The following information is a guide to things you will need to know regarding the purchase of a property in Greece, including information on taxes, costs involved, bank accounts and how you can save money on purchasing an older property.

Legal Representation
To buy any property in Greece, you are required to have legal representation from a local lawyer. Their job, along with a local notary , is to check that all land titles are clear , to confirm any building permits are legal and in line with building regulations and generally to look into any family history and ensure that there will be no questions over ownership at a later date.

Bank Accounts and Tax Numbers
You will also be required to obtain a Greek tax number and open a Greek bank account locally. It is possible to do both of these without any assistance. Alternatively, by giving your lawyer power of attorney to do these things, it leaves you more time to spend searching for your ideal property, and less time running through the maze of the legal structure. If you do not have your own lawyer, we can recommend several that we use for the majority of our clients. They will take you through each step right up to the day of purchase. The contract is drawn up by the local notary who has made the necessary investigations, with both buyer and seller having their own legal representative.

Costs
As a buyer, there are various costs that are incurred. As the agents for the sale, we charge a fee of 2%. The lawyers also charge a percentage, but this varies with each individual case depending on the complexities involved. The Notary will also charge a percentage of the 'tax value' of the property, normally 2%.

The tax value of a property often bears no resemblance to the actual 'purchase value '. It is simply a figure set by the tax office here in Corfu of what they consider the land to be worth. This will vary depending on the size of the land, the ' buildability' , the size and age of any buildings constructed within it, and it's proximity to the coast. As a purchaser you will be required to pay a percentage of the tax value, but again this figure varies with each individual case. If there is a property that you are interested in, often we can make enquiries to get a rough estimate as to what this figure might be.

Building and Renovation
For new building or external renovation work, you will need to apply for permits. You must find an architect to do this for you. Again, we have several that we recommend, but this is a very personal thing, finding someone who fits in with your ideas, so it is always good to visit a few.

Purchasing an Older Property
Here at Corfu Estate Agents, we have always encouraged the purchase of older properties and properties within the villages. Land taxes are lower further away from the coast and the tax value of older properties ( built before 1950 ) is always considerably lower. Also a renovation permit is often quicker and cheaper where possible, although if buying independently, it is always essential that you check the possibilities of this with your architect before finalising any deals.

Deposits and Payments
Having found the property of your choice, it is necessary to put down a holding deposit with either your agent or your lawyer, never straight to an owner. Once all necessary checks have been made, your lawyer will inform you of all final costings. This amount will be transferred into your bank account here in Greece from the UK. On withdrawal of this money, you or your lawyer will request a 'pink slip'. This is proof that the money has been imported from outside of Greece and therefore exempt from tax. If you fail to produce this for your end of year tax return, you will be required to pay local tax rates on that amount.

If you have any further questions then please contact us here at:- info@corfuestateagents.com where we will do our best to assist you.