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Frequently Asked Questions

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Do I need to appoint a solicitor in Greece?

Yes. Solicitors carry out necessary legal surveys and conduct a property title check; they ensure the property is free of any legal impediments. In addition, solicitors ensure that any property taxes due are paid. We are happy to help in the location of independent professional assistance.

 

Do I need a notary?

Yes. A notary public is a Government-appointed lawyer who processes and certifies all real estate transactions, including drawing up and reviewing all official documents, to ensure the legal transfer of the property.

 

Do I need an accountant?

Yes. We recommend that you appoint an accountant to explain taxation laws and to help you with tax returns (these are compulsory for all property owners in Greece).

 

Do I need a Greek bank account?

Yes. All necessary payments will be made through this account; also to prove that the funds used for the property purchase have come into Greece from another country and are, therefore, not taxable in Greece. Opening a bank account in Greece only takes a few minutes and requires no minimum opening deposit. All you need is your ID or passport and your AFM (see below).

 

Do I need a Tax Registry Number (AFM)?

Yes. This tax number (AFM) is mandatory for all buyers, including foreigners and permanent residents abroad. It is issued on the spot at tax offices, free of charge. All applicants must present their passport and their birth certificate. If you have granted your solicitor full Power of Attorney, he or she can apply for an AFM on your behalf.

 

Do I need a residence permit in order to purchase property in Greece?

No, not at our development locations for EU nationals.

 

Can I purchase property in somebody else’s name?

Yes. You may purchase property jointly with your spouse, in names of children or legal heirs, or with other co-purchasers.

 

Do I have to pay annual property taxes?

That depends on the value of your property. You will have to pay an annual property tax if your property’s tax assessed value exceeds 243.600 euros.

 

What is a property’s Tax Assessed Value?

The Tax Assessed Value is the estimated monetary value of a property according to the Greek tax authorities. As a general rule, a property's Tax Assessed value is significantly lower than its purchase price.

 

What is the buying process?

The process is fairly quick and uncomplicated. After you have chosen your property you must;

 

How much are closing costs?

Closing costs, including all fees and taxes, are an estimated 13-15% extra.