Have you fallen in love with Greece? The culture, the food, the climate and so much more! Greece is one of those countries that has so much to offer, how can you not fall in love with the country? If you’re interested in taking your love for the country one step further, and investing in a property there, here are some things to keep in mind while house hunting in Greece!
The economy in Greece has had its struggles in the past. After the big crash in 2009, the nation struggled to get back on their feet. This, with the global covid-19 pandemic, has really affected the market for homes. For those who are interested in buying a home, this could offer you the potential to buy a property for cheaper prices, however it does come with a fair amount of risk.
Foreigners are able to buy properties in Greece, but it is much easier for some than others. EU residents will face close-to-no restrictions when purchasing a property. However, residents who are not a part of the EU will have to show a connection to the country and how they intend to use the property. The application needs to be made to the Ministry of National Defense, and mostly requires you to submit some documents and the proof of how you intent to use it.
Golden Visa scheme
Something that might be interested in those who want to buy a property in Greece is the golden visa scheme. Thanks to this scheme, foreigners who are investing in a property in Greece can get a 5-year residency permit. It requires that you spend at least €250,000 on the property, have health insurance and no criminal record.
Once you get the Golden Visa, you and your immediate family can legally live and work in Greece. But it is not required that you live in the property, you can also rent it out if you would prefer. If you do decide to settle down in Greece, you can apply for citizenship after you’ve lived there for 7 years, or you can just renew your residency permit.
Things to watch out for
There are always risks when you’re buying a home in a different country. One of them to watch out for in Greece are scams. You may run into real estate scammers in your search, and while the exact scams change daily, there are some things you can keep in mind to avoid falling into the scammer’s traps.
- Never send any money or a deposit before you meet the seller, seen the property or have the keys to the property (that also open the door!)
- Ask for a property inspection that is up to date
- Do a detailed walk through with your real estate agent
- Make sure that the seller has the legal right to sell the property
