February 3, 2023

Athens News

News in English from Greece

Buying property in Greece: a profitable investment

Many foreign citizens are already aware of the unique opportunity to receive 5-year residence permit (Golden Visa) in Greece when buying real estate in the amount of 250,000 euros or more, but not everyone has the opportunity to make such an investment.

I would like to immediately note here: according to the latest legislative act, the above amount of 250,000 euros, under certain conditions and in the most profitable areas for investment in Greece, will remain only until the end of 2023, and from 1.1.2024 it will increase to 500,000 euros.

A large number of foreigners and local citizens buy real estate for smaller amounts, making sure every year the growth in property prices and the benefits of renting it. The real estate market in Greece is developing steadily and annually attracts the interest of an increasing number of foreign investors not only due to affordable prices, a profitable and prestigious investment in relation to the location of the object, but also a unique opportunity to own what is visible in the modern world and at the same time feel the presence of the spirit of antiquity and centuries-old culture.

Greece is a full member of the European Union, a country with a developed democratic society, one of the main vectors of the political orientation of which is the protection of the rights of foreign citizens legally residing on the territory of the state.

It is undeniable that the purchase of real estate – investment in the country’s economy – provides significant advantages in obtaining a visa, and also increases the guarantee for its owner to obtain a residence permit, as an economically independent citizen.

Based on many years of law practice, it was concluded that the acquisition in Greece of residential and commercial real estate, land for development, and other real estate objects is a reliable investment with the subsequent possibility of reselling or renting out real estate. In this case, the owner only appoints an authorized representative, who, in turn, will select the most favorable conditions in order to obtain a stable monthly income.

The lawyer will carry out full legal control of the property you are purchasing, an actual check in the Real Estate Register of the region for the ownership of the seller, as well as control over the legal purity of the property over the past 20 years (the presence of encumbrances, freedom from claims, arrests, etc. on the purchased property) .

So, for the buyer to complete a sale and purchase transaction in Greece, after the property is selected and inspected by him personally, needs to be implemented following:

  • reservation of the object you like,
  • connection lawyer for the sale and purchase of real estate. Comprehensive check real estate property by a lawyer on the legal purity of ownership of real estate by the seller,
  • making an advance payment and signing a preliminary private or notarial contract between the buyer and the seller accompanied by lawyerswhich determines the real commercial value of the property, as well as penalties in case of failure to sign the final notarized contract for the sale of real estate date of the main contract of sale)
  • obtaining an individual tax number (AFM) at the tax office,
  • preparation by a notary and approval of a contract of sale by a lawyer,
  • opening an account in a Greek bank for transferring and legalizing funds to pay for the selected object (not always necessary),
  • payment of tax on the transfer of ownership of real estate,
  • notarial execution of a contract for the sale of a property for the transfer of ownership in legal support of the parties,
  • registration for the right to own a property in the National Register.

According to changes in Greek law, for citizens of non-member countries EUincreased opportunities for acquiring real estate in the border regions of Greeceand the transaction processing procedure has become simpler – now there is no need to obtain special permission from the Greek Ministry of Defense.

In the course of economic changes in the republic, a range of loyal values ​​and favorable conditions have emerged for the acquisition of land for development in Greece, commercial real estate, residential and / or resort and entertainment complexes, as well as individual properties on the coasts and in the mountainous parts of the mainland and islands.

The buyer (seller) has the right to authorize a lawyer, representing his interests in Greece, to carry out all the necessary procedures related to the completion of a sale and purchase transaction, by issuing a special notarized power of attorney, in which the essential terms of the contract (price, object of the transaction, etc.) must be specified in detail. The power of attorney can be signed by a notary in Greece or in the country of residence (location) of the buyer (seller). Such a procedure will significantly speed up the process of paperwork and at the same time provide guarantees for the appropriate execution of the purchase and sale transaction of the property you like. Undoubtedly, an important aspect in matters related to the acquisition of real estate is the reliability of information, and in this case, the lawyer for the buyer acts as the main guarantor of the legality of the transaction.

More on the site kasatkinalaw.com

Law firm Kasatkina-Kusku Svetlana offers its services in legal support of real estate transactions throughout Greece. The participation of a Russian-speaking lawyer in the process of preparing and conducting a real estate purchase and sale transaction is a guarantee of adequate reproduction of the legal content of the entire transaction in a language form familiar to a Russian-speaking client.

We continue to be with you to clarify any situations in which the lawyer Kasatkina-Kusku Svetlana will personally answer all your questions.

Contact us today in a convenient way for you:

Address: Greece, Athens, 10679, Hippocratus 2

Tel.: +30211-0149605

Mob.: +30 694-8273758 (Viber, WhatsApp, Telegram)

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website: www.kasatkinalaw.com

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