Property in Greece

January 2013

PURCHASE OF PROPERTY IN GREECE

The Embassy advises Americans to consult a lawyer for current legal information pertaining to the location of property, ownership titles, taxes, etc.   Note that residents of abroad who acquire property or have income in Greece will have to obtain a Tax ID Number, according to a circular of the Ministry of Finances.

PURCHASES IN “BORDER AREAS”

The purchase of property or other property transactions by foreigners (non-Greek and non-European citizens) in certain parts of Greece known legally as “Border Areas” (including many islands and other areas further from the border) is prohibited by a series of laws and their subsequent amendments.  Persons or legal entities who wish to purchase property located in border areas should submit an application to the Decentralized Administration of the Ministry of Interior, at the area that the property is located, stating the purpose for which they plan to use the real estate.  Information can be obtained from the decentralized administration of the periphery at the area where the property is located.

TAX ON TRANSFER OF PROPERTY

A transfer tax is assessed on the value of the property in accordance with the property value tables established by the Ministry of Finance.  In areas where such tables have not yet been established, the local tax authorities appraise the property value.  The method of assessment may differ depending on the type of transfer, i.e., purchase, donation, inheritance, etc.  Proceeds of the sale of property may be exported.  Property owners due to inheritance or through donation effective upon the donor’s death, also have the right to export proceeds of the liquidation of the property. Here