Important information about Greece
Cost of living
The running costs for property are low.
Property tax
The real estate property tax is calculated separately on each property. Subjects of taxation are the following groups of persons: full owner, owner whose property is encumbered with a usufruct, the usufructuary, and the one in whose favor a right of residence exists. Furthermore, the tax also applies to persons who, on the basis of a contract under the law of obligations, have a claim to the exclusive use of parking spaces, ancillary rooms and swimming pools, together with cellar rooms or other ancillary facilities, or who are located in entrance areas, attics or free-standing rooms.
Tax subjects, irrespective of their nationality, registered office or place of residence, shall be charged this tax on assets located in Greece on the first of January of each tax year. Taxation does not take into account any changes in ownership that may be made in the same year.
Persons to be taxed are:
All persons who have bought a property or obtained it in any other way, regardless of whether the title of ownership has been registered in the land register or not.
Also covered by taxation are persons who have a preliminary contract for the transfer of ownership of real estate, insofar as they are entitled to conclude the final contract without the consent of the previous owner. Excluded from this are preliminary contracts with construction companies and real estate, which are the subject of legal proceedings.
Decisive for the calculation of the tax is the value of the real estate or the value of the claims in rem based on it on the reference date of 1 January of the taxable year.
Insurance premium
Building insurance is not mandatory in Greece. The annual basic insurance premium amounts to approx. 350 euros.
Public utilities and services
The average amount of debt collection costs for a 50m2 condominium is about 600 € per year, provided that the apartment is used or inhabited for 12 months per year. Garbage fees are charged via the electricity bill.
- Combined ancillary costs such as garbage collection, staircase cleaning, elevator, house repair and heating costs (90% is heated with heating oil). The higher the environment, the higher these fees will be.
- Electricity: Electricity is billed every 2 months. The amount to be paid is based on the meter reading.
- Water is billed every 3 months; this is also based on a meter reading.
Advantages of Greek legislation
- Together with the title of ownership, the buyer acquires a property on which his property is located (this also applies to lande for agricultural use).
- The origin of foreign capital is not verified by the government.
- The signing of a special agreement entitles the buyer and his family to Schengen multiple-entry visas (valid for all Schengen states). After the main contract has been signed, you acquire the right to apply for a Greek residence permit, which is also valid in any Schengen country.
- Taxes on real estate gifts from families with children through their acquired property is low.
- Nationals of non-EU countries are allowed to buy property in Greece.
- Special rules apply to all apartments, houses and villas that are located in a housing estate and that are registered in the official land register.
The Greek real estate legislation is one of the oldest in the world and is strictly adhered to. It guarantees the property insurance (building and household contents insurance) and the validity of each title transfer.
European law provisions apply automatically in Greece, and they grant the owners a whole range of advantages and privileges. Some of them have already been mentioned above.