What I need to know about buying a Property in Greece!

The first step is, of course, the choice of the property through a lawful real estate agency according to the preferences, the destination of its use and the budget of the prospective buyer. Thereafter, the foreign buyer should designate as a representative of, a lawyer or an accountant who will coordinate and study the specific actions.

It is always necessary to check the property in the National Cadastre or in the Land Registry in order to establish that there is no burden on the landlord to buy property. Checks are also made for any debts to the Municipality or the Tax Office. The audit should include a check by a mechanic on whether there are arbitrary constructions on the property. The settlement of those arbitrariness and the cost for this is done by the seller unless otherwise agreed.

A bank account is then opened in a Greek bank, and a VAT number is issued by the local tax office. The opening of an account, although not explicitly defined by law as a liability, is deemed necessary for practical reasons, for example, for the payment of the transfer tax and the electricity and water bills. Particular attention and consultation with the accountant is needed here because interest on deposits (even € 0.01) is a real income and an obligation to submit an annual income tax statement is created.

Once all the above has been done, the buyer is ready to sign through a notary either a pre-contractual agreement or the final contract with which the property comes into his ownership. We note that during the signing process of the final contract and if the value of the property is more than eighty thousand Euros, is required by law the presence of a lawyer, who may also take over the issue of bank checks to pay the transfer tax, the notary, and the cost of transcription in the National Cadastre or Land Registry.

Then with the purchase contract, the accountant - tax consultant undertakes, after activating the buyer's electronic tab in the tax system, the registration of the property in the electronic platform of properties. The annual property tax is usually issued in August, and the accountant is responsible for informing the taxpayer of his debts and payment method.

There is also the possibility of issuing a residence permit in Greece by citizens outside the European Union with a validity of five years, the gold visas program as is known, with requirement the value of the  property over two hundred and fifty thousand Euros.

The owner of the property in Greece now has a property in a popular tourist destination and he can take advantage of his residence, in consultation with his accountant for the procedures, by renting it to visitors who come to stay in our country, gaining an extra income or even for his own exploitation.

General expenses for the buyer!!!

Total for a notary, mortgage and brokerage fee costs about 6-7% of the value of the property.

The transfer tax is again calculated on the basis of the value of the property, amounts to 3%.

The cost of the services of the engineer, the accountant and the lawyer depend on the complexity of the work that will need to be taken.