Frequently Asked Questions

While it’s no longer a legal requirement to hire a lawyer when purchasing property in Greece, it’s highly recommended. A lawyer will carry out essential due diligence, including reviewing the property’s title history (often going back more than 20 years). This ensures the property is free from mortgages, claims, rights of way, expropriations, or other legal issues. Lawyers also verify that all property taxes have been paid by the seller. Fyrrogi works with trusted legal professionals and can recommend a suitable lawyer for your specific needs.

Yes, a notary is mandatory in Greece for property transactions. The notary acts as a government-appointed official who certifies and processes all documents related to the sale, ensuring the legal transfer of ownership.

Yes, hiring an accountant early in the process is important. They will assist with tax filings and help you understand Greek property taxes. Fyrrogi collaborates with professionals in this field and can connect you with the right accountant for your needs.

Yes, it is advisable to hire a land surveyor. They ensure that any building licenses and planning permissions are in order. Fyrrogi can recommend a qualified engineer to assist with the necessary surveys and checks.

Yes, all property buyers, including foreign nationals and non-residents, must obtain a Tax Registry Number (AFM). This is issued for free at local tax offices. If you cannot attend in person, you can appoint a representative with power of attorney to obtain the AFM on your behalf.

The Tax Assessed Value is the Greek tax authority’s estimated value of a property, which is typically lower than the purchase price. Note that this value is not directly related to the amount of taxes owed; transfer taxes are based on the actual purchase price.

While not obligatory, having a Greek bank account is highly convenient. Greek banks offer efficient online banking services, with interfaces available in English, making it easier to manage payments related to the property.

The process is generally straightforward and quick. Key professionals involved include a lawyer, engineer, and notary. Fyrrogi can help coordinate these professionals and ensure smooth communication. Here’s a basic outline:

1. Sign a Letter of Intent (LOI): This outlines the terms of the deal and allows time for due diligence, typically 4-6 weeks. It is usually accompanied by a minimum downpayment.
2. Pre-Contract or Final Contract: Once the due diligence is complete, you’ll sign a pre-contract detailing the terms of sale and payment schedule, followed by the Final Notarial Purchase Contract.

Closing costs, including legal fees, notary fees, and taxes, typically add around 10% to the property’s purchase price.

Yes, all property owners must declare their ownership through a form called E9, submitted to the Greek tax authorities. This is required even if you don’t live in Greece or earn an income there. Your accountant or lawyer can handle this on your behalf.

All properties in Greece are subject to the unified property tax (ENFIA). Key factors influencing the calculation include the property’s area, zone price, age, usage, and floor level. Additionally, properties with a high value (over €400,000) are subject to an extra tax.

Yes, inheritance tax is applicable, but for close relatives (first and second degree), it is a nominal 1% of the estate’s value. There is also a €95,000 tax-free allowance per inheritor, which covers most situations.

Yes, Greek banks offer mortgages, usually requiring proof of sufficient income to cover repayments. The loan-to-value ratio can go up to 80%, depending on the property and the applicant’s financial profile. The property being purchased will typically be used as collateral.