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Information on this page is intended to be advisory only. In most cases we can advise and assist you.
Is property ownership secure in Crete?
The Registry of Mortgages is the State authority charged with securing property ownership. All property titles are held, and all encumbrances registered, there.
Property is filed under the owner's name; lawyers/attorneys are
entitled to check under the name of any individual or organisation. A
thorough property title search here will uncover any/all extra hidden
claims, covenants or charges attached to the property; it will also
confirm the proper previous transfer of the property. This must always
be done as part of the transactional process.
Who can purchase property in Greece/Crete?
EU citizens
Generally speaking, all EU citizens have the right to purchase property in Greece/Crete.
Non EU citizens
Non EU citizens can purchase property only with
the required official authorisation. For details of current
regulations, contact the Greek consulate or embassy in your home
country.
Non-EU Nationals
Purchase procedures for non European Union nationals. Private purchase only.
The procedure is simple but may only be started once a suitable
property has been decided upon and you have committed to buying it. The
application cannot be submitted in advance of this stage in order to
speed things along.
Amongst other government departments, the Ministry of Defence checks the application.
1. You will need to appoint a reputable Greek lawyer. We would be happy to make a recommendation.
2.The lawyer writes to the Ministry of Foreign Affairs on your behalf
stating your intention to make a purchase. For this stage you will
require the following:
i. The full names of everyone on the purchase agreement.
ii. Full names of mother and father
iii. Full details of the property you wish to purchase
3. All purchasers will need to provide a biography of themselves including:
i. Where and when born
ii. Details of education and past and present employment
iii. Details of all countries in which you have worked
iv. Details of children, number, ages etc
4. Your lawyer will need to know what the purpose of the purchase is. i.e. holiday, rental, retirement etc.
5. You will need to provide your lawyer with 6 copies of your identity card or passport.
6. You will need to provide your original birth certificate plus 5
copies. Both must be translated into Greek in addition via a Greek
Embassy or Consulate. There must also be 6 copies of these documents.
7. All purchasers must provide details of any criminal records regardless of country in which they are held.
8. You must obtain 4 copies of the topographical document. We can help you with this.
9. You must have a plan of the house and the plot to a scale of 1:5000. You will need this stamped by the architect.
Am I required to purchase property in my own name?
Not necessarily. You can purchase property in joint name, with
spouse and/or other third parties, in the names of children, legal
heirs or a company.
Do I need a Greek Tax Registration?
Yes. Anyone purchasing a property is required to have a Greek Tax
Registration Number. You should apply to the local (Greek) tax office,
with your passport/ID and sometimes birth certificate. Your appointed
solicitor can make the application on your behalf, if you have granted
him/her Power of Attorney.
Can I obtain a mortgage in Greece?
Yes. Each bank or financial institution may have its own stipulated
requirements of the applicant; but generally, with your passport/ID,
you will need to provide proof of earnings (P60's, payslips or tax
returns if self employed) for 2-3 years. You should also bear in mind
that you must be able to pay all closing costs before the bank will
release any funds.
What is a Notary Public, and do I need one?
The Notary Public is a lawyer who represents the Greek government
in the property purchase transaction. You must appoint a Notary or you
will not be able to legally purchase a property. It is his/her
responsibility to process and certify the transaction. He/she will draw
up all the necessary legal documentation. The contracts must be signed
in the presence of the Notary who must be happy that they have been
read and understood by all parties.
Do I need a lawyer?
Yes. Both buyer and vendor must have legal representation
throughout the transaction. Your lawyer is also responsible for
carrying out the necessary legal surveys and property title search.
Do I need a Greek bank account?
Yes. You need a Greek bank account for the transfer of funds. Among
other things this account shows that the money has come from an
external country; and so is not subject to local taxation.
Opening an account is usually easy. You will need to show your
passport/ID and tax registration. It takes no time at all, and you are
not required to make an opening deposit on the day.
Am I required to sign the contract personally?
Not necessarily. If you wish, your solicitor can sign on your behalf if you have granted him/her Power of Attorney.
What and how much are ‘closing costs'?
Closing costs include all legal expenses, fees and taxes. There is
no set figure for this; but it is generally prudent to budget for up to
14% of purchase price. You or your appointed representative should
clarify this at the earliest opportunity.
How should I best insure my new property?
The building industry on Crete is subject to EU regulations and
standards. In addition there are strict local regulations for
earthquake protection. It is therefore prudent to insure your new
property in the standard manner against fire, water damage, storm
damage, earthquake, theft and third party.
As a property owner, will I have to file Tax Returns in Greece?
Yes. Anyone owning a property in Greece is legally bound to file
annually an E9 form with the Greek tax authorities. This must be filed
in conjunction with the basic Income tax E1 form. If you don't actually
have an income in Greece you should enter "0" income in the E1. Your
accountant will help with this.
What is meant by the Tax Objective Value of property?
The Tax Objective Value of a property is assessed by the Greek tax
authorities for the purpose of levying taxes. It is not the purchase
price of the property; generally being significantly lower than that.
How are utilities bills generally paid?
Generally, these can be paid by standing order by your bank. You can, of course, pay in person at the relevant office.
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