EU residents will run into almost no restrictions purchasing property on the islands, non-EU residents will need to prove both their connections to the country & their intent for property use. This application is made to the Ministry of National Defense & mostly involves submission of documents & proof of use intent.The purchase of Greek real estate is based on the Astikos Kodikas (Civil Code). The acquisition of a property in Greece is completed with the entry in the land registry (Ktimatologio).
Property transfer tax (FMA)
The property transfer tax (FMA or Foros Metavivasis Akinfton) is to be paid by the buyer of the property. The current rate of the property transfer tax is 3.09% of the purchase price. In the case of new buildings (date of issuance of the building permit from January 1st, 2006 purchased directly from the building contractor) VAT of 24% will need to be paid instead of property transfer tax, as it is the case buying the Carved House.
In some specifically regulated cases tax exemptions are possible e.g. by acquiring residential property for the purpose of primary residence as a Greek national. In this case 10% instead of 24% VAT is to be paid by the buyer of the property.
Notarial & lawyer costs
The notarial & attestation costs of buying property in Greece are on average approximately 1% - 1.2% of the purchase price. Lawyer costs amount to approximately 1%.
Entry in land registry
The registration in the land registry (Ktimatologio) amount to 6/1000 of the purchase price.