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Must know about property
LAWYER
Buying a house or land to built on in Corfu, like
in most other EU countries is subject to legalities and paperwork .
First It is necessary to appoint a lawyer, who will
check the title of ownership and ensure that there are no mortgages or
taxes outstandingor other legal encumbrances attached to the property.
Kassiopi Accountings can, if requested, make
recommendations for an appropriate lawyer with whom we have been working
for many years andliaise with him/her on your behalf.
NOTARY
Your lawyer would also 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, retains a copy of the Final
Contract and gives you certified copies of it.
A notary public is a government-appointed lawyer
who processes and certifies all real estate transactions, including
drawing up and reviewing all official documents, to ensure the legal
transfer of the property.
ACCOUNTANT
You are required to obtain a Greek tax number (AFM)
( which is mandatory for all buyers, including foreigners and permanent
residents abroad) prior to the final contract being signed.
It is issued at tax offices free of charge, with
the help of your accountant who will fill in the forms.
All applicants must present their passport ( valid
). If you have granted your accountant full Power of Attorney with the
very specific term, he/she can apply for an AFM on your behalf.
All necessary payments will be made through your or
joined (with your name first) bank account.
Money deriving from this account will prove that
money used for purchasing the property have come into Greece from
another country and is already taxed there.
Opening a bank account in Greece usually takes more
than a few minutes.
Banks will ask for a minimum opening deposit and
you will also need your passport, your AFM (see above), your tax number
of the country you live in, ( eg UK) an utillity bill from your country
that shows your address, an utillity bill from greece (if any) and a
document for your occupation abroad. Your accountant will be in the bank
with you, to help with the forms.
There is an annual property tax in Greece based on
your property tax declaration your accountant will do for you annually.
Also as a property owner you would need to complete
an annual income tax return.
Your accountant will submit the forms for you every
year.
Your bank will issue at the end of the greek tax
year, after your request, what are usually known as pink slips.
They are certifications stating that the money for
the purchase was brought in from abroad.
This certification is unique, (don't loose it, a
copy is no good and an original cannot be reissued) and will be needed
on completing your tax return, so pass it to your accountant.
If you loose it you will not be able to show where
the money came from, so you will be taxed for the ammount of your
purchase.
If you bought a land and you are planing to built
on it, your accountant will arrange the monthly insurance payments for
the staf to IKA (Social Insurance Organisation).After all legal work is
done (2 months, usually)sign the final contract.Pay your fees (lawyer,
notary, agent ) and taxes (transfer tax paid until one day before
signing).
ARCHITECT - CIVIL ENGINEER - CONSTRACTOR
The planning regulations in Greece are complicated,
a building permit must be obtained and this service is normally carried
out by a civil engineer who, working with you, will complete the plans
and submit these together with the other documents required, to the
building permit office for approval.
He will also make an application for you to connect
to the electricity and water supplies.
Once the building permit (usually after six months)
is obtained, we advise you to sign an detailed agreement with a
constractor to build the house.
It is very important to find a reliable one and we
are here, after 43 years in the market, to introduce you to profesionals
you can trust and see on site finished projects.
Your accountant will be taking from your
constructor all the invoices from the project ( labour and supplies),
make photocopies to attach them to your annual tax declaration and keep
the originals in your file.
Those originals will be used by the civil engineer,
after the project is finished, to connect with electric and water
supllies.
STEPS ON PURCHASING
- Select your property.
- Appoint your lawyer to check the titles.
-Apoint your architect - civil engineer to check if
and what you can built on the land
- Get an apointment with your solicitor.
- Sign a private agreement detailing terms of sale
and payments.
- Pay a deposit to secure the property. The deposit
is controlled from your lawyer
until it is clear that you can proceed with the
purchase.
-Apply for your Tax Registry Number (AFM).
- Open a Greek bank account.
-After all legal work is done (2 months,
usually)sign the final contract.
-Pay your fees (lawyer, notary, agent ) and taxes
(transfer tax paid until one day before signing).
-Take original and cerified ( by the notary) copies
of the final contract.
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