Real Estate Fundraising in Greece
Whether you are looking for a real estate investment or planning to invest in the Greek market, you need to consider the following aspects. Firstly, you should have a valid Schengen visa. You also need a local bank account. This will simplify many of the transactions that you make. In addition, you should have a Greek Tax Registration Number. This will be required if you are making a significant purchase, or if you plan to pay a lot of taxes. You can acquire this number by registering with the Greek Tax Authority. After you have registered, you will receive a certificate which lists your Tax Registration Number. You can then present this certificate to the Notary Public when signing the final deed of the property.
While you are in Greece, you should also visit the Land Registry to ensure that the title is clean. You will need to pay for this service separately. If you are investing in new housing, it is advisable to work with a developer. The services of a lawyer are also paid separately.
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If you are buying a Property fundraising in Greece, you should be aware that you are liable to pay a rental income tax on a progressive scale. Moreover, if you are renting your property, you have to pay a solidarity contribution to the Greek government. This is 2.2 to 10% of the total amount of the rent.
Real Estate Fundraising in Greece – Is it Worth It?
While purchasing a property, you may be asked to sign a contract for a period of at least three to four years. If you wish to sell the property, you will have to pay capital gain. In order to obtain a residence permit, you need to make a real estate investment of at least EUR250,000. This allows you to live in the country for five years. If you wish to stay longer, you can apply for a Golden Visa. This will allow you to live in Greece for a maximum of five years.
If you are looking to buy a property in Athens, you should be prepared to pay a premium. The average cost of a square metre of noteworthy housing is around EUR1,900. In the centre of Athens, the prices of such properties are high, but they vary according to location. If you are interested in purchasing an apartment, you should expect to pay between EUR3,000 and EUR4,000 for a new, fully furnished apartment. You can also opt for a cheaper property in a disadvantaged neighborhood.
You should also consider a Greek property management company. A property manager can provide you with a passive income. It is also safer to rent out an apartment through a management company. A Greek property manager will not evict you if you are not paying the rent. A landlord can only evict a non-payer by court decision.
Investing in a residential property in Greece can be profitable, especially if you are able to rent it out to tourists. However, it is important to keep in mind that the market in this country is not expanding rapidly. Most Greeks prefer to own their own homes rather than renting them out.