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Resident permit in Greece to foreign subjects, owing real estate in Greece

Economou & Economou Law Office > Uncategorized  > Resident permit in Greece to foreign subjects, owing real estate in Greece

Resident permit in Greece to foreign subjects, owing real estate in Greece

If you dream of classical Greece! , make your dream come true by buying and living in your own house in modern Greece either in its over 3000 islands or in its mainland…..
Greece, who nowadays, celebrates the 200 years anniversary of its independence, is still teaching the world how working slaves could become free enjoying their freedom, under the generous ever shinning sun of eternal Greece.
 Allow us to investigate with you dear Greek friends, either EE, citizens or non in simple steps what you would need:


Step number one : Tracing the real estate in the area of your interest.
A real estate agent might be useful if happens to have some suitable to your needs houses offered to top bottom prices.
They are free lancers, usually work on a time limited contract by showing to the interested buyer certain immediate available for sales houses and residents. Their usual commission is set on 2% of the real estate value payable to them if the buy is realized through their intermediation, in the contractual agreed time.


Step number two:  Search concerning the real estate’s real and legal status.
This search which is indispensable is realized by a lawyer who will check by the Land Registrar and the Mortgage registration Office of the real estate offered for sale, if all legal prerequisites are duly kept by the former consecutive proprietors the last 20 years elapsed prior to planned property transfer.
Furthermore, the prospect buyer’s lawyer should undertake to check in the respective registers if the real estate is free from sequestrations, third party legal claims, and legal irregularities of any kind during the whole consecutive transfer process of the last 20 years elapsed and no registration pertaining to loan securities exist. 
Furthermore the lawyer should  check if the real estate is an apartment in a condominium private resident construction, if the condominium contract and Condominium Regulations agreement is dully and legally  constituted and shared and accepted by each coproprietors.


Step number three: Technical check of the real estate. The employ of the services of a civil engineer is also indispensable, since a detailed check on whether all the construction technical prerequisites and all urban planning regulations are strictly followed during construction by the seller, should be confirmed by an expert technical report.
For plots outside urban areas offered for sale, the feasibility of construction should be attested by the civil engineer.


Step number four: Obtaining of a Tax registration number.( the so called AFM in Greek). For the stipulation of the contractual notary deed, the obtaining of a tax number by a foreign subject buyer candidate and the designation of a resident representative agent toward the Tax Office for those residing abroad is a sine qua non prerequisite.
To obtain a Tax Registration Number the following are necessary:
Copy of the passport all pages.
The filling of the Tax form M1, for the VAT declarations if applicable.
Filling of the form M7, pertaining to the relations of the prospect buyer to his/her representative resident agent.
For obtaining of tax number through agent the later, should be designated by a notary deed POA, by the nearest to the resident  prospect buyer’s  Greek Consulate or a Notary deed by a local to the resident of the prospect buyer Notary , the deed of which should bear an Apostille and should be formally translated to Greek.
By the same POA the designated agent should be responsible for filling all the Tax declarations that seems necessary, as well as being responsible for fulfilling the principal’s Tax obligations and for receiving   all writs, acts, reports and any other acknowledgment, warnings etc.  ,of the Tax Office as procedural representative.


Step number five: The payment of the transfer taxes has a prerequisite, the filling of the Tax declaration form, foreseen as a necessity.
The tax foreseen is the 3% of the property value and payable before the stipulation of the buy contract and the Notary should attach the payment receipt to his/her notarial deed.
There are certain tax exceptions and tax reductions if the buy concerns blood relatives, first real estate buy for the needs of the family etc. that should be investigated if applicable in each individual case.


Step number six:  This last step has as prerequisite the stipulation of the sales/buy deal and registration of the deed into the Land Registrar and the Cadaster.


The issue of granting resident permit in Greece to foreign subjects, owing real estate in Greece

 
If the value of the property bought in Greece,  or leased for at least 10 years, in touristic establishments exceeds the 250.000,00 euros, then the property owner as a natural person or as main shareholder of acknowledged to international exchange legal entity,  or the respective leasee, has the right to reside in Greece for the next 5 consecutive years following the deed.
In certain cases to the family members of the property owner in the above sense, can also obtain residence permits in Greece.

So now is the right time and It is up to you to hold the opportunity of being a real property owner in Greece and enjoy a bunch of benefits.
If you think it’s time to live your dream, we are just a few seconds away and it’s up to you to drop us a few lines in our mail box provided to all international Law Platforms or just to our email econlaw@live.com .
You can rest assured that you will never regret your choice of buying a property in Greece that it’s going to fulfill all your needs.

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