What Is Required to Buy Property in Greece: A Step-by-Step Guide for Foreign Investors

Buying property in Greece has become an increasingly appealing option for investors. With its favorable property prices, stunning landscapes, and stable returns, Greece offers a unique opportunity for investors.

Buying property in Greece as a foreigner involves several legal and technical procedures. It is essential to understand the legal requirements to ensure a secure and compliant transaction.

Below is a comprehensive guide on what is required to purchase real estate in Greece. All the steps listed below can be undertaken by your lawyer pursuant to a power of attorney which can be signed abroad or in Greece.

1. Greek Tax Identification Number (TIN)

The first step towards buying property in Greece is obtaining a Greek TIN. This is mandatory for all property-related transactions, including signing contracts, paying taxes, and opening a bank account in Greece. Your lawyer or accountant in Greece can complete an application with your details which will be submitted along with your passport to the tax authorities for the purpose of issuing your TIN. Foreign investors must also appoint a tax representative in Greece, particularly if they are non-EU nationals.

2. Legal Due Diligence

Assuming that you have already identified a property for acquisition, your lawyer will have to perform a property title search at the Cadastre. This search confirms the seller’s legal ownership and verifies whether the property is free of encumbrances and claims.

3. Technical Due Diligence

A technical due diligence inspection by a civil engineer is strongly recommended. The civil engineer will check for unauthorized constructions or building violations and will also inspect the structural condition of the property.

4. Greek Bank Account

While it is not mandatory, it is advisable to open a bank account in Greece as it enables the swift transfer of funds, payment of property taxes, regular payments such as utility bills or property management fees, and receipt of the rent, if applicable.

5. Property Transfer Tax and Municipality Tax

Once all legal and technical checks are completed, the buyer may proceed with the payment of the property transfer tax (3% on the property value) and municipality tax (3% on the property transfer tax). Both such taxes are paid in a single transaction.

6. Property Title Transfer Deed

The Greek notary public prepares the draft property title transfer deed which has to be reviewed by the parties’ lawyers. Once the property title transfer deed is finalized, it is signed by the seller and the buyer before the notary. At this stage, the buyer should pay the agreed purchase price (or the balance purchase price, if a deposit has already been paid) and the relevant notary fees.

7. Property Transfer Registration

The lawyer or the notary will submit the executed property title transfer deed to the Cadastre for registration. This final step ensures that the transfer of the purchased property title to your name is officially recorded, and thus you are listed as the new legal owner of the property.

Complete Legal Support from EP Exclusive Legal Services

At EP Exclusive Legal Services, we specialize in guiding foreign investors through every step of the Greek property acquisition process. Our experienced team can coordinate the entire process along with tax consultants, civil engineers, real estate professionals, notaries and banks.

Whether you are acquiring real estate for personal use, investment purposes, or as part of the Golden Visa Program in Greece, our team can handle the process from start to finish, ensuring peace of mind and legal compliance.