Greece 🇬🇷
Invest in Greece's ancient history and modern real estate market.
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Athens
Saloniki
Patras
Overview
Invest in Greece's ancient history and modern real estate market.
Laws & Regulations
- Foreigners can purchase property with some restrictions
- Reciprocity principle applies for some nationalities
- Annual property tax is relatively low
Investment Programs
- Citizenship by investment program (minimum $250,000)
- Residence permit through property purchase
Resident
stamp Duty
Transfer Tax on property purchase:
Rates:
- All property values: 3%
property Tax
Annual property tax (ENFIA) paid by the owner:
Rates:
€0.25 to €13.00 per square meter, depending on the area and cadastral value
capital Gains Tax
Capital Gains Tax on property sales:
Rates:
- Owned less than 5 years: 15%
- Long-term ownership: Reduced rates may apply
rental Income Tax
Income Tax on rental income:
Rates:
- Progressive scale: 15% to 45% depending on income
Non-Resident
stamp Duty
Non-residents pay the same Transfer Tax as residents:
Additional Rate: Additional documentation required for identity and tax status verification
property Tax
Non-residents are subject to the same annual property tax (ENFIA) as residents:
Rates: €0.25 to €13.00 per square meter, based on cadastral value
capital Gains Tax
Non-residents pay Capital Gains Tax on property sales:
Rates: 15% if owned less than 5 years
Reporting Period: Must be reported in the annual tax return
rental Income Tax
Non-residents pay tax on rental income:
Rates: 15% to 45% depending on income amount
Additional Requirements: Must comply with Greek tax obligations and declare rental income
Mortgage conditions in Greece:
Average Rates:
2 Year Fixed: 2.5% to 4.0% for residents, 3.0% to 4.5% for non-residents
5 Year Fixed: 2.5% to 4.0% for residents, 3.0% to 4.5% for non-residents
Deposit:
20% to 30% for residents, potentially higher for non-residents
Title Issues
Thorough property rights and debt checks are crucial. Failure to do so may result in ownership disputes.
Estimated Cost: €1,000 to €2,500 for legal verification
Hidden Defects
Careful examination of the cadastral registry is necessary to avoid property rights issues.
Inspection Cost: Varies, typically included in legal fees
Squatter issues can be complex, requiring legal proceedings that may take several months to a year.
Estimated Legal Costs: €2,000 to €5,000
Resident
interest Rates
Mortgage interest rates for Greek tax residents range from 2.5% to 4% per annum. Rates may vary depending on market conditions and the borrower's credit profile.
Range: 2.5% to 4%
Source: Bank of Greece - Interest Rates
down Payment
Minimum down payment for residents ranges from 10% to 20% of the property value. Most banks offer financing up to 80% of the appraised value.
Range: 10% to 20%
Source: Piraeus Bank - Mortgage Options
mortgage Term
Standard mortgage term for residents is 15 to 30 years. Shorter terms may offer lower interest rates but require higher monthly payments.
Range: 15 to 30 years
Source: National Bank of Greece - Mortgage Products
documentation
Required documents include proof of income, tax returns, and bank account statements. Incorrect or incomplete documentation may lead to loan rejection.
Source: Greek Ministry of Finance - Mortgage Requirements
casestudy
In 2020, a Greek tax resident faced issues due to documentation errors, resulting in mortgage rejection and a loss of €4,000 in preliminary payments. This highlights the need for thorough preparation and professional assistance when applying for a mortgage.
Source: Greek Property - Common Mortgage Mistakes
Non-Resident
interest Rates
Non-residents in Greece can expect mortgage interest rates from 3% to 5% per annum. Higher rates are due to increased risks for banks when lending to non-residents.
Range: 3% to 5%
Source: Alpha Bank - Mortgages for Non-Residents
down Payment
Down payment for non-residents typically ranges from 20% to 40% of the property value. Most banks finance only up to 60%, significantly increasing initial costs for borrowers.
Range: 20% to 40%
Source: Eurobank - Non-Resident Mortgages
taxation
Non-residents should be aware that when selling property, they are required to pay capital gains tax, which is 15% on capital gains. It's also important to consider tax obligations in their country of residence.
Source: Greek Revenue Authority - Capital Gains Tax
mortgage Term
Mortgage term for non-residents typically ranges from 10 to 25 years. Shorter terms can help reduce total payments but require higher monthly installments.
Range: 10 to 25 years
Source: NBG - Mortgages for Foreign Buyers
casestudy
In 2021, a non-resident faced issues due to inaccurate property condition information, leading to mortgage process delays costing €8,000 and additional legal fees. This emphasizes the importance of professional assistance when applying for a mortgage.
Source: Greece Property - Issues with Mortgages for Foreign Buyers
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