The golden rule in Real Estate Business
As the local property experts in every aspect of our area, we can render the most important services that an investor needs, as follows:
Why does one need help from a lawyer, notary, land surveyor and accountant when buying a house in Greece?
The lawyer checks all documents about the property, from 20 years back in time until today. He checks the property’s right to connection to roads, looks up any flaws the property might have, secures the property against expropriation and makes sure that all taxes are paid. Also you can be more flexible saving time if you give the power of attorney to the lawyer to buy the property for you.
The notary is a lawyer hired by the authorities. His task is to certify all transactions regarding property.
The land surveyor makes sure the property/construction is based on the appropriate laws and regulations.
The accountant is hired early in the process to help with tax deductions and also to inform you about Greek tax regulations and laws.
Do I have to annually fill in a tax return form for my property in Greece?
Everyone who owns a property in Greece must fill in a form called E9 and send via the internet in the main tax office TAXIS NET. This form is to be handed in together with an income form called E1. If you don’t have any income in Greece, fills in 0. To avoid the double taxation you should submit as well the agreed between different countries relative application form validating it by your country tax authorities. The best way to do all the above, avoiding unexpected problems, is to trust an accountant to do the job for you. In order, you alone or helping by an accountant, manage your responsibilities and rights with tax net, will need to apply first an AFM nr and after to get from the local tax office, the personal Key Nr (KLEIDARITMOS).
What is important for me as a house owner/buyer in Greece?
The most important thing is that you have found the place of your dreams, that the process of buying is done properly and 100% safe by using a licensed real estate broker, who helps you through the process in a way that makes you feel comfortable.
It is important to be provided with help and support before, during and after the buying process. We in Escapeland Realty take this very seriously and we have a top priority on our After Sale Program. We want to provide you with the best help possible, so you are left with a good feeling about the whole process and can recommend us to others.
How can I rent out my house while I’m not using it?
To rent out your house while you are not using it yourself can be a good way of financing parts of the purchase. To go on with the renting procedure, according to a resent law, you must get a written permission from the Hellenic Tourism Organization (EOT), registered as well in the local tax office in order to pay the taxes on the annual renting income. To get the needed permission to rent the house will need the help of an engineer and an accountant.
Is water and electricity expensive?
You pay for water and electricity by the amount you use. Electricity is not particularly expensive. It is a good solution to make a deal with your Greek bank and the local power company, where your bank handles the bills from the power company.
Water expenses are minimal. You pay for water once a year at the local water company.
What is the price range on houses in the Cyclades?
In the Cyclades you can find houses in all price ranges. We offer houses/properties starting from about 150 000 Euro.
Can I get someone to look after my house while I’m not using it?
We offer an After Sale Service for our customers through our partners that will take care of such practical details or we can suggest someone with home you will come in agreement.
How does the taxation of houses in Greece work?
According to a resent law at the purchase time you pay once 3% on the buying price appears on the contract. At the time that you decide to sell the house you must pay 15% on the difference between the obtaining and the selling price if there is a positive different. The annual tax keeping the house is significantly lower than the actual property value.
What do I do about house insurance?
Your house should be insured against fire, water damages and natural disasters. It may also be wise to get mortgage insurance. Escapeland Realty for this reason is cooperating and recommends the insurance company INTERAMERICAN (PART of ACHMEA), which has an office in Naxos Town
Is it important to use an authorized real estate broker when buying a property in Greece?
When buying property in Greece it is wise to use a real estate broker that has a license and is authorized by Greek authorities. Escapeland Realty as a local real estate company with its own Greek licensed real estate Agents can handles every part and detail of the buying process, saving time and money for its client.
Will I be registered in Greece with my own tax number?
You must have a tax number AFM whether you want to stay in Greece permanently or use the house for vacations. AFM will be issued by the local authorities free of charge. You have to provide a valid passport. A local lawyer can sign a so-called Power of Attorney, which gives the lawyer the right to sign all necessary paperwork on your behalf. This is practical, since the lawyer can then take care of several other tasks for you without you having to be in Greece. Also the lawyer having the power of attorney is the only one except you to get for you the Personal Key Nr (Kleidarithmos)
Is it practical to have a Greek bank account?
This is an important point. All transactions should go through a Greek bank account that can also provide information about transactions from your country to Greece. This way no tax is deducted in Greece. This account you can connect also with the house electricity and insurance payment for your convenient. It only takes a few minutes to open an account in Greece. You only need your passport and your AFM.
In addition to buying a finished house, is it also possible to build a house from scratch and have a say in the outside and inside appearance?
Many people choose to build from scratch. Escapeland Realty uses one of the most recognized architects in Cyclades. Together with the customer he makes the most beautiful drawings and plans. Some buyers choose to buy houses that are about 30-50% done; that way they can affect how the finished house will look like on the inside, by choosing from marble and other materials, different colors on closets and doors, etc. Many developers in Greece put out houses for sale while they are only about 30-50% done. In that way you except that you can influence the design and quality of the house but you save money as well!
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We are working under a realtor’s code of ethics (according to ethics guide and obligations of Athens-Attica Realtors Association), brokering works to our client’s advantage. We are specialized in selling houses, building plots and commercial properties mainly on Naxos Island. We promise to find the property of your dreams and give personal assistance to go through the process of purchasing and the necessary after sales services to manage the property.