What are the tax obligations in property purchase?
There is 3.09% purchase tax at the time of property purchase, plus a property tax that must be paid each year: the amount varies according to the location and characteristics of the property which is usually calculated basing title deed value as % 0.3- %0.5 .
What are the costs will be incurred in the purchase process?
Fees payable in the process of buying a property;
If the actual amount of the property is 100,000 Euros and the tax rate is 3%, the expenses are calculated as follows:
Lawyer and notary fee: = 100.000х 3% = 3000 € (+ 24% VAT) = € 3.720
Title transition tax: = 100.000х 3.09% = € 3.090 (the title deed value of the property is based, so the rate remains the same but the figure may vary, so if the property’s title deed value is higher, you will pay this tax rate on it)
Real estate agency fee: € 100.000х 2% = € 2.000 (+ 24% VAT) = 2.480 €
What could be the return on the property I purchased?
It depends on the location of the property and the purpose of use, but depending on the situation, a house or workplace will pay for itself between 15 and 25 years. Meanwhile, as the economic crisis in the country begins to overcome, property values will rise considerably above their current value.
Can I rent my property?
You can rent your property for a short or long term, and use it for tourism purposes in a country like Greece, which is a tourism paradise.
Is the residence permit I obtained through real estate acquisition also valid as a work permit?
No, a residence permit with this status does not provide a work permit. Work permit is subject to separate procedures.
Who are family members who can benefit from a residence permit?
Spouses, parents of both spouses, children under 21 years old. Divorced spouses with children under the age of 21 are also eligible.
What is the duration of my residence permit?
In the first place, a 5-year residence permit is given. As long as the property continues to exist, it is renewed every 5 years.
Is it possible to get a residence permit even if I do not purchase a property?
People who meet some financial criteria can obtain other types of residence permits for a shorter period.
How long does the residence permit application process take?
It usually takes 2-3 months, but in case of unforeseen delays due to public employees, it can be up to 6 months.
Can I get a mortgage loan from Greek banks?
We can help you get a private mortgage loan, provided it meets certain conditions. Although loans are generally given under very limited conditions in the country, it may be possible to get a certain amount of credit if the bank finds your criteria suitable.
If I buy a land and build a house on it, do I meet the value determined for the residence permit?
The value of your land and the construction you build on it are calculated together. For example, if you buy the land for 150,000 euros and the construction you have built on it is built with a value of 100,000 euros or more, you meet the criteria.
If the real estate is taken over by the company, can a residence permit be used? So who can benefit?
If the company to which the property is acquired is 100% owned by one physical person, that person can benefit from a residence permit.
Can a residence permit be obtained when a property below 250.000 Euros is purchased?
It can be obtained not due to the property purchase, but due to work or other financial investments. There is a minimum 250,000 euro limit to obtain a residence permit with property purchase.