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You will find a compilation of frequently asked questions to IMMOLYMP and the corresponding answers here.

Can I, as a Swiss non-EU citizen, buy a property in Greece?

Since the enactment of Law 3978/2011 Art. 114, Swiss and non-EU citizens are allowed to purchase real estate in Greece. This also applies to areas that were previously designated as border areas and for which a permit was required. Today, these are Samos, Chios, Chalkidiki and Thessaloniki, among others.

If you purchase a property with a purchase value of 250,000 euros, you and your family are allowed to live in the border area according to Art. Par. 6 Law 4146/2013, you and your family may apply for a residence permit. The residence permit lasts for five years and may be renewed.

What do I need to buy a property in Greece?

After choosing your property, the following points need to be taken care of:

1. Choice of a lawyer, notary, as well as accountant /financial advisor
(It is recommended to authorise a lawyer.)

Attorney: Compilation of all documents for the notarisation at the notary as well as the control of the ownership

Accountant/financial advisor: agent for tax returns and finances (relevant after the purchase of the property)

Notary: Responsible for the notarisation of the purchase contract

2. Conclusion of a preliminary contract to be notarised (advisable)

3. application for a tax number (AFM / Arithmos forologikou mittrou) at the competent tax office. This serves as identification and is necessary for any business activities and transactions to Greece.

4. Opening a bank account in Greece

The transfer of the purchase price for your property should be transferred to a bank of your choice (Important!!). Your bank will provide you with the required certificate so that you can prove to the tax office that the money was imported from abroad. Thus, you do not have to pay income tax.

5. Payment of the transfer tax to the tax office (by the notary or authorised lawyer)

6. After providing the purchase price, the notarisation of the purchase contract, the registration in the land register and the delivery of the notary deed takes place.

Do I need a lawyer to buy a property in Greece?

In the meantime, you do not need a lawyer for the notarisation of purchase contracts, as the obligation to have a lawyer has been abolished in Greece. However, since a proper drafting of the purchase contract and a land register search on ownership are necessary and very important, it would be advisable to use a lawyer.

Do I need a notary?

Yes. The purchase contract and the agreement on the transfer of ownership must be notarised by a notary so that the transfer is legally guaranteed. Subsequently, both legal transactions are recorded in a deed.

As a Swiss citizen, am I liable to pay income tax in Greece on the purchase of a property?

If you spend more than 183 days in Greece, you are considered a resident and are therefore liable for income tax. Otherwise, you are liable to pay tax in Switzerland. The agreement between the Swiss Confederation and the Hellenic Republic, which came into force on 21 February 1985, serves to avoid double taxation in the area of taxes on income. Income from renting out the property is excluded.

Further, income from renting out the property is excluded.

Furthermore, you have to pay a property tax (gr. "ENFIA" so-called "Eniaios foros idioktisias akiniton") since 01.01.2014 - irrespective of nationality and residence. The basis for calculating the property tax "ENFIA" is, for example, the age of the property and the number of floors. Up to a unit value of 200,000 euros, there is no tax.

The standard value is determined by the Ministry of Economic Affairs; in recent years this has been increasingly adjusted to the market value of the property. You have to add about 10 % to the purchase price of your property for all applicable taxes and fees.

As the owner of a property, you have to pay about 10 % of the purchase price.

As the owner of a property in Greece, you must also submit an income tax return to the tax office every year. Therefore, we recommend that you hire an accountant / financial advisor. The cost of a tax return is between 15 Euro - 40 Euro. For professional financial advice with representation, you pay about 200 euros a year.

Please note that the information provided cannot be comprehensive and that the advice of a lawyer cannot be substituted in individual cases.
We do not accept any liability for the information published here and its up-to-dateness. Last updated: April 2016