legal procedure

1. Can foreigners buy property in Greece?

   Yes - Greece has been in the European Union since 1983 and the restrictions imposed for security purposes on foreigners owning property were lifted in 1992 (except land in close proximity to military bases).

2. Is the purchase of property difficult in Greece?

   No. In summary, having selected your property you appoint your English speaking Greek lawyer to act on your behalf by giving him/her Power of Attorney (this is arranged through a Public Notary for a fee of approximately €50). You will then pay a 10% deposit (non-refundable should you withdraw) to secure your purchase and set the price with the vendor. Your lawyer will obtain your local tax number on your behalf, required by law here to be able to purchase. Completion normally takes about 4-6 weeks dependent on the readiness of the property sale documentation. If you prefer you can instruct the lawyer to sign the final contract on your behalf in front of the Public Notary (Government appointed lawyer) who approves and records the transaction. Alternatively, you may wish to return to Crete to sign the contract yourself. In this case, the contract is translated word by word for you (in accordance with Greek Law).

3. Is there Land Registry?

   Yes. In addition to a very precise set of deeds, which establishes your ownership of the land and hence by Greek law any property built on it thereafter, there is now Land Registry in Greece.

4. What are the taxes/expenses involved in property purchase?

   The total expenses are forecast around 10%; the variation being dependent on the Tax Office assessment of the property for purchase tax purposes (normally substantially less that the purchase price.) The 10% forecast includes your lawyer’s fees and purchase taxes – which in Greece are a one off payment at time of land purchase.

5. What other taxes/expenses apply if I live in Greece?

   If you are not working, your only costs will be utilities - electricity and water (including public sewage if you have it). There is no Council tax and no Capital Gain Tax in Greece.

6. What guarantees exist on new houses?

   The architect and builder are responsible in Greek law for the structure in perpetuity.

7. If I buy a new house, what are the payment stages?
   1. 10% deposit – fixing price and holding property.
   2. 30% - to complete plot purchase.
   3. 30% - to commence with first construction stage.
   4. 30% less € 1.000 - to commence with second construction stage.
   5. € 1.000 on completion of the house.
      All prices are in Euros.