How to Buy Property in Greece: The Complete Guide for Foreigners

The real estate market in Greece is getting a lot of international attention. More than 80% of all real estate purchases are made by foreigners. This means it could be a great opportunity for you, too!

Whether you want to invest or find a new home, Greece has beautiful properties in amazing places like islands and historic cities.
If you're looking to settle your family in a place with mild weather and affordable living, the Mediterranean region is a top option. The good news is that when buying property in Greece, citizenship isn't required.

In this article, you'll discover how you can purchase land in Greece and the factors you should consider before doing so.

The Requirements to Buy Property in Greece

To make a real estate investment here, you'll need:

• Greek Bank Account: You'll need the local financial account to fund the purchase.
• Copy of Tax Returns: You'll have to show these documents to prove you've been paying your dues.
• Residency Proof: As part of your bank account opening process, you'll need to provide proof that you already have a residence.
• Valid Passport: This identification paper is necessary for multiple application processes.
• Visa to Enter Greece: If you're a national of a country outside of the European Union, you'll need an entry permit.
• Tax Registry Number: You need this number for procedures such as applying for a bank account.

How to Buy Land in Greece

Making a real estate investment in this country isn't difficult. However, you'll still need outside help to ensure you go through the process without making any legal or financial mistakes.

Here's the process:

1. Find a List of Properties

To begin acquiring land, you'll need to consider what you want. For example, you should ask yourself:

• What type of property are you looking for?
• How do you plan to use this property?
• Would a lack of access to healthcare, internet, or public infrastructure be a deal breaker?
• What budget do you have?
• Are you ready to pay for repairs?
• Are there nearby attractions that will have your new home flooded with tourists?

You should also consider the price if you're planning to use this purchase to acquire a Golden Visa. After all, to qualify for the visa, you'll need to spend at least €500,000 in some regions of the country.

With these criteria in mind, you should search for properties in Greece online or through a local real estate agent.

2. Hire a Real Estate Lawyer 

After you've come up with a list of houses, you should consider hiring a lawyer. Though it's not a must, you're better off employing one who specializes in Greek real estate. They should also understand Greek. This professional will ensure the procedure goes smoothly. Additionally, they'll make you aware of any fees, taxes, and other legal requirements you'll need to fulfill.

3. Evaluate the Property 

Once you've hired a lawyer, you should inspect the piece of land. And so, you should employ a surveyor to ensure the structural integrity of the building. They'll also alert you to the need for repairs and any other relevant factors. This information will help you narrow down your choices.

If you plan to do it in person, you should still hire experts who can let you know of any critical issues.

4. Acquire Your Tax Number

Now that you've found the home you want to buy, you should start the process of purchasing it. However, to do so, you'll need an AFM number. You can acquire this series of digits from a local tax office.

5. Open Your Greek Bank Account 

After you've received an AFM number, you should open a local financial account. Since you need to transfer your funds to a financial institution to buy the land, you'll need to follow their instructions and requirements. For instance, the bank may require a copy of your work contract or proof of sufficient funds and income.

6. Finalize Your Deed

Finally, you can purchase the property after you've acquired a bank account. You'll have to make at least a 10% deposit. This will reserve the land until you've fully paid for it. Then, you'll need to have the deed notarized, get a stamp duty, and record the property in the land registry.

Should You Buy a Property in Greece?

Let's explore the benefits and drawbacks of purchasing a property here.

The Pros

Here's what you'll gain if you buy a property in Greece:

• Golden Visa: If you invest at least €250,000 in real estate, you'll meet the criteria for this long-term residence permit.
• Travel Access to Schengen Countries: Through this process, you'll get a permit. In turn, this visa will let you journey through the region without a visa. Therefore, you'll be able to freely travel to 27 countries including Spain, Belgium, Malta, Norway, Germany, and Italy.
• Low Taxes: Greece has small percentage rates for homeowners. Additionally, if your country has a tax treaty, you may not have to pay income or real estate dues twice.

The Cons

Here are some drawbacks of purchasing a property in Greece:

• No High Mortgage: You won't find large homeowner loans locally. You may get a mortgage as high as 50% of the cost. However, you could use outside loans to finance this purchase.
• Bureaucracy: The lengthy procedures to get any governmental documentation is notorious. In fact, the process is even more lengthy for citizens of non-European Union countries. However, Vancis Capital, an expert investment migration service provider, can introduce you to professionals who will simplify the process for you.
• Multiple Fees: Beyond the cost of the investment, you'll need to pay for a real estate agent, lawyer, notary, surveyor, mortgage interest, taxes, stamp duty, and registration fee.