Tips to Buy Real Estate Greece

In Greece, any foreigner can buy real estate. Greece doesn’t have any restrictions for foreigners purchasing property. The country will even provide golden visas for property purchases exceeding 250,000 euros. Notwithstanding the country’s ailing economy, Greece remains a desirable tourist paradise and an exotic potential residence. Many foreigners have already purchased their little share of this Mediterranean paradise because of how easy the process is.

One important thing to remember when purchasing Greek real estate ( Greece requires foreigners to hire a specialized lawyer as most of the country does not have land registries. All sales agreements should be in black and white under lawyer supervision for the sake of both seller and buyer. It will be the lawyer’s job to look into the property’s titles, prepare building permits for construction and check if the land is suitable for it.

For foreigners purchasing real estate, Greece also requires a non-resident tax registration number (AFM). Then there’s the required Greek bank account which will serve as the facilitator for the transaction and taxation of the property.

Other requirements in purchasing Greek property include a “deposit” payment which is given upon the promise of sale of the property. This amount however is not a binding agreement. Next is to set a deadline in the signing of the sale agreement which ensures that the process will move along a specific schedule either for the benefit of the buyer or seller. The buyer however needs to provide essential documents required (which may differ from city to city). For non-Greek speakers, it is of course important to have an interpreter (which might also be the lawyer). The transfer of ownership must be done before a notary. Once the property is transferred, the new owner with the lawyer’s assistance must secure what is known as an E9 Declaration within a month of the purchase.

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