A Short Guide To Buying Greek Properties

Do you want to wake up with the ocean view of the Mediterranean? How about feasting on a luxurious lunch with your loved ones and friends? If that doesn’t cut it for you, maybe you want to live in a place where you can experience warm, sunny weather all year long?

If you answered yes to all three questions, then you’ll want to buy a house in Greece right now! Whether you are looking for a seaside villa, a rustic property with an olive grove, or a spacious flat; Greece has something for everyone and it will only be a fraction of the cost compared to buying a house in the UK.

Buying property in Greece is easy for people living in EU member countries, because EU nationals are treated as Greek citizens. But if the property you want to buy is located near military bases or national borders like the Eastern Aegean, the Dodecanese Islands, regions of northern Greece and parts of Crete and Rhodes – you’ll need to secure a special permission from the Local Council first before you can complete the transaction.

On the other hand, the process for citizens of non-EU member countries is more difficult but it has great rewards. The Greek government recently passed a law which grants citizens of non-EU member countries residence permits called “Golden Visa” whenever they buy Greek properties worth €250,000 or more. This visa is renewable every 5 years and renewed very easily, as long as the said person retains ownership of his property in Greece.

It’s also important to secure the services of a local solicitor or lawyer whenever you’re buying property abroad. If somebody tells you that this is unnecessary, run away as fast as you can from these people because they are lying!

Hiring a local solicitor can help you dodge a ton of problems in the future, since they can advise you on the correct procedures for selling and land transfer in their country. You don’t want to end up like one of those people being interviewed on the local news about how their property was taken away by the government or demolished due to improper transfer of title or because of the invalid sale of land.

You can contact the British embassy in Greece or browse through ex-pat websites to get a recommendation for good lawyers.

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Always consider the ‘hidden costs’ when calculating your budget.

Another consideration for people interested in buying Greek properties is the additional costs. There are 8 costs which buyers have to look out for and these are:

  1. Purchase or Transfer tax
  2. Value Added Tax
  3. Lawyer and Notary fees
  4. Land registry fees
  5. Union fees
  6. Local municipal tax or community tax
  7. Estate agent fees
  8. Capital gains tax

Keep in mind that there’s no specific amount for each of these costs, since their value is a percentage of the property’s price.

Greece is a country steeped in history and beauty. Hence, it’s not a surprise that a lot of people consider buying properties in this place. If you’re one of these people, keep these guidelines in mind to help your transaction go smoothly. Visit this site again next time to learn more about remote property investment.

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