Greece is a popular country among many foreigners when it comes to buying property in Greece. Yes, non-Greek and even non-EU citizens can buy real estate in this beautiful country. What’s more, they can be entitled to getting European residence in return. Not only does Greece provides residence but it also has gorgeous coastlines and rich cuisine.
People buying real estate in Greece are lucky because there are many different property options. You can buy property anywhere you’d like to. It can be an apartment or even a villa.
If you’re curious about how to buy a house in Greece, keep reading this guide to learn more about the process.
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Benefits of Buying Real Estate in Greece
When you buy property in this beautiful European country, you can stay here regardless of your nationality. Also, living in Greece is quite affordable when you compare it to other European countries.
Let’s get to know more about these advantages in detail below.
Become a Greek Resident After You Buy Greek Property
If you’re a non-European citizen, don’t worry. Greece provides a Golden Visa Program for non-EU and non-EEA citizens to get a Greek residence permit. One of the options to get residency is by buying Greece real estate for sale. The condition is that the property you’re buying must be worth at least €250,000.
In addition to Greek residency, you can travel to Schengen countries without any visa requirement. What’s more, your family members can get residency with you as well.
Live in an Affordable European Country
Yes, you may be surprised but Greece is more affordable than many European countries. The cost of living such as shopping and transportation is reasonable in this country. So, after you complete the process of Greece real estate sale, you can start a new life in Greece.
Live Among Expat-Friendly People
The locals in Greece are very friendly to foreigners, tourists, and expats. That’s why you can easily adapt to living here. Also, there’s a growing community of expats coming from all around the world.
Lower Taxes Are Available For Foreign Residents
Double tax treaties signed between countries allow tax benefits for many people. Greece has already signed such agreements with around 60 other countries. If your home country is among them, you don’t pay taxes on the same income twice. So, if you have an income from another country, you don’t pay its taxes in Greece too. If you have real estate in Greece, the income tax out of this property is taxed only in Greece. Yet, you still need to pay annual property taxes.
So, you have an understanding of the benefits of buying property in Greece. Let’s now look into how the purchase process works.
The Process of Buying Property in Greece
It’s an easy process to buy real estate in Greece for foreigners. Find the required documents and the buying process below.
The required documents to demonstrate are:
- A Passport and a valid visa for Greece
- Residence proof
- AFM, which is the tax registry number in Greece
- Copy of tax returns
- ID proofs (government-issued).
Steps To Follow
- First of all, take your time and search properties. Then, decide on the property type you’ll buy. As noted, you have many options including village homes, apartments, villas, and business properties. You can look for properties in newspapers and online websites. You can also consult a real estate agent.
- The second step is to arrange a visit to the selected properties. In this way, you can examine the properties of real estate for sale in Greece.
- Decide on the most suitable property, and preferably hire a lawyer.
- This step involves quoting and negotiating the property’s price. Checking additional charges like VAT is advisable.
- Reservation of the property is completed by depositing a certain amount to the seller. It’s advisable to consult your lawyer before paying the deposit. You may need to sign other documents.
- The seller gives you a copy of the contract. Then, you go to the notary to draft the final deed. It’s signed before the notary, and then it’s registered in public records.
- Now, obtain your tax number which is called AFM in Greece. You’ll have access to this number after getting a residence permit.
- Finally, you’ll send the related documents like certificates and contract papers to the Registry of Mortgages.
In short, you’ll have access to many benefits after buying property in Greece. It’s easy and straightforward, so, why wait? Apply today!
