Buying a Property in Greece
A Czech or Slovak citizen is not limited in the purchase of a property in Greece, and may be owned by a natural or legal person. Only on the island of Rhodes requires (formal for EU citizens) the consent of local authorities (due to the proximity of Turkey).
Tax identification number, bank account
The first step in the process of buying a property is to set up a tax identification number and then open an account with a Greek bank.
The selection of the property is usually followed by a reservation contract, in which the client pays a deposit of 10% of the price of the property (if the buyer withdraws from the contract, the deposit is forfeited.
Future sales contract , sales contract
The future purchase contract is compiled when purchasing a property under construction. Purchase contract for completed property. The purchase contract is concluded with a notary in the presence of lawyers of both parties and a court interpreter, while the buyer’s lawyer checks the property documentation before buying the property.
Immediately before signing the contract, real estate transfer tax is due, the amount of which will be determined by the notary on the basis of the fair value of the property. The notary will not allow the transfer of the property if the ownership certificate is not correct, as well as, for example, if the seller fails to submit a confirmation that all liabilities to the state have been paid. Immediately after signing the purchase contract, the notary will ensure registration in the land register.
The estimated cost of buying a property in Greece is:
- real estate transfer tax (3%)
- VAT on new buildings (24%) – only on new properties
- notary fees (1.2%) of the value of the property plus the registration fee
- legal services fee (approx. 1-2%) of the purchase price
- local tax (3%) on transfer tax
- commission for local real estate agency (3% + VAT)
Costs related to the operation of the property in Greece:
- local property tax 0.25-0.35 per fair value
- property tax (luxury property)
- service costs (electricity, water, telephone, gas, cleaning, etc.)
- real estate insurance