Tips for expats buying a property in Greece

Expat property purchase in Greece is complicated, but can be done with a little professional help.

If you’ve finally given up on the UK and are moving to Greece, buying a home in your chosen location isn’t exactly straightforward, but can be done. EU nationals can freely purchase real estate on the mainland and in the islands, but non-EU citizens have several more hoops to jump through. All potential buyers must open an account with a Greek bank and transfer funds required, from the full purchase price through legal and registration fees as well as other financial aspects of Greek bureaucracy. If you’re buying with hard cash, the full amount must go through the Greek customs authority.

Imported funds for property purchase must also be fully documented and have the permission of the Bank of Greece, and a tax registry number must be had from the Internal Revenue Service. Hiring a lawyer is the first step in order to ensure due diligence and protect your interests from start through finish. Once you’ve found your dream home and made an acceptable offer, your lawyer will draw up the initial purchase agreement and have you and the seller sign it. At this point, your ten per cent deposit must be paid. Your lawyer will then check for liens on the property and ensure it has correct planning permission as per the regulations as well as checking the seller has paid all property taxes due.

Closing the deal takes around four to six weeks, during which time you’ll be given copies of the property’s title. You’ll need to hire a public notary to prepare the final contract and oversee the final stages of your purchase. Both you and the seller must sign the contract in the notary’s presence, leaving him to verify and register your purchase in public records. For this last stage you’ll need your passport and tax registry number. The seller must submit a BTax certificate to the local tax office, and copies of the deed and transfer papers must be lodged with the registry, thus allowing it to change ownership of the property to your name. Once this is done, it’s time to relax and enjoy your new expat home.