Frequently Asked Questions

If you have made an offer on a property and it is accepted you have to start the following process to be able to buy that property.

You need to get a tax number and open a bank account.

If you are here on Skopelos island, you have to travel to Volos on the mainland, the tax office for foreigners is there. The address is Agiou Nektariou 26, Nea Ionia 384 46. Telephone (0030) 2421 354523. After getting the tax number you will be able to open a bank account if you present them with some more papers. At the tax office you need to show your passport and a name of somebody you trust, like your lawyer or your real estate agent (officially endorsed).

As of January 2019 it is very difficult to have a bank account opened on Skopelos by somebody else then yourself. The bank wants to see the person(s) who opens the account.

To open the account bring with you:

1. Your Greek tax number
2. Passport or identity card
3. A document which states your address, if it is written on your id card it is alright – otherwise a telephone, electricity bill will do the job
4. A telephone bill for mobile or stable telephone with the name(s) of the persons who open the bank account
5. A letter from your work stating what kind of work you do and the address of the company. If you cannot give this then a statement that you are employed there. If these documents are written in another language than Greek and English you need to officially translate it by somebody who has authority as a translator.
6. A recent P60 form that states your income

You also need to fill out a questionnaire here at the bank on Skopelos which has to do with your income, what the money in the bank account is used for etc.

At the moment the only bank on Skopelos is the National bank of Greece.

Don’t forget to ask for internet banking and a bank pass if you want one.

You can give a power of attorney to a lawyer who can help you with the purchase of the property. The lawyer can get the tax number for you but it is more difficult to open a bank account for you. You need to hire a lawyer to check the property for you and make sure the purchase is legal. If you are on the island you can have a power of attorney for the lawyer made up by the local notary here. It is not expensive and it is quick.

The translation to you from Greek to English ( German or Dutch if you want) is done by a local from the island and can be arranged.

The power of attorney usually gives the lawyer the power to get you a tax number if necessary, to buy for you the property, to check the property out for you and see if everything is legal, to act on your behalf for various companies and authorities like the electricity company, the water company, the telephone company , the municipality, the police, the building society etc.

The lawyer will work closely with you in order to purchase the property for you. You will be in contact with him/her mainly via email. He/She will ask you to send/email documents that are necessary for the purchase of the property. We, as your real estate agent, will be by your side during the whole process.

If you are not here on the island but you would like to give a power of attorney to the lawyer, we can send a draft for a power of attorney (written by the notary on the island) to a Greek embassy or consulate in your country nearby where you live and they can complete the power of attorney with your personal details. Before the power of attorney draft is send you get in contact with the embassy or consulate and explain that a draft power of attorney is coming their way. You get an appointment and ask them if they have a translator who can translate the power of attorney to you. You go there, hear the translation of the power of attorney and if you agree the power of attorney will be send by you or the embassy to the lawyer who can now act on your behalf.

The costs for buying a property are between 10 and 15 percent on top of the purchase price.

The property tax, a little over 3 % (over the purchase price) paid once when a property is purchased.

It is paid at the tax office in Volos. Your lawyer or the notary take care of this for you.

The real estate office fees are 2% over the purchase price and over that amount 24% VAT (over the purchase price) You receive a receipt after the fee is paid.

The lawyers fees, when you speak with the lawyer you can ask her/his fee for the whole purchase process.

The notary and land registry fees depend on the difficulty of the contract and the length. When the deed is signed the new owner is registered in the land registry office.

• ENFIA: The last couple of years every house owner pays ENFIA which is a property tax. It is based on the m2 of your house.

You can pay the whole amount at once or with installments. You can pay via e-banking. You can find out what you pay with your tax number and your tax codes for your tax file. Your accountant can do it for you too.

• The water bill, payable via e-banking. The bill can come via an email. You have to request this at the water company. Take your deed of the property and an old water bill.
• The electricity bill, payable via e-banking, can be paid via a standing order at the bank. Take the deed of your house plus identification.
• The telephone bill, for internet etc. if you choose to have this connected. payable via e-banking.

You can also use an accountant (recommended), who will charge a yearly fee to update your tax file and warn you about ENFIA (property tax) which you need to pay. The fee is about € 150.-/year

It depends very much on the location, difficulty of access of your site, and whether you want standard materials, tiles, etc. or are prepared to pay (or import) top quality materials. A rough average is 1,550 Euros per square metre (approximately 10 square feet) for good quality, standard building materials. If the site is quite steep, extra costs will be incurred for retaining walls. Building permission, a swimming pool, and landscaping costs are extra. A full estimate cannot be given until you have talked with an architect, drawn up all the plans discussed what materials will be used, etc. We offer all the services necessary to build a house or villa.

