Buy Real Estate in Greece - What You Need

So you want to buy real estate in Greece. And you have decided where you want your property to be! A very difficult choice - unless you had already fallen in love with one special spot. So what do you do now?

There are some things you need to do before you start the purchase process.

• The first thing you have to do if you're a foreign national is get a tax number. This is called AFM which stands for "arithmo forologiko mitro". (As you will guess, "arithmo" means "number"!) You can get this number from any tax office. If you are from USA or UK, you have to produce your passport and fill out two tax forms, the M1 and the M7.


• You have to open a bank account in Greece. When you transfer the money to the seller it has to come directly from a Greek bank.


• Another very important requirement is that you have to account for the money you are using to buy the property. You have to satisfy the authorities that it is from a legal source. If your funds come from outside Greece, as they almost certainly will, you must transfer them in to the Greek bank account you have opened. It is absolutely essential that you keep a copy of the bank transfer and the "pink slip" issued by the bank. You have to be able to account for the full amount of what you pay for the property - if you can't, it will be assessed as "unreported income" and be liable for full tax!


• Finally, you must hire a lawyer (dikigraphos - the "d" is pronounced "th" as in "the"). Unless your Greek is very fluent, you need one who speaks English! You should be able to get a list of recommended ones from the US or British consulate.

Now you are ready to start your buying process! This where the fun begins! In the next post we will go through the process in detail. If you have been through it and have anything to add, please do - likewise if you have any questions. And if you can't wait to start your search for a gorgeous Greek property, you'll find a fantastic selection at http://www.bizwrite.co.uk/realestate/propertyabroad.html or http://www.bizwrite.co.uk/realestate/overseasproperty.html