1. Acquire a Tax Registry Number (AFM):
Before purchasing property, foreigners must obtain a Greek Tax Registry Number (AFM) from the Greek Tax Authorities, which is necessary for all fiscal matters in Greece.
2. Open a Greek Bank Account:
Non-residents should open a Greek bank account, required to transact the payment and to transfer funds to Greece.
3. Choose Legal Representation:
Hiring a local lawyer is crucial to verify property legalities and to ensure all documentation is correctly handled.
4. Property Selection and Due Diligence:
Upon selecting a property, your lawyer will perform due diligence, checking property details, ownership, encumbrances, and outstanding debts.
5. Preliminary Agreement:
A Preliminary Purchase Agreement is drawn up, stipulating the terms, conditions, and completion date, and a deposit (usually 10%) is paid.
6. Final Agreement:
The Final Purchase Agreement is signed before a Notary Public, who verifies and records the transaction, and the remaining balance is paid.
7. Land Registry:
Following the signing, the deed must be registered at the Land Registry or the Cadastre.
8. Taxes and Fees:
The buyer is responsible for the Property Transfer Tax or VAT, notary fees, legal fees, and registration fees, usually amounting to around 10-15% of the property value.
Ownership and Residency:
- Ownership Rights: Greece imposes no restrictions on property ownership for foreigners.
- Golden Visa Program: Non-EU citizens investing €250,000 or more in Greek real estate can qualify for Greek residency through the Golden Visa program.
Tax Implications:
- Foreign property owners are subject to various taxes including annual property taxes and may be liable for income tax if renting out the property.
- There are additional recurrent expenses and taxes, like the Unified Property Ownership Tax (ENFIA).