A Guide For Buying Property in Greece
It’s no surprise that many people dream of owning real estate in Greece. The country has beautiful landscapes and great culture. What’s more, foreigners can buy properties here easily. While doing that, they can even become residents. In addition, they have many options when it comes to property options.
To learn more about the process of buying property in Greece, you can keep reading the next sections.
Advantages of Buying Real Estate in Greece
Buying real estate in Greece is a popular investment option for both locals and foreigners. The Greek real estate market has been recovering since the 2008 financial crisis.
There are plenty of opportunities to buy property in Greece at reasonable prices. The most popular destinations for real estate investment in Greece are Athens, Thessaloniki, the Greek islands, and popular coastal areas.
You can find that there are many benefits to buying property in Greece. These benefits include becoming a resident of Greece and finding affordable property options. Let’s look at them in more detail.
Various Property Options
Even if you’re a foreigner, you have a wide option for properties in Greece. Many types of Greece real estate for sale are available. These include villas and apartments.
Option To Become a Greek Resident
Greece offers the famous residency by investment program called Golden Visa. This visa allows non-EU citizens to become residents in the EU countries like Greece, Portugal, and Spain.
The Greece Golden Visa program offers the option of buying Greece real estate sale as well. So, you can become a Greek resident after you buy property, too. Also, the minimum required investment amount for this is only €250,000.
Besides residency, visa-free travel to Schengen countries is also available when you get a Golden Visa. You can add your family members as well.
Low Cost of Living in Greece
Compared to many European countries, Greece offers quite an affordable lifestyle. For example, shopping for food and drinks is affordable. Transportation costs are reasonable as well. So, you can be comfortable living in Greece without worrying about the expensiveness of life.
Lower Taxes For Foreign Residents
Greece is a country that has signed double taxation treaties with almost 60 countries. These treaties prevent you from paying taxes on the same income twice. For example, you earn an income from a country and you pay taxes for that income. You won’t pay taxes for the same income in Greece.
Also, let’s suppose that you have completed the process of buying property in Greece, and you have real estate now. The income tax emerging from this property is subject to taxation only in Greece.
Expat-Friendly People in Greece
Greek people are quite warm and friendly to foreigners. Also, the expat community here is growing day by day.
Besides that, Greece has a rich history and culture that is evident in its architecture, art, and cuisine. Owning property in Greece means that you can immerse yourself in this unique culture and experience it firsthand.
How To Buy Property in Greece
You may have realized that foreigners do not face much trouble while buying real estate for sale in Greece. However, there are certain things to know about the process and necessary documents. Let’s review each of them below.
If you wonder how to buy a house in Greece, you need to know which documents are necessary to demonstrate. These documents are:
- Proof of residence
- Passport and a valid visa to enter Greece
- Tax registry number in Greece, which is AFM
- Copy of tax returns
- ID proofs (government-issued).
What Are The Steps?
The first step of buying property in Greece is to search for properties. Then, you can select and decide which one is the best for you. It’s possible to look for properties on online websites or through a real estate agent.
Then, it’s advisable to visit the properties to examine their quality and features more closely. After that, you can decide on the most suitable property. You can hire a lawyer as well for a smooth process.
You can now quote and negotiate the property price. Then comes the reservation of the property. At this step, you deposit a certain amount of money to the seller. then, you receive a copy of the contract from the seller.
You then go to the notary to draft the final deed. You sign it before the notary, and then it’s registered in public records.
Getting your tax number, AFM, is necessary at this step. After you get a residence permit, you can get this number.
As a final step, you submit the documents to the Registry of Mortgages.
In short, benefits are waiting for you when you buy property in Greece. So, don’t wait longer and apply today!