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Buying Questions
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| Am
I permitted to purchase property on
Corfu? |
| Any
European Union citizen is permitted
to purchase property on Corfu. For
Non-EU citizens there are
alternatives. One is for you to form
either a Greek or an EU registered
company in whose name the property
becomes registered. The second
option is for you to apply to the
Greek Ministry of Defence for
permission to own property.~ |
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| What
legalities are involved in the
purchase a property on Corfu? |
| Buying
a house, apartment or land on Corfu
is subject to similar legalities to
those in most other EU countries. It
will be necessary to appoint a Greek
lawyer, who will conduct the
relevant searches for ownership, and
ensure that there are no mortgages
outstanding, or legal issues
attached to the property. We can of
course recommend several reputable
Greek lawyers, who we have worked
with in the past. Your lawyer would
be responsible for the appointment
of a notary public who prepares the
necessary Final Contract in
conjunction with him/her. Once the
sale has been completed, it is the
Notary who registers it with the
Land Registry, and retains a copy of
the Final Contract. The Notary, will
also give you certified copies. You
are required to obtain a Greek tax
number prior to the final contract
being signed. And in order to open
Greek bank account. |
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| Will
I be required to make a deposit on
the property i wish to purchase on
Corfu? |
| In
some cases it will be neccsarry to
make a deposit and sign a
pre-contract in order to secure the
property, this essentially commits
the vendor to sell you the property
at an agreed price, and shows your
commitment to move forward with the
purchase.Should you decide for any
reason not to continue with your
purchase after this stage, you will
forfit this deposit. |
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| What
expenses will I incur when
purchasing property on Corfu? |
| We
recommend that you budget for
approximately 15% on top of any
purchase price when considering
property on Corfu, this will include
(1) Stamp Duty (2) Lawyers fee(3)
Notary fee(4) Agents fee. The day
before signature the Transfer tax
becomes payable to the Greek
government. Please note this
Transfer Tax stamp duty is NOT
calculated on the actual purchase
price, but on the value of the
property as assessed by the Greek
Tax Office (this is often a lesser
amount). Transfer Tax 7.21% of the
first 14.700 Euros and 9.27% of the
remainder (based on the Greek Tax
Office valuation). Notary Public
fees: These are between 2.2% and
2.5% of the tax assessed value,
depending on the value of the
transaction (including subsequent
registration fees). Your Lawyers
fees, these are between 1.5% and
2.5% of the sale price depending on
the value of the transaction. Agents
fee 2.5% of final sale price. In
cases where a mortgage is required,
or finances will need to be
released, and the time period
between the pre-contract, and full
contract is longer then two months,
we will require 50% of the agents
fee from the buyer at the
pre-contract signing, with the
remaining 50% due at the completion
of the full contract. Should the
client not be in a position to
complete the full contract, the
deposit will be deemed
non-refundable. If however the
reasons for non completion are due
to legal issues with the property,
such as title deeds or bounderies
not being as originaly stated, the
original deposit will be refunded in
full. |
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| Will
I be required to pay any taxes in
Greece? |
| There
are no annual property taxes in
Greece. However, as a property owner
on Corfu you would need to complete
an annual tax return. Provided you
have proof that the purchase was
made with funds coming in from
abroad, you are not employed or
otherwise receiving an income in
Greece, you will not be liable to
pay tax. |
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| Is
there a Council Tax system in
Greece? |
| There
is no council tax here on Corfu.
There are small charges for
community services which include
such things as rubbish collection
and street lighting. These are added
onto to your quarterly water bill. |
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| Can
I purchase property on Corfu in
somebody else’s name? |
| Yes.
You may purchase property jointly
with your spouse and/or other
co-purchasers, in names of children
or legal heirs, or in the name of a
company. |
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| Is
it possible to get a mortgage for
property on Corfu? If so, what are
the requirements? |
| Yes,
it is possible to get a mortgage in
Greece. To apply for a mortgage you
will need your passport and proof of
income for the last 2 years (P60,
payment stubs, or tax returns if
self-employed). Please be aware that
if you apply for a Greek mortgage,
you must be able to pay all closing
costs before any funds from the bank
are released |
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| Do
i need to bring anything with me to
purchase property on Corfu? |
| Recent
changes in the law, mean you will
need to prove your identity in order
to obtain the necessary tax number
and open a Greek bank account, as
before, you will of course be
required to produce your passport,
now you will also need to show proof
of a current address, this can be
done simply by bringing a recent
utility bill, showing your name and
home address along with your
postcode, should you require finance
for your purchase, you will need to
supply proof of earnings, p60s, last
3 years accounts or similar. |
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| Text
and advise courtesy of our property partners http://www.corfunewlife.com |
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