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Buying Property in Greece

Basic Information
Law 4146/2013, article 6, par. 2

After article 36 of law 3386/2005, "Entrance, residence and social integration of third country nationals" a new article: 36A is added as follows:

«Article 36A
Granting Residence Permits to property owners in Greece:
1.A 5-years duration Residence Permit is granted, by decision of the General Secretary of the Decentralized Administration, to a third country national, under the condition that they are granted a visa when required and hold either personally either through a legal entity   whose shares they own totally, property in Greece, or if they have contracted a ten years duration timeshare lease of Law 1652/1986, or a ten years duration lease of hotel accommodation or tourist housing in tourists’ accommodation complexes, according to article 8, par. 2 of Law 4002/2011. The above residence may be renewed for the same duration if the conditions described above concerning the property and the other conditions described by Law still exist. The minimum height of the property and the contract price of timeshare leases of this article shall be two hundred fifty thousand (250.000) euro. By joint decision of Ministers of Interior and Finance, the level of the real estate can be adjusted and calculated in accordance with the stated policies of property values or rental agreements.
2. The above third country national may be accompanied by his family members as well, as they are described in paragraph 1 of article 54 of Law 3386/2005, who are also granted, on request, an individual residence permit that can be renewed or is expired at the same time with the permit of the above third country national.
3. The residence permits of the current Article do not establish the right of access to any form of work.
4. The residence period, according to the provisions of this article shall not be counted for the granting of citizenship.»

The participation of a lawyer who speaks the Russian language in the process of preparation and conduct of the sale of real estate, is a guarantee for the adequate reproduction of the legal content of the transaction in the language environment of the customer.

The property market in Greece is growing steadily and every year attracts a growing number of foreign investors. It is a very profitable investment, not only due to affordability, but also because it is a unique opportunity in today’s era to buy land in Greece, a country with such a great history, culture and civilization.

Greece is a country of the European Union and a democratic society as well. So one of the main pillars of the political orientation of the country is the protection of the rights of foreign nationals who legally reside in Greece.

It is undisputed that the purchase of real estate, which is an investment in the economy of the country, is an important advantage for obtaining visa and increases the chances of the holder to obtain a residence permit as an economically independent citizen.

After the acquisition of property in Greece-commercial real estate, land for cultivation, other properties- there is a very big investment opportunity to resale or rent the property. The owner only appoints commissioners who shall select the most favorable conditions for him in order to acquire a fix monthly income.

The lawyer Kasatkina-Kouskou Svetlana offers services for the legal support of real estate transactions throughout Greece. A full legal control before becoming an owner is performed. The control concludes the confirmation of the ownership of the seller, the legal purity of the last 20 years, which are necessary steps for buying real estate.

Thus, the buyer must do the following for the sale contract in Greece:
•    Search of property, the contribution of a broker may be asked.
•    Legality of the title of property (check the books of transfer and the books of weights of the relevant land registry etc) - technical check of the property by a civil engineer.
•    Deed sale between the buyer and the seller with the presence of a lawyer where the real market value of the property is determined, as well as the penalties for not signing the final contract. It may take the form of a private agreement or a notary.
•    The foreign buyer must obtain an individual number ( ΦΠΑ) to the competent tax office.
•    Drafting the contract before the notary.
•    Open a Greek bank account.
•    Exemption from payment of real estate transfer tax provided all conditions are met.
•    Registry of the contract.
•    Join the National Cadastre. According to recent Greek legislation for citizens of countries outside the EU, the opportunity to acquire real estate in border areas of Greece is widened and the procedure of the transaction is simplified and there is no more need for a license from the Ministry of Defence.

In other words, during the economic change in Greece, there are many large and profitable opportunities for the acquisition of land for commercial use and for leisure and entertainment use, as well as opportunities to buy real estate to coastal and mountainous areas.

The buyer (seller) may permit the lawyer representing him, to manage his interests in Greece for all procedures related to the sale, with a proxy in which all terms of the contract (price, transaction object etc) must be specified. The proxy must be signed by a notary in Greece and the Greek consulate abroad.

Notary proxies abroad must be officially sealed with Apostille. This process greatly accelerates the processing of documents and therefore could guarantee the adequate treatment of the transaction of purchase and sale of the real estate. A very important aspect in issues related to acquisition of real estate is the reliability of the information and in this case, the buyer’s lawyer is the main guarantee for the legality of the transaction.


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