The Complete Guide to Buying Property in Greece as a Foreign National

Can Foreign Nationals Buy Property in Greece?

Yes — and with far fewer restrictions than many buyers assume. Greece permits foreign nationals from virtually all countries to purchase residential and commercial property without significant legal barriers. Citizens of EU member states face no additional requirements beyond the standard purchase process. Non-EU nationals, including British buyers post-Brexit, follow the same process with the additional step of obtaining Greek residency documentation if the purchase is intended to qualify under the Golden Visa scheme.

The Greek government has actively cultivated an accessible framework for international buyers, recognising the economic contribution of foreign property investment to local economies. What is required is not special permission — it is proper professional representation and a methodical approach to due diligence.

Step 1: Obtain a Greek Tax Identification Number (AFM)

Before any property transaction in Greece can proceed, the buyer must hold a Greek tax identification number, known as an AFM (Arithmos Forologikou Mitroou). This nine-digit number is issued by the Greek tax authority (AADE) and is required for all property-related transactions — including signing contracts, opening a Greek bank account and paying transfer taxes.

The AFM can be obtained at a local tax office in Greece, typically within a single working day provided you attend in person with valid identification. Many buyers arrange this during an initial property viewing trip. An authorised representative with a notarised power of attorney can also apply on your behalf if you cannot attend in person.

Step 2: Appoint Independent Legal Representation

Appointing a Greek-qualified solicitor who operates independently of the vendor or the estate agent is the single most important step any foreign buyer can take. Your solicitor will conduct title searches, verify planning compliance, check for outstanding mortgages or encumbrances on the property, and review all contractual documentation before you commit funds.

Greece has a well-established legal profession with English-speaking solicitors experienced in international transactions. Fees are typically charged as a percentage of the purchase price, agreed in advance. Do not attempt to share a solicitor with the vendor — independent representation is non-negotiable for a safe transaction.

Your solicitor will also advise on the structure of the purchase: whether to buy in personal name, through a Greek company, or via another vehicle — each of which has different tax and inheritance implications.

Step 3: Open a Greek Bank Account

A Greek bank account is not strictly mandatory for all purchases, but it is strongly advisable. It simplifies the transfer of purchase funds, the payment of transfer taxes, and the ongoing management of utility bills, management fees and any rental income. The major Greek banks — Eurobank, National Bank of Greece, Alpha Bank and Piraeus Bank — all have dedicated international client services. Account opening typically requires your passport, AFM, proof of address and source-of-funds documentation.

Step 4: Property Due Diligence

Greek property law requires thorough due diligence before exchange. Your solicitor will commission a full title search at the local Land Registry or Cadastre, verifying that the title is clear of any mortgages, claims, easements or unresolved inheritance disputes. In older properties, planning compliance checks are particularly important — Greek property law has historically permitted a degree of construction flexibility that can create complications in title verification.

A structural survey is not legally mandated but is highly recommended for older buildings. A qualified Greek structural engineer can assess foundations, drainage, roof integrity and the condition of electrical and plumbing systems. The cost is modest relative to the protection it provides.

For buyers considering villas in Greece, land boundaries and planning designations merit particular attention — especially in island locations where coastal zone restrictions may limit construction or extension rights.

Step 5: Preliminary Contract and Reservation Deposit

Once due diligence is complete and both parties have agreed terms, a preliminary contract is typically signed. At this stage, a deposit — usually 10% of the agreed purchase price — is paid to the vendor. This deposit is generally non-refundable if the buyer withdraws without legal justification, and the vendor may be required to return double the deposit if they withdraw after exchange.

The preliminary contract sets out the agreed purchase price, the timeline to completion, and any conditions precedent that must be satisfied before final contract. Your solicitor will negotiate these terms on your behalf and ensure that appropriate protections are included.

Step 6: Transfer Tax and Notarial Fees

On resale properties in Greece, property transfer tax (FMA) is payable by the buyer at a rate of 3.09% of the assessed taxable value. For new-build properties issued with building permits after January 2006, VAT at 24% may apply instead of transfer tax — though VAT on new developments has been suspended in many areas. Your solicitor will clarify which regime applies to your specific purchase.

Notarial fees are payable on completion and are calculated on the taxable value of the property. Additional costs include land registry fees, solicitor fees and any estate agent commission. Buyers should budget for total acquisition costs of approximately 8–12% above the purchase price, depending on the transaction structure and location.

Step 7: Final Contract and Notarisation

The final purchase contract in Greece must be executed before a licensed Greek notary. The notary is a neutral public official who verifies the identities of the parties, confirms that all taxes have been paid, and witnesses the formal transfer of title. Both buyer and vendor — or their authorised representatives via power of attorney — must be present at the signing.

The notary's role is verification and witnessing, not advocacy. Your solicitor remains your legal representative and advisor throughout this process. After the contract is signed and notarised, the notary lodges the transaction with the local Land Registry, completing the legal transfer of ownership.

Step 8: Land Registry Registration

Following notarisation, the property transfer must be registered at the competent Land Registry or, where applicable, the Hellenic Cadastre. Registration formally records your ownership and creates a public record of title. Your solicitor will manage this step as part of the standard conveyancing process. Timescales vary but registration is typically completed within a few weeks of notarisation.

The Golden Visa Programme

Non-EU buyers — including British nationals — can apply for a Greek residency permit through the Golden Visa programme by making a qualifying property investment. As of 2024, the minimum threshold is €800,000 in high-demand zones including Athens, Thessaloniki, Mykonos, Santorini and Rhodes, and €400,000 in all other areas. The visa grants the holder and immediate family members the right to reside in Greece and travel freely within the Schengen area.

The Golden Visa is valid for five years and renewable, provided the qualifying property is retained. After seven years of continuous residency, holders may apply for permanent residency. Our specialist services team can provide introductions to Golden Visa-qualified legal advisors with a track record of successful applications.

Inheritance and Estate Planning

Greek inheritance law differs materially from UK law, and buyers should take early advice on how their Greek property will be treated in the context of their wider estate. Greek law applies forced heirship rules in certain circumstances, and inheritance tax is levied on the value of Greek property passing to heirs. Proactive estate planning — potentially including the use of a Greek company structure — can optimise outcomes for your beneficiaries.

Practical Timeline and Next Steps

From agreeing terms to completing the legal transfer of a straightforward resale property in Greece typically takes 6–12 weeks. More complex transactions, those involving incomplete cadastral records, or purchases requiring Golden Visa applications will require longer. Off-plan purchases follow a different timeline tied to the developer's construction schedule.

Buyers who arrive well-prepared — with AFM obtained, bank account opened, solicitor appointed and finance arranged — consistently achieve faster and smoother completions. Contact our team to begin your property search and receive introductions to our trusted network of Greek legal and financial professionals.