Residence permit, Greek citizenship for the purchase of real estate in 2024, sale and registration of ownership rights in Greece: apartments, houses, apartments

The process of purchasing property, ensuring proper ownership registration, verifying the property with the Land Registry, paying taxes, checking documentation by engineering and technical specialists, and drafting notarial acts are just a fraction of the issues that can arise during real estate transactions or transfers of ownership.

This process involves a wide range of professionals, as complications often arise. Resolving these complexities becomes a key task for our firm, as once the contract is signed, reversing the process is often impossible.

All issues with the property and the purchase contract fall entirely on the shoulders of the new owner. It’s important to note that notarial actions in Greece are irrevocable.

We strongly recommend seeking assistance only from lawyers specializing in property ownership registration and related documentation to avoid any potential problems.

Our company has been handling real estate ownership registrations since 2004 and provides end-to-end support for property transactions, from the initial stages to their successful completion.

Legal Framework

Real estate transactions in Greece are governed by Law 3741/29 and Articles 1002 and 1117 of the Civil Code of the Hellenic Republic.

Procedure for Acquiring Real Estate

Once a property is selected, the following steps are necessary to initiate the process:

• Appoint an authorized attorney by issuing a power of attorney.
• Pay a deposit agreed upon with the seller (either as a direct payment or a guarantee) and sign a private preliminary agreement.
• The transaction process typically takes 4 to 6 weeks, depending on the readiness of the seller’s documentation.

General Requirements Under Greek Law:

Sales Contract:

• The purchase contract must be drafted and certified exclusively by a Greek notary.

Property Check:

• The buyer’s attorney must check the property at the competent Land Registry to verify ownership, legitimacy, and whether the property is free from encumbrances, debts, liens, third-party claims, inheritance issues, disputes, or any other legal or extrajudicial conflicts.

Tax Identification Number (TIN):

• The buyer must obtain a TIN from local tax authorities before the transaction.

Transfer Tax:

• The buyer must pay the property transfer tax and present proof of payment to the notary before completing the transaction.

Bank Account:

• If necessary, the buyer may open a bank account in Greece by providing the required documentation.

Language of the Contract:

• The contract is drafted in Greek and must be orally translated word-for-word by a translator during signing.

Representation:

• The contract can be signed in person by the parties or their representatives with powers of attorney prepared in accordance with international standards.

Registration:

• The process concludes with the registration of the new title in the public real estate register, after which a certificate of registration is issued.

Real Estate Transactions in Greece Include:

• Legal verification of property status and encumbrances in the Mortgage and Land Registry.
• Opening a bank account in a Greek financial institution.
• Representing the client before competent state authorities and negotiating with third parties.
• Representation in tax services, tax payment processing, and filing declarations.
• Registration of notarial acts.
• Legal consultation on tax regulations and applicable laws regarding property acquisition.

Negotiation Services for Real Estate Transactions

For purchasing or acquiring real estate in Greece in 2024, foreign nationals may qualify for a Greek residence permit (Golden Visa). To apply, individuals must contact the relevant immigration authorities in Greece and submit the necessary documents, such as a passport, proof of income, health insurance, and more.

After acquiring property, a foreign national has the right to register ownership of apartments, houses, or other properties in Greece and apply for a residence permit. This requires contacting a notary and registering the transaction.

When selling property in Greece, foreign nationals must also involve a notary to formalize the transaction and transfer ownership to the new buyer.

Important Note

Exercise caution when conducting real estate transactions in Greece and always consult lawyers or real estate specialists to avoid potential issues and ensure the legality of all actions.

Contact our legal team for comprehensive assistance throughout your real estate journey.