July 10, 2013 | No Comments
The Company assists and guides our customers throughout all the steps of buying their dream property in Greece; from the first step of choosing the right property, according to their needs and their budget, to the final step of buying the property and applying for their residence permit in Greece.
The exact procedure of buying a property in Greece may differ depending on the customer and the property. In general the following steps are to be followed:
- Choose a Property
- Travel to Greece with Schengen Visa to see the property
- Confirm the Property
- Pay a reservation fee to reserve the property for a certain period
- Appoint & authorize a Lawyer. The lawyer verifies the Legal Documents and Title deeds, drafts the contract in co-operation with the notary public and represents the customer on the purchase contract. The customers can appoint and authorize the lawyer to act as a proxy and perform certain tasks on behalf of them. Our company can introduce an experience lawyer to our customers to assist them with the purchase process and handle their Residence Permit after they purchase the property.
- Sign The Pre-Sale Contract Agreement and pay an initial deposit.
- Issue a Tax Registration Number (AFM) at the Internal Revenue Service (Tax Office). The AFM is the Greek VAT number and required by the Greek Tax Authorities. Is unique to each individual and It is used for purchasing a property, opening a bank account, buying a car and many other transactions.
- Open Personal Bank Account in Greece.
- Return to Home Country and Apply for National D-Visa
- Send to the Lawyer the necessary documents for the Residence permit Application
- Transfer all the required funds in Euro currency to the personal Bank Account in Greece.
- Pay the Property Transfer Tax or the VAT (where applicable) at the Tax Office.
- Pay the Municipal Tax for the property + VAT
- Sign the Final purchase Contract in the Presence of a Notary Public. According to the Greek law the contract is signed by the buyer and the seller in the presence of the notary public, the seller’s Lawyer and the buyer’s lawyer. The notary public does not represent the interests of the Buyer.The Notary Public is a public officer in the presence of whom the contract is read, understood by both parties and signed. The notary drafts the contract and is responsible for the verification and registration of the transaction in the registry of mortgages so that the buyer acquires the official title deed of the property. During the signing of the contract, the customers may request an official translator who will explain to them in their language the contract and all the legal terms.
- Pay Seller for the Property (excluding the deposit)
- Pay the Notary Public and Lawyer Fees for the property transfer.
- Pay the Fee to register the Property Transfer at the Local Registry of Mortgages / Land Registry.
- Obtain a Certificate of Ownership (Title Deed). The Lawyer Registers the Property Transfer at the Local Registry of Mortgages . In less than a week the lawyer obtains a Certificate of Ownership from the Local Registry of Mortgages / Land registry
- Apply for Residence Permit in Greece (if applicable). After obtaining the certificate of ownership and pay for the property, Non-EU property owners and their families can apply for a 5 years residence permit in Greece with a possibility to renew every 5 years for the same duration as long as they keep the property under their possession.
- Obtain the residence permit in two months
NON EU customers who interested in the residence permit program in Greece should invest at least 250.000 € in real estate; this is the minimum price set by the Law to apply for residence permit in Greece. The Contract Price excludes excludes all fees and taxes.
Lawyer’s Fees apply only for the Lawyer to represent the client on the contract; additional fees apply upon agreement for extra legal services and advises, such. searching property title, residence permit application, authorizing Lawyer(power of attorney) etc.
VAT or Transfer Tax. VAT is paid for the New constructed properties with a building permit after January 2006. Transfer Tax is paid for properties with a building permit before the year 2006.
VAT: 24 % on the Contract price (if applicable).
Transfer Tax: ~3 % on the Contract Price (if applicable)
Contract Expenses and Fees
- Title registration at the Registry of Mortgages/ Land Registry: ~0.5 % on the Contract Price + VAT
- Local Municipal Tax: ~3% on the Property Tax paid on the Property Transfer
- Notary Public: ~ 1% on the contract Price + VAT
- Lawyer Fees for signing the contract: ~ 1% on the contract price + VAT
- Lawyer’s fees for searching and verifying the Property Title: ~ 650 € + VAT
- Fees for documents’ translations into customer’s own language:
- Interpreter’s Fees for Interpreting service on the contract
- Additional Lawyer’s Fees for additional legal services, assigned tasks, authorizations, and handling the Residence Permit Application.