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Real Estate

Legal restrictions on the purchase of real estate due to its designation as forest land

Forests and forest areas in Greece are protected and defined by the provisions of the Constitution and by the current Forest Law, including but not limited to: a) Law 998/79, as amended and in force today, according to the provisions that this law replaced the Decree Law 86/1969 (Forest Code), b) Law 3208 /2003, c) Law 3818/2010, d) Law 3889/2010, e) Law 4280/2014, f) Law 4315/2014, g) Law 4351/2015, h) Law 4389/2016, i) Law 4409/2016 [amendment of No. 45], j) Law 4462/2017, k) Law 4467/2017, l) Law 4483/2017 (Article 142), m) Law 4546/2018 (Article 44) and n) Presidential Decree 32/2016....

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The duration and termination of a lease contract

Renting a house may be the most common way of satisfying one’s residence needs, however there are some details lurking in the contract or in the law that both the lessor and the lessee should watch out to avoid any unpleasant disputes. For this reason, some basic principles are set out below, specified on the termination of the lease. The most likely scenario is that the tenants use the leased premises as their main residence. In this case, the provisions of Greek Law 1703/1987 are applied, in conjunction with the articles of the Greek Civil Code. More specifically, the parties are...

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Real estate company ownership in Greece : individual ownership VS company – a comparative table

  Legal entity Advantages Disadvantages 1. Income from property is taxed as profit from business activity at the flat tax rate of 22%. Apart from the flat tax rate for the income from property, the further distribution of dividends by the company to the shareholders is taxed as well at the tax rate of 5%. However, in case there are also other sources of income except from the property income, there may be a flexibility in arranging when to receive the dividends and pay the dividend tax. 2. Α legal entity which acquires real estate income in Greece has the right to deduct the total of its business...

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Special tax on real estate the treatment of the existence of a trust in the structure

Greek Special Real Estate Tax (SRET):  the implications of a trust in the structure Conceptual elements of the institution of foreign trust - Imposition of Special Real Estate Tax A trust - an institution originating in Anglo-Saxon law - is a special regime for the administration and liquidation of property, which lacks legal personality and is created either by declaration of the owner of the property or by transfer of the property, either during life or by will. The settlor (settlor or trustor) enters into a settlement agreement with the trustee and transfers assets to the trustee, which the trustee manages for...

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Requirements for the exercise of the profession of Real Estate Agent (Greek Law 4072/2012 – Article 198)

In order to exercise the profession of real estate agent, the following conditions must be met by the person concerned or, in the case of a legal entity, by at least one of the persons representing it, and more specifically: a) He/She must be a Greek citizen or a citizen of a Member State of the European Union or a Member State of the European Economic Area (EEA). The citizen of a third country is required to have a residence and work permit in Greece, or a residence permit for independent economic activity. b) He/She must not have been convicted of a...

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Municipal Real Estate Tax

What is the Municipal Real Estate Tax ? The Municipal Real Estate Tax (in Greek “Telos Akinitis Periousias” or TAP) is a municipal obligation, a fixed small amount which is paid to the municipality that the real estate is located. Every real estate owner owes this amount to the Local Authority to which his/her real estate is located. However, in practice these fees are collected by the municipalities through the electricity bills, together with the Municipal Fees and the remaining Municipal Taxes. Real estate ownership is further subject to (national) real estate tax. How is the Municipal Real Estate Tax...

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The procedure of correction of the Initial registrations before the Cadastre Office

The properties are registered at the Cadastral Office and receive a special code number (called “KAEK”). Any correction of the initial registrations of the property can be performed easily following the administrative procedure of “obvious error”. the correction of the initial registrations has an expiration date....

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Opening a bank account in Greece by foreigners intending to acquire real estate property

Foreigners who wish to buy real estate property in Greece are not expressly required by the law to open a bank account with a bank in Greece; in practice, however, they need to open an account in order to be able to pay the real estate transfer tax. to open a bank account in Greece, where the account holder is a foreign citizen, it is the same as that required by Bank of Greece from Greek citizens ...

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Acquisition & Occupation of Real Estate Costs, Evaluation & Taxation

The costs of the  notarial act’s  signature includes  the notary's fee - which is usually paid by the purchaser, as well as the lawyer's and the estate agent’s (if any) fee for each party.The cost of the contract’s recordation, paid by the purchaser, includes the recordation fee of the Land Registry Office and/or the Cadastre Office....

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