If you are looking to move abroad and wondering can foreigners buy real estate in Greece, the answer is yes! There are many incentives to relocating to Europe for both homeowners and investors that include access to greater lifestyle and business opportunities as well as financial benefits for you and future generations.
Immigration Explorer covers how foreigners can buy real estate in Greece, what to expect and watch out for when purchasing property, and some of the rewards of making the move.
Can Foreigners Buy Real Estate in Greece?
Simply put, yes foreigners are able to purchase property in Greece and experience the realization of their dreams to move abroad to this ideal destination. Investing in real estate in Greece might seem daunting and beyond reach, but the reality is it’s not!
While there are some risks associated with purchasing property abroad, foreigners can use this guide to further understand the process of buying a home in Greece and research some common considerations to make the journey worth every dollar.
Why You Should!
Greek culture is one of the most talked-about cultures in the world – from its ancient civilizations and its influences on modern life to its picturesque scenery throughout the Greek islands.
Besides the beauty of living in the Mediterranean and the heart of human civilization, there are many other benefits to purchasing real estate in Greece. Now that you know the answer to the question of “Can foreigners buy real estate in Greece?” find out the advantages of living in this amazing destination!
1. Low Taxes
Buying a property can be expensive not only for the upfront costs but also for the long-term investment of maintenance and associated taxes. Finding favorable tax jurisdictions as a foreign can add up to big savings over time. Greece has many double tax treaties for residents of Greece from abroad and a progressive income tax rate from 9-44%.
For foreign retirees, a recent tax plan initiative aims to implement a flat 7% income tax rate on any income or pension for the first 10 years, making the country a great jurisdiction for saving on taxes.
2. Travel Perks
Beyond wanting to know how foreigners can buy real estate in Greece, one of the biggest questions is whether the destination allows for easy access to travel opportunities.
Luckily, Greece is well connected with Europe and several other major continents that makes it convenient to keep in touch with family, friends, and international business as well as enjoy the top destinations around the globe any time of the year.
3. Affordable Cost of Living
When compared with the rest of Europe, the average cost of living is relatively low in Greece, even in major cities such as Athens. An affordable lifestyle along with a rich Greek culture means that foreigners don’t have to sacrifice any part of their daily amenities or live on a strict budget.
In fact, many foreigners are able to indulge in the luxury of Europe without worrying about pricey expenditures they faced back in their home countries.
4. Welcoming, Foreign-Friendly Communities
With 18 UNESCO World Heritage Sites and many cultural hotspots that draw large amounts of foreign visitors annually, Greece is no stranger to people from all over the world. As a foreign resident, you will find many expat communities and a welcoming attitude from locals that will make you feel right at home in the EU.
How to Buy a House or Apartment in Greece
Let’s break down the steps on how foreigners can buy real estate in Greece using legal assistance and consultants to make the process a breeze.
A Step-by-Step Guide
Foreigners may purchase Greek real estate in much the same way as anywhere in the world, but with a few simple additional steps to certify and register the process. Work with real estate advisors and their legal network to complete the steps:
- Research suitable areas and property types and establish the criteria for your real estate purchase
- Visit the property and conduct proper valuation and analysis
- Choose your property
- Negotiate the sales price of the property and additional taxes or fees associated with the purchase, including the legal fees
- Draft a preliminary contract, reserving the property with the usual 10% deposit of the sales price
- Draft the final contract and deed, then complete notarization and pay notary fees
- Get the AFM, Greek Tax Number; submit the certificates and contract to the Registry of Mortgages in Cyprus; pay the registration fee
Necessary Documents
Your real estate consultant will need you to prepare the following documents in order to accurately complete the process of property ownership at the land registry in Greece:
- A valid passport
- A valid entry visa for Greece, for non-EU foreign nationals
- Proof of residences
- Copy of tax returns
- ID proofs, government-issued
- AFM, which is the Tax Registry Number obtained from the tax office
Are you already on your way to Greece in your mind? Let’s look at what you should keep in mind when buying real estate in Greece as a foreigner.
3 Things You Should Keep in Mind
There are a few factors that affect the process of how foreigners can buy real estate in Greece and these risks should be considered carefully before buying property in Greece.
1. Type of Property
Which type of property is ideal? Are you hoping for your house in Greece to be in a city or more remote? What criteria do you have for your home? Do you also need to consider business relocation? Which local amenities are most important to your lifestyle when you live in Greece?
2. Budget
What is your budget for upfront costs? What financial means are at your disposal for long-term taxes and maintenance? What will the investment entail for future generations? Will you be working or do you plan to move after retirement?
3. Real Estate Taxes in Greece
How much are federal and local property taxes in my area? Are their municipal taxes and fees? How much is the transfer tax? Find out more about various taxes for Greek real estate here.
Explore these 9 useful tips on real estate and getting a golden visa to help you further research and plan your move to Greece as a foreign national to ensure that your move is as relaxing as this Mediterranean paradise.
Find the Right Real Estate Advisor
Getting everything in order when dealing with how foreigners can buy real estate in Greece might seem confusing and stressful, but it doesn’t have to be with the help of real estate advisors.
Immigration Explorer has a professional team of advisors and an extensive network of quality real estate and financial partners to get you on the right track for relocation. Our services include consulting with you over your unique needs and finding the best path for relocation. We can assist you in analyzing the best methods for your budget, business, and family, help you find the perfect location and property, and connect with valuable partners to aid you through the entire process.
Contact our consultants to learn more on how foreigners can buy real estate in Greece and get set up to enjoy life in one of the top European countries in the Mediterranean in a matter of a few short weeks.