No, not any more as a legal requirement. However it is highly advisable as solicitors carry out legal due diligence and conduct a property title check going back over 20 years; they ensure the property is free of any mortgage notes, claims, expropriations, rights-of-way and, in general, any legal encumbrances. In addition, solicitors ensure that all property taxes burdening the vendor have been paid.
Yes. A notary public is a government-appointed lawyer who processes and certifies all real estate transactions, including drawing up and reviewing all official documents, to ensure the legal transfer of the property.
Yes. It is essential to hire an accountant early on to help you with tax returns and explain property taxation.
Yes. Property Surveyors ensure that all acts associated with the building licensing of the property are based on lawful planning permissions. They are usually outsourced by the appointed Greek Law Firm.
Yes. This tax number (AFM) is mandatory for all property buyers, including foreigners and permanent residents abroad. It is issued on the spot at tax offices, free of charge.
The Tax Assessed Value is the estimated monetary value of a property according to the Greek tax authorities. As a general rule, a property's Tax Assessed value is significantly lower than its purchase price. The property's tax assessed value bears no relation to taxes paid. Transfer taxes are paid on the purchase price.
It is not necessary but it is convenient. All Greek banks have very efficient web banking systems in English language.
The process is fairly quick and uncomplicated. As a general rule, you must: - Appoint a Greek Lawyer (Your Greek lawyer will outsource the Notary Public and the Surveyor) - Sign a Letter of Intent which outlines the deal in principle and allows sufficient time for the purchase due diligence to take place, usually between 2 to 4 weeks. - Sign the pre-contract detailing terms of sale and payment schedule or the Final Notarial Purchase Contract.
Closing costs, including all fees and taxes, are an estimated 10% on top of the purchase price.
Yes. The Greek State has mandated that all property ownership in Greece must be declared by filling out a form called E9 and submitting it to the Greek Tax Authorities. This is mandatory for every property owner in Greece, even for those who live abroad and have never filed tax returns in Greece or do not have an income in Greece. It will be taken care of by your Greek accountant or your Greek lawyer.
Property with an assessed value of less than 400,000 euro is exempt from tax. Please see the table below for the tax payable for any additional value: Assessed value amount % of next level Amount to pay in euro Total taxable amount Total tax in euro
400.000 0 0 400.000 0 100.000 0.10% 100 500.000 100 100.000 0.30% 300 600.000 400 100.000 0.60% 600 700.000 1,000.00 100.000 0.90% 900 800.000 1,900.00Remainder 1.00%
Inheritance Tax in Greece is now based on the value of the estate as a one off payment which is 1% of the value (for relations of the first and second degree). However, there is an allowance of €95.000 per person which is tax free which makes the tax a nominal amount in most cases. For example, on an inherited estate with a value of €250.000 the tax payable would be €1,550.
Mortgage applications are considered only to applicants that have already income records in Greece and additional security in the form of a second property in Greece.