Any European Union citizen is permitted to purchase property on Corfu. For Non-EU citizens there are alternatives. One is for you to form either a Greek or an EU registered company in whose name the property becomes registered. The second option is for you to apply to the Greek Ministry of Defence for permission to own property.
What legalities are involved in the purchase a property?
When buying a house, apartment or land on Corfu is subject to similar legalities to those in most other EU countries. It will be necessary to appoint a lawyer, who will conduct the relevant searches for ownership, and ensure that there are no mortgages outstanding, or legal issues attached to the property. We can of course recommend several reputable lawyers, who we have worked with in the past. Your lawyer would be responsible for the appointment of a notary public who prepares the necessary Final Contract in conjunction with him/her. Once the sale has been completed, it is the Notary who registers it with the Land Registry, and retains a copy of the Final Contract. The Notary, will also give you certified copies. You are required to obtain a Greek tax number prior to the final contract being signed. And in order to open Greek bank account.
Will i be required to make a deposit on the property?
In some cases it will be neccsarry to make a deposit and sign a pre-contract in order to secure the property, this essentially commits the vendor to sell you the property at an agreed price, and shows your commitment to move forward with the purchase.Should you decide for any reason not to continue with your purchase after this stage, you will forfit this deposit.
What expenses will i uncur?
We recommend that you budget for approximately 15% on top of any purchase price, this will include (1) Stamp Duty(2) Lawyers fee(3) Notary fee(4) Agents fee.The day before signature the Transfer tax becomes payable to the government. Please note this Transfer Tax stamp duty is NOT calculated on the actual purchase price, but on the value of the property as assessed by the Tax Office (this is often a lesser amount). Transfer Tax 7.21% of the first 14.700 Euros and 9.27% of the remainder (based on the Tax Office valuation). Notary Public fees: These are between 2.2% and 2.5% of the tax assessed value, depending on the value of the transaction (including subsequent registration fees). Your Lawyers fees, these are between 1.5% and 2.5% of the sale price depending on the value of the transaction. Agents fee of 2% of the sale price.
Will have to pay any taxes in Greece?
There are no annual property taxes in Greece. However, as a property owner you would need to complete an annual tax return. Provided you have proof that the purchase was made with funds coming in from abroad, you are not employed or otherwise receiving an income in Greece, you will not be liable to pay tax.
How do i make an anual tax return?
We can of course put you in touch with an accountant who will assist in all matters relating to property tax here on Corfu if required.
Is there a Council Tax system in Greece?
There is no council tax here on Corfu. There are small charges for community services which include such things as rubbish collection and street lighting. These are added onto to your quarterly water bill.