Carte Blanche for Investors: Golden Visas in Southern Europe
In 2008, a financial crisis began in Europe. The problems in the economy affected the state of local real estate markets: the volume of investments decreased, real estate prices fell…

Continue reading →

UK will open the owners of real estate, decorated on offshore
On July 23, the Parliament of Great Britain introduced a new draft law on the creation of a public registry in which foreign companies owning real estate in the country…

Continue reading →

Property Maintenance in Greece
The maintenance of an apartment in Athens costs on average from 700 to 1.8 thousand euros, villas on the islands - from 1.5 to 15 thousand euros. The main items…

Continue reading →

The procedure for the purchase and registration of real estate in Greece

To buy property in Greece, it is enough to come to Greece once. The purchase process includes 7 simple steps.                                                                                                                 1. Select an object
The buyer comes to Athens to select a property. He hires a lawyer who over the next month will check the documents for real estate (certificate of ownership of the seller and a pledge register for encumbrances and tax arrears of the object) and will help pay taxes on the purchase.

Although the participation of a lawyer at this stage is optional, Tranio recommends using his services: checking the legal purity of the object requires, at a minimum, knowledge of the Greek language. Lawyer services will cost approximately 1.5% of the transaction value.

2. Conclusion of a preliminary agreement
While the lawyer checks the documents, the buyer and the seller enter into a preliminary agreement for the sale, the buyer makes a deposit – about 10% of the value of the object.

3. Getting an individual tax number
In order to get an individual tax number, the buyer will need a lawyer who will help him fill out a questionnaire in Greek. The whole procedure takes several hours.

Required documents:

copy and original passport;
marriage registration certificate if the number is also issued for a spouse.
4. Opening a bank account
The buyer opens an account in a Greek bank. Pre-lawyer carefully checks the collected documents. The personal presence of the applicant when submitting documents is required. The procedure takes 1-2 days.

Required documents:

copy and original passport;
documents confirming the legality of the income of the buyer; These may be tax returns, documents confirming the receipt of inheritance, dividends, rental income or property sales (translated into Greek or English);
certificate of employment (translated into Greek or English);
a copy of the bill for any utilities that will confirm the place of actual residence of the applicant (translated into Greek or English);
certificate of ownership of a telephone number (translated into Greek or English);
statements of the applicant (translated into Greek or English).
If the transaction amount is large, the bank may request documents confirming the purity of the origin of the funds.

5. Money transfer
The buyer transfers the required amount to an account in a Greek bank – from him he will pay the cost of the purchase. Although the buyer can transfer money to the seller directly from his Russian account, the Greek account will still be needed in the future: taxes, expenses on the management company and utilities will be paid from him.

The amount of tax when buying can vary greatly:

for new buildings, the construction permit of which was issued after January 1, 2006, the buyer pays VAT – 24% of the value of the object;
for real estate built before 2006, only the tax on transfer of ownership is valid – 3.09% of the value of the object.
6. Signing the contract of sale
The direct conclusion of the transaction will take place a few weeks after the object was selected (when the verification of the legal purity of the object will be completed). The buyer can come to Greece himself or issue a power of attorney for a lawyer who will sign the purchase contract for the buyer. The signing procedure necessarily takes place in the presence of a notary – his services will cost 1.2% of the transaction value. The buyer can transfer money to the seller both before and after signing the contract (by agreement).

7. Registration of the transaction
In 1–1.5 months, the transaction will be registered in the pledge register, and real estate – in the cadastral management. Registration tax ranges from 0.475 to 0.775% of the transaction value.

Who should not invest in mini-hotels
In Tranio, investors are often asked to find a hotel for 10–30 rooms abroad managed by a large hotel operator and with a long-term contract. However, they do not plan…

...

Education in Greece
The education system in Greece is divided into three levels: primary, secondary and higher. Each of them consists of two sublevels. A child of any nationality living in the territory…

...

Russian-speaking investors in profitable real estate abroad: an analytical study of Tranio
In early 2018, Tranio once again investigated the behavior of Russian-speaking investors abroad. We relied on the results of an online survey, which involved 476 real estate market leaders from…

...

How the size of the capital and the behavior of owners of foreign accounts: the study of Tranio and Adam Smith
Russia joined the agreement on the automatic exchange of financial information (Multilateral Competent Authority Agreement, MCAA), and at the end of December 2017 the OECD published a list of countries…

...