Preparations & Considerations for Property Acquisition
Acquiring commercial or residential property in Greece can be a complex process for foreign investors, but with the right guidance and assistance, it can be a smooth and successful transaction. Here is a detailed overview of the process:
- Identify the property: The first step is to identify the commercial or residential property you want to invest in. You can do this by researching online, attending property exhibitions, or working with a reputable real estate agency.
- Due Diligence: Once you have identified the property, the next step is to conduct due diligence on the property. This involves verifying the ownership, title, and legal status of the property. You will need to engage the services of a lawyer or notary to help with the due diligence process.
- Purchase Agreement: Once you are satisfied with the due diligence results, the next step is to sign a purchase agreement. This agreement should include the purchase price, payment terms, and any conditions that need to be fulfilled before the sale can be completed.
- Payment: The payment for the property can be made through bank transfer. It is advisable to use a reputable currency exchange service to avoid any exchange rate risks.
- Notary: The final step in the process is to sign the final sale agreement before a notary. The notary will ensure that all the necessary documents are in order and that the transfer of ownership is legal and binding.
It is worth noting that foreign investors may need to obtain a tax number from the Greek tax authorities before they can purchase a property. They will also need to open a Greek bank account to facilitate the payment and transfer of funds.
Additionally, foreign investors may be subject to certain restrictions, such as a limit on the amount of land they can purchase or requirements to invest in specific areas of the country.
In conclusion, acquiring commercial or residential property in Greece as a foreign investor requires careful planning and execution. It is advisable to work with a reputable real estate agency and engage the services of a lawyer or notary to ensure a smooth and successful transaction.