Real estate Arachova Greece real estate in arachova. Greek islands, residential, commercial, houses, apartments, land, homes, villas for sale in Central Greece.

Real estate Arachova Greece real estate in arachova. Greek islands, residential, commercial, houses, apartments, land, homes, villas for sale in Central Greece.

Real estate Arachova Greece real estate in arachova. Greek islands, residential, commercial, houses, apartments, land, homes, villas for sale in Central Greece. About what to consider when purchasing a property in Greece. Greek travel traveling in Greece free travel tips – about commercial and residential property in Greece for sale Greek tax Greece.

Real estate Arachova Greece real estate in arachova. Greek islands, residential, commercial, houses, apartments, land, homes, villas for sale in Central Greece. About what to consider when purchasing a property in Greece. Greek travel traveling in Greece free travel tips – about commercial and residential property in Greece for sale Greek tax Greece. Here in one can find what to consider, and the steps one needs to take when purchasing a property in Greece.

Apart from the bellow 5 steps applicable to real estate in Greece, as of January 1st 2006 all new properties ( those which are newly build ) are subject to GST or FPA in Greece, which is about 18% upon the city evaluation or the contract price which is higher and is paid by the buyer or whoever both parties have agreed . In this case the bellow transfer tax is not applied.

Also please pay attention to this part all used properties which are sold after January 1st 2006 thereon if they are resold the transfer taxes are as follows. The buyer unlike the bellow case has to pay a transfer tax of 1% on the city evaluation or contract price which ever is higher.

Now the new buyer who paid the above 1% tax for his new property if he wants to sell it apart from the 1% the new purchaser has to pay the seller also has to pay a new capital gains tax. From when purchased and when sold, and upon the difference in the city evaluations or the contract prices which ever are highest if a property is sold in the first 5 years there is a 20% tax , from 6 to 15 years there is a 10% tax and if you keep the property for 15 years on there is a 5% tax rate these rates are a sorts of capital gains tax paid by the seller.

The conclusion to this is that speculation in Greece will be going up, even though the tax percentages are higher the actual cost to flip a used property is a fraction of what it was, considering that the city evaluation in Arachova goes up about 10 – 20 % every two years. So what is the point of this, its to facilitate banks, lending institutions, and speculators to sell properties ceased while making a capital gains tax which is greatly under taxed. Its well known that Greeks in the past years have put themselves into debt, owing to credit cards and loan institutions.

1. Find first a property that is of your liking via the internet or even better after a couple of visits to Greece. Keep a record of all the properties you visited in Arachova Greece. Prices of Greek real estate will vary greatly. One will also note a big gap in the city evaluation, and the market value usually the city evaluation being lower up to five times, however in some case the city evaluation will be greater than the market value, so don’t get taken for a ride.

2. Pay special attention when purchasing land in Greece. If one decides to purchase land and wants to build, the building laws in Greece change frequently therefore you will also have to hire an engineer or a topographer who will inform you about the specific piece of real estate in Greece. A lawyer and a notary cannot help you out in this step. If they do you will be getting wrong input, and might end up with some Arachova Greece real estate which is not usable.

3. The costs when purchasing Greek real estate are as follows. Calculated on the city evaluation or the price put on the deed of sale, which ever is greater, the notary will charge you about 2% the lawyer from 1.5% to 2%, and the government transfer taxes today are about 13%, however the government tax rates concerning real estate in Greece change from time to time. Engineer costs for land purchasing may vary from 300 to 1000 euros. Also if a Greek real estate agent in involved the agreed fees must be paid or else action may be taken against you down the line.

4. After the job is done from the lawyer and notary ask from the Greece real estate registry the 4 certificates concerning your real estate in Greece. These should be a certificate of ownership, one that states there are no existing loans or leans, a certificate that there are no claims private or government against your Greece real estate, and a certificate of transcription or in simple words that your deed is actually registered at the Greek real estate registry.

5. Don’t forget that after all of the above you will be required to submit income tax for the next fiscal year. In the income tax form you submit you will be required to prove where you got the funds to purchase real estate in Greece. For more details don’t forget to ask you lawyer, before purchasing your favorite piece of real estate in Greece. Be careful with this step, you don’t want any unexpected surprises down the line. If you can’t prove where you got the funds, the purchase value on the deed of sale as well as the notary fees will be calculated as an income and you will be taxed on this amount in an escalating form, from 0% to 43% about, which is the same scale as one has to pay for Greek income tax or income tax in Greece.

This real estate tip is designed to help people interested in purchasing Greek real estate in Greece.