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Can foreigners invest on properties in Greece?

Posted by Petersons | Kefalonia Property on June 4, 2020

Can foreigners invest on properties in Greece?

Greek laws allow foreigners to own properties in most areas of Greece. Restrictions apply for non-EU citizens who wish to buy in border areas (East Aegean, Dodecanese islands, regions of Northern Greece, Crete, Rhodes). Non-EU citizens who wish to buy property or rent it for a period over six years in border areas, have to apply to the authorities. Kefalonia does not have this restriction.


How easy is it to invest in Greek property?

The procedure for buying real estate property in Greece is fast and simple. The law requires three legal professionals involved: a lawyer, to investigate for the property, a notary public to draw the contract and a registrar to register it officially to the local mortgage office.

All property titles in Greece are kept on the mortgage offices of each municipality, according to the alphabetical order of the names of the owners.


What about taxation?

The general transfer tax currently is 7-10%. The Greek VAT (24%) that is to be paid upon the purchase of newly built houses has been postponed for another three years starting from 1/1/2020.


How high is the annual taxation on the possession of property?

There is an annual state Property Tax at the rate of 0,2% to 2% on owned property – except off-plan building land. Also owners have to pay a local annual Municipality Rate of up to 0,035% – collected mainly through the electricity bills.


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