Can I buy property in Crete?
If you are a European Union citizen then you can buy a property in Crete just as easily as in your own country. It is also possible for non - EU nationals to buy property but certain conditions apply.
Do I need a lawyer to buy a property in Greece ?
Yes. You must appoint a local lawyer to perform the necessary legal procedures and carry out a thorough property title check.
Artec Homes can recommend English, French and German speaking lawyers or, alternatively, you can appoint your own.
Do I need an accountant when buying a property in Greece?
Yes. The accountant will help you with tax returns and property taxation.
Do I have to open a Greek bank account?
Yes. You will need to open a Greek bank account, which is a simple process, in order to make the necessary payments. This will also provide proof that the funds for the property purchase have come into Greece from another country and are therefore exempt from tax.
Will I have to pay a deposit?
Yes. A deposit of 10% is usually required to remove the property from the market and begin the contract preparation.
What other costs are involved in buying a property?
In addition to the legal fees you will need to pay Property Transfer Tax (this is dependent on the property tax banding) which has been defined since January 2014 at 3%.
Do I have to be present at the signing of the contract?
No. You can appoint a Power of Attorney, usually your lawyer, to act on your behalf and sign the contract in your absence.
How long will the buying process take?
Providing that all the necessary documents are in order, it is possible to complete the property purchase within 6-8 weeks.
What if the property I buy needs building or renovation work?
Artec Homes has its own team of in-house architects and building team who can prepare the designs, undertake the required building work and obtain the necessary permits.
Do I need a license in order to rent out my property?
No, not if you plan to offer your property for long term private rental.
Yes, if you want to have an income by promoting your property through the tourist industry, via tour operators, tourist offices, or your own promotion.
Under Greek law you must obtain a license from E.O.T. (Hellenic Tourism Organization). A license will be issued if your property meets the required conditions and safety standards.
Holiday homes built by Artec Homes comply with E.O.T. regulations.
Can I own one or more properties self-worth less than 250000 euros when the total cost is equal or higher of this amount?
Yes. You have the right and you also deserve residency permit as soon as the total amount of your own property in Greece is equal or higher than 250000 euros.