You will need the services of a civil engineer (and possibly an architect) to make the plans and apply for building permission. We provide these services. Building permission can be fairly costly as the Greek Government is anxious to get its hands on as much money as possible. Whilst building, care must be taken to keep all receipts for materials (to prove that VAT has been paid) and for labour. Social insurance for the labour must also be paid. You would be well advised to take a reputable builder for this as otherwise you could end up in a nightmare of Greek bureaucracy. Our experts from lightslategray-hedgehog-135686.hostingersite.com can advise on this as well.

If you are not here for much of the year or will be absent during the building of your villa or house, you would be advised to have someone on the island of your choice who can look after your interests, keep an eye on construction work and pay bills as necessary.
If you cannot be on the island for the signing of the contract of sale, you will need to give a Power of Attorney to someone here to act for you. This can be your lawyer, the real estate agent or someone resident here who has your trust.
This is a fairly simple document and can usually be drawn up by the notary within 24 hours.

If you wish to let your property, you must register with the Greek Tourist Organisation, declare the income you make, and pay income tax in Greece. We can help with obtaining your registration papers.

Tax laws have been changing recently. There is a property tax to be paid every year, but it is not (yet) a lot of money. Your accountant will be able to give you the latest information.

If you own property here, but have never made a tax declaration that you own property in Greece, YOU MUST do so now.

Yes, once you have acquired property, you will have to declare it to the tax authorities and you will have many difficulties if you do not use an accountant. Practically, you will not be able to keep your Greek tax affairs in order without a local accountant. As long as you can prove that you didn’t earn the money to purchase the property in Greece, you will not be liable for income tax. Your tax declaration is made the year after the year in which you purchase your property.

In total, anything between 8 & 10% of the actual purchase price.
This includes purchase tax, notary’s fee, lawyer’s fee, Records Office fee, and broker’s commission.

Between 2 and 3% (+ VAT) of the actual purchase price. Usually 3% if you are a non Greek as extra paperwork and organisation will then be involved.

You will always have to import sufficient money to cover the purchase of the property,  the notary’s fee, lawyer’s fee, Records Office fee, and the purchase tax.
For non Greeks to purchase property in Greece, it will be necessary to open a bank account in Greece and acquire a Greek tax number. If you are buying the property in joint names, the bank account must also be in these names. This is so you can import all necessary funds into Greece thus not incurring Greek income tax.
To get a Greek tax number you will need to give a limited Power of Attorney to a local resident (we recommend an accountant) who will apply for it, and represent you to the tax office.

Yes, anyone who has a valid passport and sufficient funds can buy property in Greece.

A real estate agent will represent one side or the other in a sale/purchase deal. A real estate broker does not represent one side or the other. They try to bring both parties together to an agreeable solution, so that everyone is happy. In Greece, most agents are brokers, and as such, take a small commission from both parties.

You would be well advised to use the services of a reputable agent. Who is reputable? Ask other home home owners and it will become very quickly apparent who can be trusted and who not.
An real-estate agent is there to protect your rights, to help make an agreement between purchaser and vendor. Often involving translation as many Greeks do not speak another language and most purchaser’s Greek is not sufficient and make the bureaucratic process easier. If your real estate broker is good, she/he will have earned her/his commission many times over.

No, unless you decide to live here on a more permanent basis.
You will not need to get a resident’s permit if you buy property but you will need one if you buy car, boat or motorbike in Greece, or wish to register to vote for local elections.

This can variate but is usually short. A minimum of 2 months from the time a verbal agreement has been made between purchaser and vendor. This can stretch to several months if there are issues such as road access, unclear title to the property, legalisation issues, etc.

You are no longer obliged by Greek law to have a lawyer to act for you. However, you would be well advised to have one to check the provenance of the property, and to check that the Notary has all the transfer papers in order. The lawyer’s fee is around 1% (+ expenses) of the contract price of the property. Included in this will be a search through the public records to make sure that the property is free and clear of any debts, mortgages, and other potential problems. Your lawyer will translate the contract price to you or be your representative if you cannot be present in person at the time of signing contracts.