Buying property on Andros
Many years ago the process of buying property in Greece was daunting, this is no longer the case. The process is very similar to the UK. The first step is to obtain a Greek tax number, a local accountant can do this at a very reasonable cost, and a Greek bank account. Consideration should be given to opening two accounts, one in Sterling and one in Euros. This enables a purchaser to move money easily between the UK and Greece and obtain the most favourable exchange rates. The use of an accountant is often seen as a wise move, the costs are small and their guidance through the Greek Tax system is well worth the outlay.
However there are, of course, some differences in house and land purchase and it is important to obtain the services of a lawyer who is familiar with house/land sales. One problem that may arise in Greece is owing to the inheritance laws and having proof of clear title to the property being sold. It is important that this is confirmed in writing.
If the property being bought is out of the town area and the water supply is from a source not maintained by a local authority, which is quite common and should not give cause for concern, the right to that supply must also be documented in any sale agreement.
The contract of sale is conducted by a Notary with the vendor and purchaser ( and respective lawyers) being present, the balance of the purchase price is given at this point. The tax regulations in Greece are that the purchaser is responsible for tax of 10% of the value of the property.
There are available, if required, a full translation service, introductions to English speaking lawyers and accountants.
For details of properties for sale or other enquiries please complete the attached form, Property Requirements or e-mail info@allaboutandros.com