| From www.domusinc.gr Other Issues
You could purchase the property:
a. In your own name b. In the joint names of you and your wife/husband or co-purchaser(s) c. In your children’s names or in the name of somebody who will eventually inherit the property from you d. In the name of a company either local or overseas or even an offshore one.
Each method has its own advantages and disadvantages. Everything depends on your own personal requirements. It is worth paying careful attention to this point because of the potential tax and other savings that can be made at a later stage.
Although no market standards exist as to the forms of insurance that can be taken out, it is reasonable to suggest that the owner of the property should insure his/her property against risks given below. Usually insurance risks include fire, earthquake, and water damage, breaking glass, storm, theft and third party although insuring against such risks it is rather unusual by local standards.
There is no restriction to live and work in Greece for EU nationals. Others must apply for permission. Resident permits are a formality for EU citizens, although non-working residents must have sufficient income to maintain themselves in Greece. Visitors can stay for 3 months without any formalities but if someone wants to stay longer a resident permit is required. Work permits are not necessary for EU nationals. In areas near the national borders and in some islands, non-EU nationals require a special permission by Local Council in order to purchase property. There is no restriction for all other mainland or island areas. This permission tends to be a formality for non-controversial nations. Thus, if you are an EU national you do not have any problem purchasing property anywhere in Greece.
Most properties built in Greece are owned in absolute ownership (Fee Simple Absolute). In some cases, for tax or other purposes, ownership may be split into two parts: the life interest income portion of ownership, called "epicarpia", and the residual value and ownership right called "ypsili kyriotita". After the death of the person who has the "epicarpia" so called "epicarpotis" this right is automatically transferred to the person who has "ypsili kyriotita" who has absolute ownership. Unlike London, New York and other major cities where ground leases and long term building leases (over 12 years) have been in existence for years, these have only recently been adopted in Greece. An official list of all ownerships is currently being drawn. Usually, deeds and court decisions to this effect are sufficient proof of title to a property.
The design and construction of buildings in Greece comply with European Regulations and Standards. Furthermore, stringent regulations apply for earthquake protection.
© Copyright by domus inc. |