Navigating the Greek Property Market:
Embarking on the acquisition of property in Greece demands a nuanced understanding, particularly for international buyers. This guide offers a systematic approach to navigate the complexities of the process.
Clarifying Purchasing Eligibility: While EU nationals benefit from unhindered access to the Greek property market, non-EU citizens encounter certain restrictions. Special permissions are requisite for acquisitions near military bases, national borders, and select islands, emphasizing the importance of understanding specific regulations.
Strategic Financial Protocols and Regulatory Compliance: The initial financial undertaking involves the establishment of a Greek bank account and the transfer of funds. Compliance with Greek tax legislation necessitates comprehensive documentation, including approval from the Bank of Greece. Attaining a Tax Registry Number is imperative, with joint purchasers required to obtain individual numbers.
Legal Oversight by Real Estate Counsel: Engaging a seasoned real estate attorney is pivotal in navigating the legal intricacies of the transaction. This professional assumes responsibility for due diligence, safeguarding the buyer’s interests. Post-property selection, the attorney orchestrates the formulation of the initial purchase agreement, culminating in a transaction secured by a 10% deposit.
Navigating Legal Terrain – Title Verification and Scrutiny: A pivotal phase entails a thorough title search by the attorney to ascertain the property’s standing. Verification of compliance with planning regulations and the seller’s tax obligations is conducted at the Registry of Mortgages, ensuring a legally sound foundation for the transaction.
Meticulous Closure – Notarial Procedures and Documentation: The closing period, spanning four to six weeks, involves acquiring title copies from the seller. A notary public assumes a central role, drafting the contract deed and overseeing its execution. Both parties execute the agreement in the presence of the notary, who subsequently registers the transaction.
Finalizing Ownership – Regulatory Compliance and Transfer Formalities: The concluding steps demand the seller’s submission of a B’Tax certificate, affirming a pristine fiscal record. Presentation of the deed, transfer certificate, and requisite documentation to the Registry of Mortgages formally transfers ownership, solidifying the buyer’s legal standing.
Let Romano International be your guide as you embark on the path to realizing your Greek property aspirations. Navigate to our home page and “Request an Advisor” for informed guidance and support tailored to your unique needs. Partnering with a proficient real estate advisor ensures a seamless journey through the process.
