Here's a breakdown of the taxes and fees involved in buying an apartment in Greece.
The total cost of buying property includes not only the price of the property but also various transaction fees. Some costs may come as a surprise to an unprepared buyer. We've put together an overview of all the costs involved to help you avoid this.
We'll explain how payments will be made, what each party has to cover and what costs will be associated with the purchase.
Buying property in Greece requires the signing of a notarial deed of sale between the buyer and the seller (or their representatives). How long does the processtake? On average, the entire transaction can take up to a month.
The exacttime scale depends on the complexity of the deal and how quickly the necessary documents are collected. Ultimately, it's the willingness of both parties to cooperate that determines the final timeline. By this we mean responding promptly to enquiries and providing the necessary documentation.
The buyer is responsible for the main costs during the transaction. The main costs include the following:
Notary services include checking documents supplied by the seller, preparing the sale contract and payment deed, and submitting the necessary Land Registry and tax filings once signed. Standard notary fees are 2% of the property purchase price plus VAT (2.24% in total).
The land registry fee is 0.9% of the purchase price of the property.
Newly constructed properties with building permits issued after 1 January 2006 are subject to VAT at a rate of 24%.
For other properties, the transfer tax is 3.09% of the property value, comprising transfer tax (3%) and municipal tax (0.9%).
Additional costs to be paid by the buyer:
There are additional fees to consider if you're planning to obtain a Golden Visa in Greece by purchasing a property worth over €250,000. This cost is separate from the actual property purchase, but it should be taken into account when calculating the total cost.
From 12 September 2018, the government fee for investor residency is €2,000 per adult applicant. This fee applies to new applicants as well as those renewing every five years.
Additionally, you will also need to cover health insurance and legal fees for services such as filling in forms and guiding you through the Golden Visa application process.
From 1 September 2024, Greece introduced new investment thresholds of €400,000 and €800,000, which we discussed in detail [here]. This means that the only way to obtain a Golden Visa for €250,000 is to buy a property that is being converted from a commercial to a residential use, or a listed property that is being renovated.
Purchasing an apartment that has been converted from a commercial to a residential use offers additional opportunities for investors seeking high rental returns and a golden visa. In Greece, such properties can be purchased with a minimum investment of €250,000. This makes them an attractive option with easier rental potential.
There is a great demand for these apartments, especially in the central areas of Athens. Converted residential units - such as former office spaces - are particularly attractive, as they offer a steady rental income stream.
For example, the estimated initial payments and fees for a Golden Visa applicant purchasing such an apartment in Athens for €275,000 would be as follows
Notary fees:
Total: €5,500 + €1,320 = €6,820
Registration fees:
Property transfer tax (assuming a resale property):
Total: €8,250 + €2,475 = €10,725
Legal fees:
Total: €2,750 + €660 = €3,410
Agent fees (assuming only the buyer’s side):
Total: €5,500 + €1,320 = €6,820
Golden Visa application fees:
Residence permit fee: €2,000 per adult (assuming one applicant) = €2,000
Grand total: €32,250
This means that the total cost to the buyer, including all the necessary fees and taxes, will amount to 307,250 euros.
Any property owner has the right to let their property and receive income from it in Greece, regardless of whether they are a resident or a foreigner. A residence permit is not required for letting as it is not considered a business activity. Nevertheless, rental income must be declared to the tax authority.
Rental income in Greece is taxed as follows:
In addition, if your annual income exceeds 12,000 euros, a solidarity surcharge is levied at a rate of between 2.2% and 10%, depending on the total amount of your income.
If the rental income is €20,000, the tax calculation would be:
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