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Legal Restrictions and Requirements for Foreign Buyers
When buying property in Greece as a foreigner, be aware of certain legal restrictions and requirements. Non-EU citizens might face additional considerations, especially in areas near national borders where property ownership is restricted. Check if your desired property is in such an area.
To streamline the process, obtain a Greek tax number (AFM) and open a Greek bank account. These steps are crucial for managing financial transactions related to your purchase. Additionally, hiring a local lawyer who specializes in real estate can help guide you through legal procedures and ensure compliance with Greek laws.
The Golden Visa Program and Its Benefits
Greece's Golden Visa program is an excellent option for non-EU citizens interested in investing in Greek real estate. This program offers a five-year residency permit to those who invest at least €250,000 in Greek property. Recent changes have updated the investment thresholds:
- For properties in Attica, Thessaloniki, Mykonos, Santorini, and islands with more than 3,100 inhabitants, the minimum investment is now €800,000.
- For all other areas, the threshold is €400,000.
- The ability to live in Greece.
- Travel within the Schengen Area without additional visas.
- Potential to apply for Greek citizenship after seven years of residence.
Navigating the Legal System as a Foreign Buyer
Navigating the Greek legal system as a foreign buyer can seem challenging, but with the right support, it can be manageable. Engage a local lawyer to conduct due diligence and ensure a smooth transaction. Your lawyer will:
- Perform a comprehensive title search to verify ownership.
- Check for any encumbrances or legal issues.
- Confirm that the property complies with local zoning laws.
The final contract must be signed in the presence of a notary, who verifies the legality of the transaction and ensures all necessary taxes and fees are paid. The notary also registers the transaction with the Land Registry, officially transferring ownership to you. This step is essential for securing your ownership rights and protecting your investment.
How MLV Realty Can Assist Foreign Buyers
MLV Realty offers comprehensive support to foreign buyers navigating the Greek real estate market. Our extensive database of properties makes it easier to find options that match your needs, whether you're looking for a vacation home, an investment property, or a permanent residence.
In addition to property search assistance, we can connect you with experienced real estate lawyers who specialize in handling legal aspects for foreign buyers. These professionals ensure all legal requirements are met and guide you through the due diligence process.
MLV Realty's agents also assist in negotiating the best possible terms and price for your purchase. Our knowledge of market trends and local property values can help you make informed decisions and secure favorable terms.
From the initial search to the final transfer of ownership, MLV Realty aims to provide a smooth and hassle-free experience. Our end-to-end service includes support with property visits, legal consultations, contract negotiations, and the final registration process.
By following these steps and leveraging the expertise of MLV Realty, foreign buyers can confidently navigate the complexities of the Greek real estate market. Whether you are a first-time buyer or an experienced investor, MLV Realty's comprehensive services and local knowledge can help you achieve your property goals in Greece.
