Every Investor in the Greek real estate market, who has concluded a real estate purchase must proceed with a property registration process according to Greek law. At this stage, as a property owner, an investor will be asked to pay a certain amount, as follows:
A) A percentage of approximately 0,475% of the property value (when registering with a Land Registry).
B) A percentage of approximately 0,575% of the property value (when registering with a Cadastral Office).
Background: Land Registries constitute the authority responsible for land registration in Greece since 1853. They are and always have been considered as a judicial institution and they fall under the administration of the Ministry of Justice. The vast majority of Land Registries are organized as independent offices with provincial authority. A small number of Land Registries, however, mainly in large municipalities, are systematized as public services within the Ministry of Justice and are so far managed by the State.
Land Registries are also categorized depending on whether the area which falls under their aptitude is covered by the Cadastre or not. The Greek National Cadastre was introduced in 1995. According to the most recent cadastral law (Law No. 2664/1998), after the completion of the land surveys, the competent Land Registry is converted into a “temporary Cadastral Office” before the official initiation of the permanent Cadastral Office.
The current state: The above state was not applied simultaneously for the entire country, so this transition from one system to the other takes place progressively (an ongoing process). There are at the moment 103 Land Registries around the country which operate, partially or entirely, as short-term Cadastral Offices. Based on the area where a property is located, it is determined whether or not its purchase will need to be registered with a local Land Registry, or with a Cadastral Office. This is to explain the two different processes and slightly differing fees (Land Registry vs Cadastral).
Registration Fees: For property rights over main use areas (apartments, houses, offices, plots of land), there is a fee of 35€ per registration, per property right, per property, which is payable to the Greek state. For property rights over auxiliary spaces (parking garages, warehouses, storage areas), there is a fee of 20€ per registration, per property right, per property, which is also payable to the Greek state.
As a client of Varnavas Law Firm, and through the powers of a PoA, we conclude on your behalf the investment process, even by purchasing the property in the investor's name and registering you as the new owner in front of the competent Land Registry or Cadastral Office. After receiving the relevant certificate, we schedule an appointment with the Immigration Authorities to submit the permanent residency (Golden Visa) application.
Varnavas Law Firm has been successfully serving Golden Visa Clients to start, process, and obtain their permanent residency through investment in Greece.