Advice & Financial Informatio
The process of buying land or a property in Greece, is relatively simple and is similar to that of the UK and other European countries. Once you have chosen your land or property, you are required by law to appoint legal representation from a local lawyer. We can recommend several as used by our clients and this ensures that the formalities are completed correctly. The next step you will need to apply for a greek tax number and a bank account, both of which are very straightforward tasks and they can even be done by your lawyer, by giving him/her power of attorney. Taking a greek tax number does not affect your tax status elsewhere, but simply enables the authorities to collect low taxes relating to your property.
You are then required by law to make a deposit payment, and this is 10% of the purchase price. On payment of this amount, a pre-contract agreement will be drawn up, and this acts as a guarantee for both parties. These funds at this stage are allotted to applying for planning licences and permits, and because of this, if the vendor decides not to go ahead with the purchase, this payment is non-refundable. The period between the pre-contract being signed and the contract of purchase and works being drawn up is usually 2-4 months. Once this document has been finalised with each parties lawyer and the notary official, the stage payments will continue to the next payment of 30%, as below:
- 1,000 euros immediate deposit to reserve the plot
- 10% of the purchase price, minus 1,000 immediate deposit, this fee is for costs involving the application for planning and construction licences.
- 30% of the purchase price for costs involving the foundations, concrete, construction of the frame.
- 30% of the purchase price for the costs involving the roofing, internal walls, drainage and electrical systems.
- 20% of the purchase price for the costs involving external and internal fixtures and fittings.
- 10% of the purchase price as a final payment on completion of the property
These stage payments will be made according to the progress of the property, and at the agreement and convenience of the vendor.
If necessary, it is also very simple procedure in obtaining a mortgage or bank loan here in Greece. There are various supporting documents needed, as in the UK, but straightforward and we can assist you through this.
These are the basic topics and questions covered however, should there be any further finanacial or legal information you wish to know, please do not hesitate to contact us at info@corfu-design-construction.com where we will do our best to assist you.