Who can buy property on the Greek Islands?
As long as you are an EU citizen you are allowed to buy property on the Greek Islands in the majority of places, the only restriction being in areas immediately adjacent to military bases.
Would our property be registered anywhere?
Yes it would, all property sold is registered at the Mortgage House, the equivalent of the Land Registry in the UK.
Do I need a Lawyer?
Yes, you cannot purchase a property in the Greek Islands without using a registered Greek Lawyer. It is recommended for your lawyer to have a good local knowledge as well. UK lawyers are not allowed to act for you on your purchase, unless they have an office in Greece which is housed by registered Greek lawyers.
What will my Greek Lawyer do?
Your lawyer will investigate the Title Deeds and ensure that that the vendor is allowed to sell the property to you and there is no debt owed on the land. They will also provide you with all legal documentation and help you with the moving in process.
How much deposit do I need to put down to purchase a property?
Once you have chosen your property, we require a 10% deposit to be laid down. This is broken-down in two stages, the first being that you need to pay a small "holding fee" to reserve; this is normally between €2,000 and €3,000. The next stage comes two weeks later when you need to pay the remaining monies of the 10%.
What happens when I go to complete?
The completion process is straightforward and takes place in the offices of the Notary Public, who independently checks all the documentation and tax receipts prior to completion taking place. From here, the new deeds to the property are signed; the final payment paid over and from this time the property is officially yours. The Notary Public will arrange for your ownership to be registered at the Mortgage House. The last process is that the Lawyer will send you a copy of the Deeds of Ownership, a completion statement together with a financial reconciliation detailing purchase expenditure.
How much should I budget for additional costs?
The fees that you will need to budget for vary depending on property and location, but are from 10% - 15% of the purchase price.
Can I purchase a property in somebody else's name?
Yes you may purchase a property jointly with your spouse and/or other purchasers, in the name of your children or in the name of a company.
Is it possible to get a mortgage in Greece?
Yes it is possible to get a mortgage in Greece. To apply for one you will require a proof of income for the last two years, this includes a P60, payment stubs or tax returns if you are self employed.
Do I have to pay Capital Gains Tax if I decide to sell my property?
Yes you will if you purchase after 01/01/06. The percentage you need to pay varies depending on the length of time your property has remained in your ownership.
0-5 years = 20%
5-15 years = 10%
15-25 years = 5%
May I bring my car?
If this is going to be your first home, then yes you are entitled to bring the car tax free into Greece and acquire Greek number plates; however a registration fee will be payable. In order to transport a vehicle onto the islands, you will need to arrange all the paperwork with the Greek Embassy in the UK before coming over. It is not possible to carry out this procedure once you are on the islands. If this is your second home, then you will only be able to bring your car for a period of six months a year. After this time you are obliged to take the car out of Greece; if you fail to do this, then the penalties are very high. Cars which are imported into Greece must be gasoline-operated with a catalytic converter.
May I work or open a business?
All EU citizens have the right to live and work in Greece. You will need a residence permit which also serves as a work permit. This is now a relatively simple procedure and there is a very minimal fee for this. This is obtained from the local Police HQ.