The number of foreigners buying property in Greece is increasing year by year. They have reasonable causes in doing so. One of the most attractive reasons is the right to get residency. Foreign investors obtain this right in return for their investment in real estate in Greece.
In addition to residency, buying property in Greece offers other benefits such as business opportunities and a quality lifestyle.
You have several options of property types including villas and apartments.
Let’s dive into the benefits and process of buying property in Greece.
How Can You Benefit From Buying Real Estate in Greece?
From low taxes to affordable prices, Greece offers several advantages for individuals who wish to get properties here.
You Can Benefit From Low Taxes
Being exempt from double taxation is possible when you gain income from abroad. There are around 60 countries that have signed double taxation treaties with Greece. So, you can be exempt from the taxation on your international income while in Greece. Note that this is possible if your home country has also signed this treaty with Greece.
A quick reminder: VAT on real estate properties in Greece has been suspended. However, you need to pay an annual property tax if you get properties in Greece.
Affordability of Property Prices
Compared to many European countries, life in Greece is quite affordable.
In addition to the lifestyle, buying property in Greece is also affordable. Despite the constant fall in property prices since 2008, prices have started to increase gradually.
You Can Benefit From High Rental Yields
You may consider renting your property in Greece to get rental yields. Yields can even be higher if you do this in Athens.
Great Transportation Services
You’ll find that Greece offers an affordable and easy transportation system. You can travel between towns in Greece through public transportation. The country’s geographical location also makes international flights easier.
Residency by Investment is a Profitable Option
As a non-EU/EEA/Swiss citizen, you can apply for the Golden Visa Program in Greece. Following the purchase of a property of at least €250,000, you can become a resident of Greece.
In addition, your spouse, children, parents, and parents-in-law can also join you.
Golden Visa also offers visa-free travel among the Schengen countries.
The Process of Buying Property in Greece
As a foreign investor, you can buy property in Greece at affordable amounts. You can find the list of necessary documents below when you get properties in Greece:
- A valid passport
- AFM: A tax registry number
- Proof of residence
- For non-EU citizens, a valid visa to enter Greece
- Copy of tax returns
- Government-issued ID proofs.
Choose Your Type of Property First
As mentioned above, you have several options including village homes, villas, and apartments. You can find them on websites or you can consult a real estate agent before the purchase.
Visit the Property
It’s advisable to visit the potential property you’ll buy. In this way, you can know if there’s any problem with the property. You can get help from a guide at this point.
Negotiate the Price and Reserve the Property
Upon choosing the property, you can quote the amount. Then, you’ll pay a deposit for the reservation. Usually, it’s 10 percent of the total amount. Your lawyer then checks the regulations and possible debts and taxes.
You Can Now Draft the Final Deed
At this step, the seller sends you a copy of the contract. The seller also proves a tax certificate for proof of clean record. You’ll then go to the notary for the final draft. Finally, you can sign the final deed at the notary.
Get Your Tax Number (AFM)
You can then obtain your Greek tax number called AGM. It’s possible to get it from the nearest tax office without an appointment.
Note that it’s possible to get the tax number following your acquisition of a residence permit.
As the last step, you’ll submit the contract and the certificates to the Registry of Mortgages.
Other Important Issues When You Buy Properties in Greece
- While buying property in Greece, it’s crucial to check the seller’s right over the property you’ll buy. These rights are eventually transferred to you following the purchase. In Greece, owners get full or bare ownership and usufruct.
- The location of the property is another important aspect. The location the property is situated can bring restrictions. For example, you’ll need to get special permission from authorities if the real estate is in:
- Borders, and
- Monumental areas.
We hope you enjoyed the article.