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FAQ
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Α. The purchaser shall bear the following costs concerning the purchase and transfer of real estate:
Ι. Tax on the transfer of the ownership of a real estate property (Decree Law No 3033/54):
1. The purchaser is liable for the tax on the transfer of the ownership which currently amounts to 3%. This tax is paid to the Public Tax Authority.
This tax shall be calculated on the amount of the legal value provided that the purchase price, as referred to the contract, is lower that the legal value. Otherwise, in case that the legal value is lower than the purchase price as referred to the contract, the above tax shall be calculated on the amount of the higher purchase price.
2. Additionally, the purchaser is liable for a municipal tax which currently amounts to 2%, This tax is calculated on the amount of the above tax on the transfer of the ownership which will finally result.
3. In case the purchase and transfer of the real estate property concerns a property which has been built from 2006 onwards and the seller is a contractor as well, the above tax on the transfer of the ownership shall be calculated with V.A.T. 24% on the ex-post construction cost which corresponds to the property to be transferred.
ΙΙ. Notarial fees & other notary charges:
1. The notarial remuneration: The notarial remuneration concerning the drafting of the contract is proportionate and it shall be defined as follows:
- If the amount of the subject of the transaction is up to 120.000,00€, the notarial remuneration amounts to 0,80%
- If the amount of the subject of the transaction is 120.000,01€ up to 380.000,00€, the notarial remuneration amounts to 0,70%
- If the amount of the subject of the transaction is 380.000,01€ up to 2.000.000,00€, the notarial remuneration amounts to 0,65%
- If the amount of the subject of the transaction is 2.000.000,01€ up to 5.000.000,00€, the notarial remuneration amounts to 0,55%
- If the amount of the subject of the transaction is 5.000.000,01€ up to 8.000.00,00€, the notarial remuneration amounts to 0,50%
The proportionate notarial remuneration shall be calculated on the total value as referred to the contract or on the legal value provided that the legal value is higher than the purchase value. Besides, the above notarial remuneration shall be calculated as above plus V.A.T. 24%.
2. Cost of the additional pages and copies of the contract: The above notarial fees increase lightly depending on the additional pages as well as the copies of the contract issued, as follows:
– For each additional page of the contract: plus 5,00€
– For each copy of the same contract issued immediately after the drafting of the contract: plus 4,00€.
ΙΙΙ. Registration fees charged by the appropriate Land Register & the Cadastral Office (if exists)
The fees concerning the registration of the title/contract of the transfer of the real estate property in the Land Register of Naxos amount to 4,75 per thousand unless the property is located in cadastral region. In this case, the above registration fees amounts to 5,75 per thousand.
IV. Lawyer’s remuneration for legal representation concerning the contract is under discussion with your lawyer.
Ι. According to the Greek Income Tax Code, the purchaser should be able to «justify» the money in terms of the tax legislation and on the basis of his/her income for the entire cost of the transaction, as it results from the contract of the transfer of the real estate property (Art. 48 of the Law 4305/2014). More specifically, the purchaser should be able to «justify» on the basis of his/her income a) the purchase consideration b) the tax on the transfer of the ownership c) the notarial fees d) the lawyer’s fees, if there is a lawyer’s representation during the drafting of contract e) the real estate agent’s fees f) the registration fees charged by the appropriate Land Register & the Cadastral Office (if exists)
Ι. According to the act. 41 of the Income Tax Code, it is provided that the seller is liable for a tax on the profit (goodwill) at a rate of 15% which results between the initial purchase price and the selling price of the real estate property provided that the property came into seller’s ownership from 1995 onwards. It is important to be clarified that the application of the above provision has been suspended until 31.12.2016.
I. From 2014 onwards and according to the Law 4223/2013, the above property tax – E.N.F.I.A. is levied on the right in rem of the full ownership, the bare ownership, the possession in usufruct, the occupancy status and the surface on each immovable property which is located in Greece and which belongs to a natural or a legal person.
II. The above property tax – E.N.F.I.A. is also levied on the rights in rem or on the rights relating to a personal obligation of the exclusive use of parking places, auxiliary places and swimming pools which are located in a public space of the property and constitute appurtenances of the above rights in rem.
III. The main tax on the rights concerned on the buildings shall be calculated on the basis of the geographical location, the surface, the kind of use, the age, the floor, the number of the facades of the building according to different rates as provided for in Law.
IV. In addition to the above main tax, another supplementary tax is levied provided that the entire value of the above rights amounts to over 300.000,00€. This supplementary tax shall be also calculated on the basis of different rates as provided for in Law.
Therefore, it is impossible for us to calculate in advance the amount of the above tax without having the necessary knowledge of the above essential elements.
Ι. According to the article 20 of the Law 4251/2014, a 5-year residence permit with the right of renewing for an equal duration shall be granted to third country nationals (non – European members) who have purchased or leased a real estate property in Greece.
II. The above residence permit shall be issued by the General Secretary of the Decentralised Administration provided that the following conditions are fulfilled:
– The minimum value of the property should be 250.000,00€. The value is proved by the price referred to the contract (or to the leasing contracts, as follows).
– The above minimum amount may refer to one single property or to more than one whose total value exceeds 250.000,00€
– In case of a joint ownership, the residence permit is granted only if the joint owners of the property are spouses. Otherwise, the right of residence is granted only if the percentage of the joint ownership of each owner worth 250.000€.
– In case that the real estate property belongs to a legal person, the residence permit shall be granted only if the shares or the shareholdings of the legal person are wholly owned by the person who will apply for the issue of the residence permit.
– The value of 250.000,00€ refers not only to the purchase of the property but also to other different alternatives via which a residence permit shall also be granted, namely, it refers to the right to use immovable properties on a timeshare basis for at least 10 years or to the leasing of hotel or tourist accommodation establishments for at least 10 years.
ΙIΙ. The above third country national may be accompanied by the members of his/her family to whom an individual residence permit shall also be granted, following their request. Their individual residence permit expires at the same time as the person’s they accompany residence permit. Members of a family may be considered the following: a) the spouse b) the spouse’s direct descendants or the other spouse’s direct descendants who are less than 21 years of age and c) the spouse’s direct ascendants.
ΙV. Additionally, the holder of a residence permit in Greece shall also enjoy the following privileges:
– He/She may live continuously in Greece for the period for which the residence permit is in force.
– He/She may travel to other countries of the zone Schengen for a maximum period of three months during a six – month period.
– He/She has access to healthcare and education services.
V. Finally, it shall be clarified that the holder of a residence permit does not have any right to work in Greece. However, he/she can be a shareholder, member of the board of directors or managing director of a company.