Greece experienced a devastating financial crisis between 2009 and 2010. Since then, ‘the land of the gods’ is increasingly becoming the ideal investment destination for the locals and foreigners alike. Greece enjoys a mild climate, pristine environment, and a scenic geographical location.
Therefore, it is imperative for anyone interested in buying property in Greece foreigners to furnish themselves with a few basics on securing an investment overseas. If you consider investing in real estate in uncharted waters, then read on before you visit a real estate attorney.
- Define your motivation
Why do you want to own property in a foreign country? Is it in your investment plan or for leisure? Defining your motivation is arguably the primary factor when securing such an asset.
For instance, if you’re acquiring property for investment, you have to scrutinize your financial decisions and align them with your financial goals. On the other hand, when buying a retirement home, you consider social amenities, the neighborhood and other personalized preferences.
- Financing plan
Once you know why you need a property overseas, it is now time to choose a viable investment compatible with your need. Locating a financier for your dream is more daunting than buying property in greece foreigners. This is because your decision is subject to international laws and regulations. Any transaction over your acquisition is conducted in terms of local currency.
First, secure a legal document termed as “Agreement in Principle”. Once settled, confirm the purchase of the property to safeguard your interests in case you do not get financed via a loan. The security in this document is the ability it gives you to reclaim the initial deposit you had placed.
- Tax Responsibility
Tax liability differs from individual to another, depending on one’s circumstances. Every country has set of tax laws that govern taxation in regard to real estate market. Another country’s legislation may demand you repay expenses such as title transfer tax, inheritance tax, stamp tax, and other such legal authorizations.
Additionally, there are countries where foreigners have to pay land rates. The land tax for such homeowners could be a condition at the point of purchase for one’s mortgage.
You ought to be aware that such an obligation is an annual responsibility that plies into your capital. Failure to honor these potential tax obligations attracts legal penalties.
- Exchange rates against your local currency
Financially speaking, acquaint yourself with the value of your local currency against the exchange rates in the money market. Are you intending to have money from your home country to your host? If so, then get a Certification of Importation and operate an account in a local bank.
This kind of arrangement lessens the burden or repaying tax debts and associated legal fees, because you can promptly request a standing order appropriate for your need. It is imperative to consider this as a critical part of your preparation to help you enjoy a hustle-free transaction.
- Countercheck property ownership.
Scout for a trustworthy real estate experts in your choice country. Seek assistance from reputable attorneys who are well versed with legal foundation in real estate property.