Your Guide to Buying Property in Greece
Trustate is your trusted guide throughout the entire process of purchase and selling.
What you need to know about purchasing real estate:
Initially, if one of the parties to the purchase and sale transaction is not Greek citizen, it is necessary to prepare the following documents to proceed with the process.
First, it is mandatory to sign a power of attorney, certified by a Greek notary with the obligatory presence of an accredited translator. This document authorizes the lawyer to act on the foreigner’s behalf. Apart from that it also contains the powers granted to the lawyer for the purposes of the drawing and execution of purchase and sale agreement. Thus, the buyer doesn’t have to deal with long and complicated procedures of the purchase.
The lawyer who is acting in the name and on behalf of the buyer, registers him as a taxpayer in Greece and opens a bank account in a state bank in buyer’s name.
After completing the inspection of the property, he prepares a report, signs, certifies it and delivers it to the prospective buyer.
After this task is completed, the licensed lawyer prepares a real estate transfer tax return and submits it to the local tax authority. The tax rate is 3.09%.
Once this process is completed, the buyer and seller sign the main property purchase and sale agreement in the presence of the notary and accredited translator.
After signing the agreement, the lawyer registers it in the competent Land Registry, which is the final, integral, and mandatory stage of the property purchase and sale transaction.
After the agreement is finally complete, the buyer receives the complete package of documents, like the energy performance certificate, topographical plan, layout plan of the property, and everything else that is necessary.
Documents necessary for the property registration in Greece:
Among the company’s goals is to be able to secure a stable income for the owner through the acquisition and subsequent proper exploitation of the property.
The investments that are worth noting are those of short-term leases which, with proper management, may bring a large profit to the owner, due to the tourism sector which in Greece is very developed, especially during the summer season.
Earning passive income through long-term rental is a good way to increase earnings. With the proper and effective management that our company makes, it can initially judge the suitability of a tenant in the first stage and in the second to ensure to the greatest possible extent that all payments related to the property will be made on time by each tenant. In this way, the owner needs to be involved little or not at all in dealing with the issues that arise in his property management.
Hotel Management
Another example of investment in Greece which undoubtedly yields a great profit is the hospitality sector with the acquisition of hotel units. The tourism sector in Greece is one of the key sectors of the economy, as a result, if managed effectively, the hotel generates significant profits, with a constant increase in income.
Trustate offers you a variety of options regarding the successful management of your property whether it is a short-term or long-term residence.