Buying Property In Greece – Legal And Tax Aspects For Swiss Investors

When Swiss and other non‑EU nationals consider purchasing real estate in Greece, several legal and tax aspects should be taken into account. Although the Greek property market is open to foreign investors, a solid understanding of the applicable framework ensures a smooth and secure acquisition process.

Legal Framework and General Requirements

Greece imposes no general restrictions on non‑EU citizens acquiring property. Swiss nationals and most other non‑EU investors may freely buy residential or commercial property, except in restricted zones such as border or military areas, where special permits are required.

The purchase must be executed before a Greek public notary through a notarial deed. If personal attendance is not possible, a notarized and apostilled Power of Attorney enables a local attorney to act on behalf of the buyer.

Key Preparatory Steps

• Obtain a Greek Tax Identification Number (AFM)
• Open a Greek bank account (recommended)
• Conduct legal and technical due diligence
• Engage local professionals (attorneys, notaries, and real estate agents)

Taxes and Transaction Costs

Existing properties are subject to a 3.09% transfer tax. For new constructions sold by developers, a 24% VAT applies, though it is suspended until the end of 2026. Notary and land registry fees add roughly 1% each, while broker commissions range from 2–4%. Including attorney and ancillary costs, buyers should budget an additional 8–12% on top of the purchase price.

Annual ownership tax (ENFIA) applies to all properties, typically amounting to around EUR 300–400 per year for a 100‑m² home, depending on location.

Financing and Mortgage Options

Greek banks such as Alpha Bank, Eurobank, and National Bank of Greece offer mortgages to non‑residents. Interest rates generally range between 3% and 6.5%, depending on creditworthiness and collateral. Foreign buyers can usually finance up to 70% of the property's value, contributing 30% equity plus transaction costs.

Golden Visa and Tax Incentives

Greece's Golden Visa program grants a renewable residence permit to non‑EU citizens investing at least EUR 250,000 in real estate (EUR 500,000 in select metropolitan zones). The permit extends to spouses, children under 21, and parents. Additionally, the High‑Net‑Worth Individual (HNWI) tax regime allows a flat annual tax of EUR 100,000 on worldwide income (+ EUR 20,000 per dependent) for up to 15 years, provided an investment of at least EUR 500,000 is made within three years.

Practical Advice and Common Pitfalls

Early preparation is crucial. Obtaining the AFM and opening a bank account early helps prevent delays. Due diligence must confirm ownership, encumbrances, and regulatory compliance. Foreign documents may need translations and apostilles. Working with experienced local partners minimizes risks and ensures legal certainty throughout the acquisition process.