Foreigners looking to buy property in Greece for a holiday home or as an investment, need to be aware of some important factors before they embark on the purchasing process.
For foreign nationals, purchasing property in Greece can seem a little less straightforward than purchasing in their own country. However, when armed with a little knowledge in advance, they can prepare themselves, particularly when it comes to meeting mandatory legal requirements. The first important thing to bear in mind is whether, as a foreign national, you have the freedom to buy property in Greece without prior approval. The answer is, if you are not from the EU, then not always. Different regions have different rules: some areas of northern Greece, Rhodes and Crete have regulations that dictate that foreign nationals from non-EU countries must get prior approval from the local prefecture before purchasing property. If the purchaser is from the European Union, then in most cases no prior permission is required.
Before anyone can buy Greek property (no matter where they are from, even Greece) they have to obtain a tax role number known as AFM. These can be obtained on the spot from any tax office in the country. The Greek authorities are strict about money laundering and as a result insist that any wire transfers of money coming into the country for a property purchase take place with what is known as a pink slip, which details exactly where the money came from. The money has to be transferred into a Greek bank account which foreign nationals will have to open in advance (this is simple and quick to do).
Once these vital preliminary steps have taken place, the purchase process of Greek properties can begin. The process is overseen by a public notary and includes the making of the offer; the draft of the initial contract of sale; the payment of a deposit (up to 10% of the purchase price); and finally the drawing up of the binding contract of sale which is signed in the presence of the notary and the real estate agent (by order of Greek law).
Any foreign nationals following these tips when they come to buy a house in Greece will ensure a smooth and straightforward purchase process. Buying property in Greece is worthwhile as you can experience the food and culture of Greece from amazing seafood to dancing so go see Greece
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