Registering Property in Greece
Registering Property in Greece - Golden Visa Guide
Table of Contents
Stages for Registering Property in Greece
Greece has emerged as a highly sought-after destination for real estate investment in recent years. Its stunning natural beauty and pleasant climate have captivated the attention of investors worldwide. Following the financial crisis of 2010, real estate prices plummeted, prompting many foreign investors to seize the opportunity and acquire property in Greece.
The abundant availability of properties with significant growth potential has been a primary driver for investing in Greek real estate. In this article, we will guide you through the process of purchasing property in Greece and outline the necessary steps for property registration.
In 2013, Greece launched the Greece Golden Visa program. The Program grants a five-year residence permit upon a minimum investment of just €250,000 in real estate. This initiative presents an opportunity to obtain a desirable greek and EU residence status through an affordable investment.
How to Buy Property in Greece
Investors in Greece have a multitude of options when it comes to purchasing property. There are primarily two main ways through which one can acquire real estate in Greece:
Buy a Property with a Contract
In this process, it is necessary for both the seller and the buyer to be physically present at the notary public’s office. They are required to sign a document, which enables the registration of the contract at both the local registry office and the land registry office. This ensures compliance with legal procedures and safeguards the interests of all parties involved.
You can read our detailed guide on buying Real Estate in Greece here.
Auction Purchase of Property
In 2017, the Greek government introduced e-auctions, providing an opportunity for Greek and foreign individuals and entities to participate in the system. The registration process is free for all, allowing interested parties to apply and subscribe. This initiative enables accessibility and inclusivity while maintaining the essence of the original purpose.
Steps to Buying a Property in Greece
Acquiring a property entails a series of crucial steps, which are outlined below.
Once the type of property has been selected, the buyer will engage the services of a lawyer to undertake thorough legal investigations.
Research on Property Conditions
This investigation is being conducted by the Land Registry Office, with the aim of verifying the true ownership of the property in question. This meticulous process seeks to determine whether the seller’s claim aligns with the actual ownership records, ensuring accuracy and transparency.
Identify Potential Property Debts
The attorney thoroughly examines the property records to ascertain whether there are any existing loans, mortgages, debts, or insurance policies associated with the property.
Check the Location of the Property
The lawyer carefully evaluates the property’s location, determining if it lies within restricted areas or if any limitations are imposed upon it. This crucial examination ensures a comprehensive understanding of any potential restrictions associated with the property.
Get a Tax Number
In compliance with Greek government regulations, individuals or entities involved in the trading and selling of real estate are required to obtain a tax number.
Property Registration Stages in Greece
In this next section of the article, we will delve into the intricacies of the property registration process in Greece. We will provide comprehensive details, ensuring clarity and coherence while maintaining the integrity of the original information.
Technical Inspection of Real Estate
While not obligatory, it is highly recommended to take this step to ensure the structural integrity of the property. By doing so, you can prevent issues like improper sales or subpar investment quality.
Payment of Stamp Duties
Buyers are required to cover the costs of property transfer tax and repair duties, which currently amount to 3% of the transaction value.
Complete the Purchase Contract
Before visiting the notary, it is imperative to ensure that the contract is fully completed. The initial step in establishing ownership involves receiving the document and subsequently finalizing the contract.
Register the Purchase Document
The purchase document is officially recorded at the local land office, providing irrefutable evidence of absolute ownership.
Online registration with the IRS is a requirement for property owners.
The Final Stage of Property Ownership Registration
In Greece, when registering property ownership, an annual tax is imposed, which is determined by the property’s value.
Purchasing a property in Greece can prove to be a brilliant investment. However, it is vital to have a comprehensive understanding of the legal intricacies surrounding property acquisition and registration.
Greece Visa Homes is a trusted investment advisory firm that offers personalized guidance to individuals and investors interested in obtaining the Greece Golden Visa.
Our experienced legal professionals in Greece ensure a seamless and transparent process for acquiring real estate and investment funds. Feel free to reach out to our knowledgeable team members for any inquiries or assistance you need. We’re here to support you every step of the way!