The Essential Basics for Buying Property in Greece

Greece is known for its white wash villages, bright sun shine and endless sandy beaches. You should also add to this list that Greece is really safe for buying a property. You will definitely find the Greece to be increasing in popularity and the foreign investors are also finding it really good to invest here in Greece.

But you will have to keep few things in mind which are as follows:

1.Purchasing cost in Greece
While buying the property in Greece you will have to look at some point. You will have to save 15 percent of the purchasing price for the fees and taxes. There is also a property transfer taxes of 7 to 11 percent. The lawyer fee is about 1-2 % and not to forget land registry and notary which will require 1%. There is an also local municipal and community tax which is at 3%. The annual taxes apply for the properties which are above 200,000 Euros. The valuation of the property is done by the government which provides published value, announced for every type of properties.

2.AFM (Tax numbers)
All the buyers are required to carry a Greek tax roll numbers which are issued by the tax offices it is free and are issued on the spot. You will be required to show your id card and then only you will be issued the tax roll number. If you are a foreigner then you will have to show the passport or some other identification document. If you are a Greek and are permanently residing in some other country then also you can apply for this tax roll number. All you will have to do is to go to the office and collect the form.

3.Greek bank account
You will have to open a Greek bank account. You must also know that all the transactions are in euro. All you will have to do is to open a Greek account. There are many foreign exchange brokers who are really ready to transfer a huge amount of money in Greece for you. However the money can be transferred online as well.

4.The pink slip
This slip enables you to transfer the money abroad. If however the buyer cannot justify his spending then he will be accessed to pay the income tax.

5.Real estate agent
The real estate agent is really very important. They are paid their commission both by the buyer and the seller. The percentage is 5 to 6 % of the total cost.

If you really want to buy a property in Greece then you will have to keep all the above points in mind. They are really essentials.