CRETEDOM can assist you in the legal registration of your property as well as represent your interests at all stages of the transaction. We cooperate with experienced and qualified lawyers and notaries public, who will provide you with legal support in case of sale, rent, purchase or construction, as well as registration of real estate in Hellenic National Cadastre and residence permit issuance.
CRETEDOM specialists will represent your interests during negotiations with lawyers and property owners, monitor timely submission of documents for registration of real estate in Greece. You can contact us at any time, for any further information regarding the registration process.
Positive aspects of Greek law
- Since 2011, buying property in Greece is a fairly simple and completely transparent procedure.
- The citizen of any country have the right to buy property in Greece, regardless of whether this country is a member of the European Union or not.
- A notary public in Greece is a government official whose misconducts are punishable by law, which ensures the safety of real estate transactions.
- When purchasing real estate, you also become the owner of its land plot (or of a share in the ownership of the common plot).
- Buying property in Crete gives you the opportunity to obtain a European Residence Permit for you and your family, and further to apply for Greek citizenship, or to get an annual multiple entry visa with the right to stay in the country up to 90 days in a half-year/180 days a year.
Stages of real estate registration in Crete
For purchasing property in Crete, you only need to visit the island once in order to choose an object, sign a power of attorney for a lawyer and open a bank account in Greek bank (your presence is required). The process of registration takes no more than 30 working days.
- Placing a guarantee deposit in order to ensure the purchase
The size of the deposit is usually 3-5% of the value of the property. Further, in case the sales transaction is not signed due to the fault of the seller, the deposit will be returned to the buyer. In such case, the deposit can be used to ensure any other CRETEDOM real estate (note that legal services in the minimum amount must be paid).
- Signing a power of attorney
In the power of attorney issued by notary public, the buyer indicates an attorney who is authorized to perform any transactions on his behalf in order to complete the sales transaction.
- Issuing a Greek Tax Identification Number (AFM) on the basis of the sales agreement is essential for settlements on any transactions.
- Opening a bank account in Greece
In order to pay for the purchase as well as the transfer tax, a bank account in Greece or any other country is required
- Verification of legal purity
Lawyer verifies the absence of liens and encumbrances in the Land Registry (Υποθηκοφυλακείο).
- Formation of a set of documents (statements, declarations, certificates) required for the sales agreement settlement by both a notary public and a lawyer in cooperation with CRETEDOM.
- Transfer tax payment
The tax amount is calculated after filing a declaration to the Tax Office by a notary public. After getting a receipt confirming tax payment, you can proceed to the signing of sales agreement.
- Signing the sales agreement
The sales agreement can either be signed by the buyer himself or by his authorized lawyer. In any case, the presence of notary public is mandatory. By mutual agreement of the parties, the buyer transfers the money during or after the signing of the agreement.
- Registration of the sales agreement
The sales agreement registration in State Register takes place within 30 working days after signing the contract. The Certificate issuance in the Real Estate Cadastre is the final stage of real estate registration.
Documents required for registration of real estate in Crete
- Passport with a valid visa.
- Internal passport (including a page with registration) or any other document confirming the place of residence.
- Certificate of employment as a confirmation of the business or professional activity of the buyer.
- Copy of Tax Return.
* The last two documents are only required in case of opening a bank account in Greece.
The registration cost of real estate in Crete
The registration cost of real estate in Crete is based on the commercial value of the object, the amount of transfer tax and the cadastral value of the object.
Suppose the commercial value of the object is € 50 000, the transfer tax is 3.09%, and the cadastral value does not exceed the commercial value, in which case:
Lawyer’s fee: € 50 000 x 2% = € 1 000 + 24% VAT = € 1 240
Notary public fee: € 50 000 x 2% = € 1 000 + 24% VAT = € 1 240
Transfer tax: € 50 000 x 3.09% = € 1 545
Registration in State Register: € 50 000 х 0.5% = € 250
Intermediary services: 50 000 x 2% = € 1 000 + 24%VAT = € 1 240
- In case the cadastral value exceeds the commercial value of the object, the transfer tax and the registration in State Register is calculated based on the size of the cadastral value.
- The transfer tax amount for properties with building license issued before January 1, 2006 is 3.09%.
- The transfer tax amount for properties with building license issued after January 1, 2006 is 24%.
- The secondary housing transfer tax is 3.09%