Buying property in Greece
There are no restrictions on citizens of European Union on purchasing or selling property in Greece.
In order to purchase your property in Greece you will need to appoint:
1)A Solicitor. Always recommended. Buyers should always retain an attorney to conduct a proper and thorough title check (at least for a period of 20 years in the past). The lawyer representing the buyer carries out this search with the land registry office. The sale can be completed only if the lawyer finds the property has a clean title. He is going to be your legal representative during the buying process and after. It s possible also, on your request, to hold a power of attorney and take care of your issues and payments, without your presence if necessary.
2)A Notary officer. The Notary is an independent public official entitled to be involved in the sale, overseeing its probity, checking the deeds and both parties right to sell and buy.
3) You will need to get a (AFM) number from the Tax Office.
All buyers, including foreigners and permanent residents abroad, must have a Greek tax roll number (AFM). It is free and issued on the spot. Greeks and EU citizens must show their ID card. Foreigners living in Greece are required to present their passport or another valid document of identification and their residence permit in order to apply for this number. Greeks and foreigners who permanently reside abroad can also apply for an AFM. This informs the authorities of your tax position as a property owner.
Notice that, it is common practice in Greece to declare on the contract as the selling price, a minimum amount, according to the official price estimated by the Tax Company. Not the real commercial value of the property which in most of the cases is very different. All taxes and expenses on the property are calculated according to the declared amount. Nobody will refuse of course, to declare the whole amount, if you ask to.
As soon as the suitable property and price has been agreed, then both the seller and the buyer, together with their solicitors, have only to sign the contract in the presence of the local public Notary Officer. Buyers who do not live in Greece may complete the sale through proxy.
Purchase may be done by cash or bank loan. In order to get a loan to finance the purchase, you will need to provide a P60 form or an Income Tax Return form from the country of residence.
Council taxes are included in the water and electricity bills. The payments are estimated according to the periodical consuming and the size of the property.(As an example, for the author’s apartment which is over 110sq.m. , for a period of six months, the water and waste water bill was 60 euros. The electricity bill was quite similar).
Citizens of third countries (non E.U.) will need permission to purchase a property in Greece.In these cases, non-EU citizens must apply to the council of the local prefecture. It is a standard procedure which requires the assistance of a solicitor, but in general, it is quite easy to complete, regarding always to the purchasers personal information and country of origin.We are able to offer assistance with this procedure.
We will welcome you at the airport and escort you to your hotel. We will assist you, not only to select your ideal property by searching intensively for the best properties showing you at the same time the beauties and the amenities of the area, but also through the rest of the procedure recommending on request, English speaking Solicitor, Financial Advisor and Notary Officer. We are able to advise and help you with the Tax office and the Banking Loan if necessary and the most important to make your purchase overseas a pleasant and safe experience.
If you are looking to selling property in Greece and want to stop repossession of your house, then we can also help.
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We also help people release equity from their properties.