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Buying Property in Greece Brings Many Opportunities for Foreigners

There are many real estate options in Greece ranging from the ones near the sea to the ones in the city center. The Greek islands are also quite affordable to consider buying property in.

People prefer Greece mainly because of its location, business opportunities, coastline, and cuisine.

In this article, you’ll find a guide about the advantages and steps of buying property in Greece. Then, you’ll find a guide about things to consider before your purchase.

What are the Advantages of Buying Real Estate in Greece?

An Affordable Lifestyle

Greece stands out as an affordable country among most other European countries. Furthermore, people in Greece value their traditions and families. This is why you’ll find comfort in this country with your family. Greece also offers a tranquil lifestyle as well.

Taxes are Low

Greece offers tax benefits for overseas residents and investors. Furthermore, it has double taxation treaties with around 60 countries. If your home country has such an agreement with Greece, you don’t have to pay double taxes. This means that your income from abroad will be tax-free in Greece. Income from Greek properties is taxable only in Greece.

A VAT suspension on real estate properties in Greece has also been announced. Yet, you’ll still need to pay a property tax each year.

Expat-friendly

People in Greece are friendly to the foreigners in the country. Furthermore, more and more people from around the world are moving to Greece. So, you’ll find an international environment when you arrive here.

Greece is Easy to Travel From All Around the World

Greece has a great connection with the rest of the world. You can easily arrive there from wherever you are. Also, the transportation system also offers affordable travel, and you can connect to each town.

European Residency Can Be Available by Investment

Greece also offers a Golden Visa program for non-EU/EEA/Swiss citizens. You can apply for the program if you make a qualifying investment in Greece. The most affordable way to apply is to buy real estate worth at least €250,000. The program also offers visa-free access to Schengen countries and family reunification.

Steps To Buy Property in Greece

Buying property in Greece is easy for foreigners also. There’s no restriction on the purchase process for foreigners. Yet, it’s advisable to consult legal assistance before making an investment.

What are the Required Documents To Buy Property in Greece?

  • A valid passport
  • A tax registry number (AFM)
  • For non-EU nationals, a valid visa to enter Greece
  • Proof of residence
  • Copy of tax returns
  • Government-issued ID proofs.

Decide the Type of Property You Want To Buy

You have many options regarding the types of properties. They include apartments, villas, or village homes. You can find them on online websites or newspapers. You can also consult a real estate agent as well.

Visit and Choose the Property

After you list the properties you think you can buy, visit them when you arrive in Greece. It’ll be also useful to have an idea about the neighborhood and the features of the house. Then, you can choose the best one according to your needs. Hiring a lawyer at this step will make the process easier.

Negotiate the Price

Quoting the amount is useful at this step. Also, check the mortgage availability, the exchange rates, and the VAT while negotiating the price.

Reserve the Property

You can reserve it by depositing a small amount to the seller. Typically, it’s 10 percent of the total price. At this point, consult your lawyer while paying the deposit.

Get the Final Draft

Until this point, your lawyer will have examined all the related taxes and regulations. Then, you’ll receive a copy of the contract from the seller. Finally, sign the final deed at the notary for public record.

Obtain a Tax Number

You’ll visit the nearest tax office to the place you reside to get your tax registry number (AFM). You’ll receive your Greek tax number after you get your residence permit.  You can then submit your contract paper and certificates to the Registry of Mortgages.

What to Consider Before Buying Property in Greece

It’s advisable to consider the following points before you buy a house in Greece.

  • It’s important to choose the property according to the size of your family or you alone. If you consider including your big family, it may be better to choose a villa. Otherwise, a one or two-room apartment can be sufficient.
  • It’s also important to consider the location of the property. It’s advisable to check it if it’s close to where you work, or if it’s easy to arrive.

Owning a house in Greece offers many benefits for you and your family. The important point is to find one that suits most of your criteria.

We hope you enjoyed the article. For more insights, please refer to Get Properties

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