The change of ownership title and registration of properties in Greece is a transparent and easily traceable process, publicly accessible. Greece, being a member of the European Union since January 1981, is subject to both national and European legal regulations.
In the event that one of the parties in a real estate transaction does not have Greek citizenship, certain steps are required:
Power of Attorney:
- A Greek notary, in the presence of a sworn translator, prepares a Power of Attorney. This document authorizes the lawyer to act on behalf of the foreigner, including the conclusion of a real estate purchase agreement.
Registration as a Taxpayer:
- The authorized lawyer registers the buyer as a taxpayer in Greece and opens a bank account with a state-owned bank.
Property Verification:
- The lawyer checks the state real estate register for historical and other details. The positive result of the verification is documented in a report for the potential buyer.
Tax Declaration:
- Submission of a tax declaration for the Title Transition Tax to the local tax authority. The tax rate is 3.09%.
Signing the Purchase Agreement:
- Buyer and seller sign the purchase agreement for the main property in the presence of a notary and translator.
Registration of the Contract:
- The contract is registered in the state land registry, thereby completing the process of property acquisition.
It should be noted that the entire process can be completed in a relatively short time, as stipulated after the legal changes in June 2011. The required documents have been significantly reduced, contributing to a shortened processing time.
Documents for Property Purchase in Greece:
- The property purchase process is simpler than ever, and obtaining full ownership title now takes only 10 working days.
- The required documents for property registration include a valid international passport and a visa allowing entry into Greece.
Additional Costs for Property Purchase in Greece:
Signing the real estate purchase agreement involves additional fees and expenses, such as:
Legal fees (~1.5% plus VAT 24%)
Notary fee (~1.5% plus VAT 24%)
Real estate purchase tax (3.09%)
Land registry entry (0.5%)
Commission for the real estate agency (3% GROSS
