FAQ

These are some of the frequently asked questions about

 

If you are an EU citizen the process is the same as for a Greek National however you do not need to be an EU citizen to purchase a property.
As a Non – EU citizen restrictions do apply in the border areas such as Rhodes, Crete, Dodecanese islands, Eastern Aegean and some regions in Northern Greece. It will be necessary to make an application to the Greek ministry of defense for a permit to purchase a property in these areas; however it is not a difficult procedure you will need to submit certain documents for the application this can be done in person or if you have given power of attorney to your lawyer he/she can submit the application on your behalf.
The process is uncomplicated. Once you have found your dream property and you have made an offer which has been accepted and you have an agreement, this would be time to meet with a lawyer, who would explain the process to you and answer any questions that you may have, once your lawyer has conducted the necessary searches into the status of the property and the property is fit for sale then a deposit is payable usually 10% with a pre- agreement, the contract typically takes from 4-6 weeks from deposit.
You will need your passport and a Tax number (AFM)
AFM – the tax number is applied for and issued free of charge on the same day by the tax office.
It is recommended that you have legal representation, a lawyer will conduct the necessary search in the land registry where all the details pertaining to the property is written to ascertain the current status of the property the title of ownership any legal encumbrances such as mortgages or liens rights of way and ensure the property can be legally transferred into your name officially in the land registry she/he will also represent you at the contract if he has power of attorney and sign the contract on your behalf in your absence.
The legal transfer of property from one person to another has to take place in the presence of a notary public who is a government appointed lawyer who will process and certifies all real estate transactions, including the drawing up and reviewing of all of the legal documents to ensure the legal transfer of ownership into the land registry both the buyer and vendor or their legal representatives must be present in the notary office to sign the contract.
The additional costs on top of the purchase price are the Tax, Notary, Estate Agency Fees and Lawyer and amount from 9.5% or approximately 23% with Vat.
Yes it is advisable to hire an accountant early on to explain the taxation laws to you and file your tax returns.
Yes you will need to apply for an EOT license from the Greek tourist organization.