Buy and Inherit Property in Greece – Basic Info

Basic information about buying property in Greece

The purchase agreement needs to be signed before a Notary Public. Relevant applicable taxes have to be paid before the notarial deed, which has to be registrated in the Land Registry and/or the Cadastre, where the property is located.
The so called “objective value” of a property is calculated by the Government using a specific formula and is based on a price per sq.m., according to the location of the property.
It is strongly advisable -especially for the buyer- to engage an independent lawyer and grant a power of attorney to him/her, in order to:
- to sign the purchase documents, so that the buyer avoids travelling to Greece to sign in person,
- get a Greek Tax Identification Number,
- have the ownership title verified,
- ensure the property is free from encumbrances and any third parties’ rights or claims,
- advise the buyer on the purchase.
A civil engineer is also needed for certifying the building’s compliance with respective building permits and eventual construction restrictions etc (usually the seller bears this cost, depending on the parties’ arrangements).
After the purchase, the buyer must advise an accountant. Even if the buyer does not earn any income in Greece, he/she should file annual tax returns as long as he/she owns real estate property in Greece.
Insurance is not compulsory, but it would be safer to insure the property and contents.
After the purchase of the property, the new owner is responsible for the utility charges – electricity, gas, water sewerage etc.

Our offices’ services may also cover comprehensive “after sales” support.

Basic information about inheriting property in Greece

For property located in Greece, Greek inheritance tax shall apply. The rate of the transfer tax depends on the relationship between the deceased and the beneficiary.
You have the right to have two wills, one in Greece covering your Greek assets and one in your country covering your other assets. Both Wills need to be drafted carefully to make sure that they do not revoke each other.

For further information, do not hesitate to contact us.