opening a bank account. Buying a house in Greece for EU or non-EU citizens
1. Open a bank account
2. Apply for a tax registration number (AFM).
3. Hire a lawyer
4. Pay fees (notary fees, stamp fees, registration fees)
5. Approve the transaction at the notary public
6. Register the property at the local land registry
Tax ID
Purchasing a property in Greece requires a Tax ID (AFM), which is issued by the local tax office. We usually do this for you on the same day. To obtain a Tax ID, you must bring your Greek registration card or residence permit. Together with the Tax ID, you will receive from the tax office an access code to the national online tax system called “TAXIS”. All buyers must register, regardless of whether the property is for residential purposes or as an investment/rental property. The Greek government levies an annual residential property tax (ENFIA), which is calculated on this basis and must be declared in your tax return. Therefore, all property owners must be registered as taxpayers and have a Greek bank account.
Opening a bank account
The buyer must open a Greek bank account. All funds required for the purchase are transferred into this account. You must be here in person. To open a bank account you must bring your passport and tax number. Many banks require additional documents such as: proof of address (e.g. a recent utility bill), an employment contract or a reference from your previous bank.
Involvement of our lawyers is highly recommended.
It is recommended to hire a local real estate agent and lawyer to assist you through the various steps of the buying process. We also hire engineers to determine the age and condition of the property and to identify any specific zoning regulations. There are many properties in Greece that require maintenance. Therefore, it is always a good idea to inspect the property in advance and make sure everything is in good working order. In addition, hiring a lawyer and notary is a must. If you are not fluent in Greek, we speak your language.
Costs of buying a property in Greece
There are a number of costs involved in buying a property in Greece. This includes the fees of the real estate agent, lawyer, notary and appraiser, as well as the deposit. By paying a small deposit, you reserve the property with the seller and confirm that you will purchase it. You will then receive a preliminary contract. Please note that paying a deposit does not constitute a legal guarantee of the sale. Once all relevant documents have been approved, the notary can complete the transfer of ownership.
Real Estate Transfer Tax (Law 1587/1950) in Greece
When you buy a house in Greece, you become subject to taxation. There are two types of the real estate tax. The first one is the transfer tax or tax on the acquisition. Each transfer of real estate, which is not subject to VAT, is subject to real estate transfer tax. The real estate transfer tax is imposed at a rate of 3% on the taxable value of the property. Moreover, on the amount of main transfer tax is imposed an extra tax of 3% in favour of municipalities and communities.