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Αρθρογραφία

WHY GREECE? GUIDELINES FOR PROPERTY ACQUISITION IN GREECE

Why Greece

It is a fact that during this multi transitional period various investment opportunities appear and provide a safe ground to put money in. Actually, acquisition of property and tangible assets has always been considered as a safe and stable method of financially secured investment. Furthermore, a follow up of global prices’ ups and downs usually is a precious guide which shows were a promising opportunity may exist.     

Land & property investments

Recently, I was addressed again with the inquiry whether or not Greece (Hellas) may be a good opportunity for property acquisition. Instantly the answer is affirmative for various and important reasons. Besides, the presence of big investment Funds constituted by people or companies from various global nationalities is an actual fact. It is also a fact that steadily Companies with main scope “land & property” investments appear and put money in the local market. However, a simple answer is not enough since a close scrutiny may provide the reasoning for such a thought and presumably the next step and action. 

“Golden Visa”

First things first, Greece is one of the few European Union Member States that provide a so called “Golden Visa”, that is a method, a legal procedure to acquire an official permit from the Greek public Authorities and consequently hold a European Union access key. This procedure is available to investors that are willing to either to buy property estimated 250.000 euro and over or invest 400.000 euro and over to intangible property / assets for example shares, mutual funds and other.  

Even more, the answer may be provided by numerous European and Third Country people and families who not only possess property in Greece but also actually state that it was one of the best choices they have made. Is it only the atmosphere and the sea or the nine months, at least, of sunshine that justify this statement? Or other reasons and issues justify the cause? 

It is a fact that financial crisis and hardship has hit and influenced land and its prices in Greece. High End suburbs, specific famous or even notorious Islands, crashed by tourism summer resorts and places, were really overestimated and overpriced few years ago. A small or big fortune was the price to be paid in order to acquire a ‘good / decent piece of land’. Nowadays, opportunities exist even in such ‘tough choices’ and with patience and the aid of specialized professional counselors such a task is easier than in the past. 

Professional aid

Specialized and specific professional aid and advice is the most important key since it will protect the investor from various mistakes and difficulties, it will safeguard the investment, it will make things clear and fair and of course shall make the investor’s life easier and safer. Thus, the procedure will get formed in a manner of a safe highway and not in a peculiar and obscure pathway. The correct advice and the realistic contribution start from the deep understanding of the investor’s real need, dream, ability, financial competence and adequacy in order to be able to provide a feasible and accurate proposal. It is important to be around the market and the opportunities sources in order to haver the knowledge, the information but also the basis to value and to choose the tailor-made solution to each investor’s profile. 

Procedure

Then, an accurate check and scrutiny to the property’s deeds and actual legal status of land lordship shall taker place in order to determine whether any easements or burdens or other legal problems exist upon the property we are interested in. Provided that this legal inspection provides us with a ‘green light’, the contribution of a public notary is mandatory and of a civil engineer lays upon the discretion of the investor and the difficulty that we may face in reference to the Civil Building Plans or any other similar question. Afterwards, a series of certificates and documents must be issued and given to the public Notary for the drafting of the acquisition deed. Naturally, the investor may be a person or a legal entity, such as a Company of any kind (Ltd, SA etc.). Taxation in Greece for property acquisition and investment is not a significant stop and can be managed in various accounting ways to become even more tolerable. The acquisition procedure is fulfilled when the deeds are signed and the new owner of the property is subscribed into the Land Registration Office and the property is officially under this land lord’s name. 

Nevertheless, we must state that foreign investors are not obliged to justify the source and the manner of the investment’s capital acquisition and also, they may use the technique of merges and acquisitions of existing companies with property in order to get the land with much more simple and quick procedures and expand the investments’ & businesses plans – such as hotels, agricultural or industrial use land and so on.    

For further information and detailed communication please contact our firm by using [email protected]