Buying a property in Greece

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Buying a property in Greece


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Old 23rd October 2015, 07:52 PM
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Hi

We recently moved to Paros as British passport holders and registered ourselves as residents.

We are looking to buy a house but we are apparently required to pay 23% VAT as it is a new build.
However, I've read a few articles that state that if you are a EU resident living in Greece, then you are not required to pay this if it is your first and main residence.
We asked a lawyer but he said this only applies to Greek citizens returning to Greece from abroad.
Is this correct?

Also, the deposit is currently held in our UK savings account. Can we pay the deposit (at the appropriate time) directly to the owner/developer to their UK bank account? Do the bank care or are they only worried that they are only lending the 75% and the rest is between us and the owner/developer?

Any help would be great!
Thanks

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Old 23rd October 2015, 10:16 PM
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Anyone selling a property here will pay a tax and the buyer will also pay a tax,which is called a transfer tax from the buyer,that tax from the buyer recently went down in price,I think you can see the percentage on line.You will need to go to the tax office yourself and pay it,this is best for you and most secure.You will need to get a tax number before you start this ball rolling.Your deposit must be held by a lawyer or simvolio grapho not the owner or the developer.A simvolio grapho is the best person for your buy,for the legal paper work,they inspect the papers,a lawyer may only be needed at the completion and a translator in case you dont have greek to protect your intrests.

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Old 23rd October 2015, 10:51 PM
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Thanks. I know about the regular transfer tax which is 3%.
But on new houses it is 23% however, I'm trying to find out about the exemptions as mentioned.

We have a tax number and lawyer but need to confirm this info about EU residents needing to pay this 23%...

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Old 24th October 2015, 01:54 PM
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Quote:
Originally Posted by nhs84 View Post
Thanks. I know about the regular transfer tax which is 3%.
But on new houses it is 23% however, I'm trying to find out about the exemptions as mentioned.

We have a tax number and lawyer but need to confirm this info about EU residents needing to pay this 23%...
It says on several sites on line that new constructions with a building permit(license) issued before Jan 2006 regardless of when finished,if finished are not subject to VAT,in that case I guess the normal transfer tax would be paidYou dont have to pay both,if you are paying the VAT you dont pay transfer tax as well.So you need to find out if the license was issued before 2006 and it does not say that anybody is exempt on any of the sites,be careful because even lawyers get things wrong here and you will go to the hell with the tax office if you want to claim back monies because of a mistake.Find out the date of license issue.I have recently built a house here and it was on going for eight years,so maybe the license in your possible buy was issued before 2006 which would make your tax obligation only the transfer tax of 3%

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Old 24th October 2015, 02:39 PM
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Originally Posted by concertina View Post
It says on several sites on line that new constructions with a building permit(license) issued before Jan 2006 regardless of when finished,if finished are not subject to VAT,in that case I guess the normal transfer tax would be paidYou dont have to pay both,if you are paying the VAT you dont pay transfer tax as well.So you need to find out if the license was issued before 2006 and it does not say that anybody is exempt on any of the sites,be careful because even lawyers get things wrong here and you will go to the hell with the tax office if you want to claim back monies because of a mistake.Find out the date of license issue.I have recently built a house here and it was on going for eight years,so maybe the license in your possible buy was issued before 2006 which would make your tax obligation only the transfer tax of 3%
No, the building licence was issued after 2006. So is liable for VAT, but there are multiple websites that talk about the exemption. Going to the lawyer on Monday and will speak with their notary and tax office to confirm what is needed by us to avoid the VAT and pay the regular 3%

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