Legal support for the purchase of Real Estate in Crete
Amalia G. Makrydaki
Attorney at law
Our knowledge and experience will guide you through the complexities of Greek property law.
Amalia Makrydaki and her colleagues will be happy to provide you with legal support and advice throughout the buying process. They specialize in all legal aspects relating to sale/purchase of real estate. They offer all the services necessary for owners of real estate in Crete/Greece: Residential Conveyancing, Commercial Conveyancing, Landlord and Tenant, Wills and probate.
They will help you complete your property deals quickly and with a feeling of security and confidence. Their firm was established in 1997 in Rethymno, Crete and they offer legal services with absolute responsibility and complete confidentiality in English, German and Italian.
Frequently Asked Questions
Answers to questions most commonly asked by buyers and sellers of property in Crete.
Property & Tax FAQs
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.
Generally speaking, all EU citizens have the right to purchase property in Greece/Crete.
Generally, Non-EU citizens have the right to purchase property in Greece/Crete. For details of current regulations, contact the Greek consulate or embassy in your home country.
Residence Permits for Non EU citizens
Greece can grant residence permits, for Non-EU citizens and their families with the acquisition of property worth more than €250.000 [Read more]
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.
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.
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.
Legal & Financial FAQs
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.
It is highly recommended to have legal representation throughout the transaction. Your lawyer is also responsible for carrying out the necessary legal surveys and property title search.
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.
Not necessarily. If you wish, your solicitor can sign on your behalf if you have granted him/her Power of Attorney.
Closing costs include all legal expenses, fees and taxes. There is no set figure for this; but it is generally prudent to budget for an additional 9 – 12% as a guide for total purchase costs. You or your appointed representative should clarify this at the earliest opportunity.
Insurance & Tax FAQs
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.
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.
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.
Generally, these can be paid by standing order by your bank. You can, of course, pay in person at the relevant office.
Prestigious Real Estate Associations
We offer solutions for everything concerning Real Estate in Crete. Use the following links for more information.