One of the most preferred locations in Europe that have seduced people for buying a property in Greece is CRETE. In the last few years, thousands of foreigners have bought a house under their name in this lovely country.
 
So, why don’t you go for one here?
 
Any foreigner can own a home in Greece. The country does not apply any restrictions on the purchase. EU nationals can freely purchase property in Greece, while there are a few restrictions for non-EU nationals. The potential buyer must open a Greek bank account and transfer all the funds required for the purchase (property price, notary fees, registration fees, etc.) in order to be in compliance with the Greek tax legislation. A real estate attorney, notary and accountant are required.
 
 
Therefore, this guide will help you buy the ideal home in CRETE, making you enjoy the process.
 
Required Documents

• A Valid Passport
• AFM (Tax Registry Number)
• Valid Visa to enter Greece (in case of non-EU national)
• Residence proof
• Copy of tax returns
• Government-issued ID proofs

 Is highly advised that you have a real estate attorney to handle all the legal matters of the procedure. He will be responsible for undertaking searches and checks on the property.

PROPERTY PURCHASE PROCEDURE

Obtain a Tax Registry Number:

All foreigners purchasing property in Greece require a Greek Tax Registry Number.To get the Greek Tax Registry Number issued, you need to visit the nearest tax office to where you reside. No appointment required.  Besides, get the access codes to the “TAXIS” system to fulfill its reporting obligations.
The nine-digit number is unique to each individual. It is used when dealing with Greek authorities and when completing almost any kind of paperwork, for example:

• Prior to starting employment
• Opening a bank account
• Paying tax
• Buying a car, property or boat
• Getting utilities connected
• Exchanging a driver's licence

The following documents are required:

• Passport and a photocopy
• A person without a passport must supply a birth certificate

The following documents, with photocopies, may be needed:

• Marriage certificate
• Birth certificate
• Visa or other relevant document for non-EU citizens

Open a Bank Account

The purchaser needs to maintain a bank account with a Greek bank, in order to be able to effect payments.
The following documents are required:

• Name and surname, father’s name, date and place of birth;
• Copy of Identity Card / Passport (or any other document including any information which is not included in an Identity Card or a Passport);
• Current home address;
• Contact number;
• Occupation;
• Current work address;
• Tax registration number in the country of origin, Greek tax registration number, where applicable;
• Annual income;
• Signature sample (which means that the person concerned needs to appear at the bank in person at least once).

The above information must be evidenced by official documents which cannot be falsified. Therefore, the bank will normally request a power / telephone / water bill, a lease agreement, a payroll statement, a tax clearance certificate etc. Moreover, given that these documents are executed in a foreign language, the bank will normally require that they be Apostilled, in order to ensure document originality (this entails further difficulties, as the foreigner will have to address a municipal service, a district court or a notary at his/her country of origin, depending on what applies in each country, in order to have copies of the above documents officially certified or have the notary’s signature Apostilled etc.)

The origin of funds used to buy property in Greece must be declared to the Bank of Greece using an official import document, popularly known as the ‘ pink slip’. You should open a local bank account, through which all payments relating to the property purchase must take place (particularly if you’re paying in stages). Your bank should provide you with an import form (‘ pink slip’) for every transfer you have made from abroad. This will provide an accurate record of payments and show that they emanated from abroad.
The information required by each bank may slightly vary, but Bank of Greece definitely requires the information set out above.

PROPERTY PURCHASE PROCEDURE

Consulation a Lawyer...

A Real Estate Lawyer will undertake searches and checks on the property. The kind of thing they will include: that it does not contain any restrictions; that all building regulations have been compiled with; that there are no outstanding debts relating to the property which may be inherited.
A preliminary contract...

Reserve the property by depositing a small amount to the seller to affirm that you will buy the property. This deposit is usually 10% of the total price. You will get your preliminary contract. This private contract of sale between the buyer and seller agrees the price, payment method and any other conditions. When this contract is signed, it is binding. This kind of contract can take various forms, so it’s vital to go through all details with your lawyer or notary You need to understand all your obligations and responsibilities, as well as your rights.

PLEASE NOTE: Deposits are refundable under strict conditions only, notably relating to any conditional clauses such as failure to obtain a mortgage. A deposit can also be forfeited if you don’t complete the purchase transaction within the period specified in the contract. If you withdraw from a sale after all the conditions have been met, you won’t only lose your deposit, but may also be required to pay the estate agent’s commission.The contract can be cancelled by either party, the buyer forfeiting his deposit or the vendor paying the buyer double the deposit. However, in some cases, if one of the parties wishes to withdraw from the sale, the other party can demand that he goes through with it or that he receives compensation for damages.


Final Contract...
A notary public will prepare the contract deed, ensure that it has been drawn up correctly, and oversee the finalization of the purchase. Following the contract signing, the notary prepares an application and a summary of the act signed to be sent and registered at the local land registry/cadastral office so that the property transfer is by law completed. Both parties must sign the contract deed (or the Lawyers with POA) in the presence of the notary who will verify and register the transaction in public records.

Fees & Costs

Transfer Property Tax

The purchase tax is paid by the buyer necessarily prior to signing the contract. The calculation of the tax is based on the value of the property to be transferred mentioned in the contract. In case the value of the property according to the local tax office estimation is higher than the declared price by the parties, the tax calculation is based on the higher value. The transfer tax imposed on the buyer is 3% of the transfer price of the property, plus a 0.3% concerning City (Municipal) Tax.

Notary’s Fees

The minimum notaries' fees are defined by the Greek Law defines below which it is forbidden to agree on any fee. Generally, the fee for the notary, who draws up the final purchase contract and practically ratifies the transfer, is usually between 1%- 1,5% plus VAT on the property transfer price. Additionally (and paid with the Notary fee) is a 200-250 Euros fee payable for tax declarations, certificates, legal copies, official copies of contracts etc.

Attorney’s Fees

Attorney’s fees are approximately 1%-1,5% VAT on the selling price.

Agents Commission

Agents commission is 2% +VAT on the selling price. (Minimum Fee 1500E +VAT). Additional service should be detailed in separate agreement.

Land Registry

Tax paid for the Cadastral Office. The amount depends on the type and the price of the selling property.

Conclusion

All in, you’re usually looking at an average of 7% to 10% of the selling price of the property.

You won’t be alone when buying a property in Crete
We are here for you, throughout this process.