How to Purchase Property In Greece If You Are US Citizen
Insight

How to Purchase Property In Greece If You Are US Citizen

From desire to actually finding and securing a property, there's a long way to go - especially for US citizens navigating additional requirements
Lilian V
Lilian V
Buyer's Agent
19 min read

Step-by-Step Guide to Purchasing Property in Greece – For US Citizens

From desire to actually finding and securing a property, there’s a long way to go - especially for US citizens navigating additional requirements.

What type of property do you want to buy?

Identifying the property will save you a lot of time and headache. Just looking around properties on listing websites can be very confusing and daunting if you don’t have a vision. We suggest specifying the reason for purchase: Is it a home for you? Is it an investment property? Is it for obtaining a Golden Visa? Then create a list of must-haves and must-avoids for the property that fits your requirements. This list can change in the future, but it’s a good starting point and will help you not lose sleep.

A US citizen can buy a home in Greece without needing to obtain residency. While owning property in Greece doesn’t automatically grant residency, it also doesn’t prevent you from purchasing real estate.

Important for US citizens: If you’re seeking residency through the Golden Visa program, your property must meet specific thresholds: €800,000 in Zone A (Athens, Thessaloniki, Mykonos, Santorini), €400,000 in Zone B (rest of Greece), or €250,000 for Zone C (commercial-to-residential conversions). Properties must also be at least 120 square meters in Zones A and B.

Where to find properties for sale?

You have two options:

Option 1: Do Your Own Research

a. Property listing websites such as Spitogatos.gr, xe.gr, spiti24.gr, and similar platforms

b. Through Google search or other search engines where you can find more specific listing websites or even dedicated properties for sale from owners or developers

c. International luxury platforms like Greece Sotheby’s International Realty, LuxuryEstate.com, and JamesEdition.com which cater specifically to foreign buyers

d. Facebook Groups like “Americans Living in Greece,” “US Expats in Greece,” and similar groups where you can find posts/listings from individuals

This option is advisable for people who know exactly what they’re looking for, usually property investors or people who have purchased multiple properties. But also for people who don’t mind investing their time into research and want to avoid the cost of hiring a real estate agent.

Option 2: Hire a Real Estate Agent

Hire a real estate agent who will represent you as a buyer and will be responsible for finding a home to your specific requirements. If you are seeking for residency permit in Greece, it’s crucial to find an agent experienced with international transactions and familiar with the additional requirements you’ll face, including Golden Visa processes, FATCA compliance, and border area restrictions.

A professional real estate agent can help you find the right location and will showcase all the available properties. The right professional can guide and help you make critical decisions that include the identification of your vision and the exact specifications that the property must have (a list of must-haves, nice-to-haves, and what is not acceptable) and also, through their experience, they should provide a comparison analysis of the market prices, making sure you’re not overpaying for a property.

A good professional will be responsible for all communication with listing agents or owners of the properties and will be constantly searching for new or off-market properties that match your criteria, saving you time and effort. Furthermore, the real estate agent should be able to guide you through the purchase process and facilitate any further communication with third parties, like hiring a lawyer, an engineer, a notary, an accountant, and a financial advisor (in case of a mortgage loan).

This option is advisable for people with limited time for research, those who have little to no insights into the Greek market and the property purchase procedure, those who don’t have a clear vision of the property they want, and/or first-time home buyers in Greece.

Pro Tip: How to Choose the Right Professional

Real estate agents have been subject to strong criticism, and the industry has a bad reputation. This is due to the fact that for most real estate agents, it’s just a job, while for the future buyer, it’s one of life’s most important decisions. Buyers are usually stressed and confused with the procedures and often impatient and skeptical toward agents. There have also been numerous bad practices from unprofessional agents who either had limited knowledge and skills or were pushing their own agenda.

On the other hand, there are a lot of very good professionals who respect their clients and their specific needs. An easy way to find out if you’ve reached a good professional is to have a meeting and ask them whatever concerns you about the services they provide. If the agent is a professional, they’ll be able to explain how they’re going to help you with real examples and showcase their expertise.

It’s very common for buyers to reach out to multiple agents and to do their own property research—this is a hybrid approach that can damage a relationship between a good agent and a good buyer. Give your agent a chance to work with you exclusively and prove they’re worth their commission. Tell them your schedule and the time that you’re willing to work with them exclusively.

Border Area Restrictions for US Citizens

Unlike EU citizens who can purchase property anywhere in Greece freely, US citizens face restrictions in certain areas requiring Ministry of National Defense approval:

  • Properties within 10 kilometers of Turkish borders
  • Certain Aegean islands including parts of Lesvos, Chios, and the Dodecanese
  • Sections of northern Greece near Albania and North Macedonia

The approval process can take 2-6 months and requires proving connection to Greece through family ties, business interests, or cultural connections. Many applications face rejection, so it’s advisable to avoid these areas unless absolutely necessary.

Shortlisting and Viewing

Select the properties you like the most in a shortlist—maybe a scoring system can help you decide which are worth your time—and arrange your viewings.

If you’ve decided to hire a real estate agent, they’ll oversee and arrange the viewings for you. If you’re abroad, they might provide virtual live tours so you can choose the top three and view only those in person. Factor in the cost and time of international travel when planning viewing trips.

Pro tip: Don’t have more than three viewings in a day! Scientific research has shown that people exposed to multiple options at once will avoid making any decision because of the confusion called choice overload.

Selecting “The One”

Once you’ve found the property that best fits your specifications and you’re totally in love with it, you’re ready to make an offer. You know or feel you have to act swiftly, but it’s very important at this point not to rush this part of the process.

Think rationally and evaluate the price according to the real market value. This data can be provided by your real estate agent, or you’ll have to do a comparison price analysis yourself to determine if the property is overpriced or not.

Step 02: Securing the Property

Once you’re sure of the property, it’s highly advisable to make a written offer.

Before you go further, you must complete these very important steps:

Be sure you can afford the price you’re offering, including the extra fees that apply.

If you need a mortgage loan, you’ll have to check your credit availability in advance with your bank or a financial advisor. Note that US citizens face stricter lending requirements: maximum 65-70% loan-to-value ratios (versus 80% for EU citizens), higher interest rates starting at 4.5% (versus 3.5% for EU citizens), and shorter terms of 15-20 years. Only about 20% of purchases involve financing, so be prepared for a substantial down payment of 30-50%.

In your offer, explain the reasons you’re buying and what made you conclude on this price offer.

A fair reasoning will make the negotiation more realistic. As a US citizen, being transparent about your intentions (residence, investment, retirement) can help build trust with Greek sellers who may be unfamiliar with international buyers.

Send your price offer and prepare for negotiation.

Verbally agree on the price and shake hands with the owner.

If the property is represented by a listing agent and you haven’t met the owner yet, this is the time to meet and shake hands directly with the owner(s) who hold 100% of the deeds. If the owners aren’t present, only agree to shake hands with their lawyer who can display a valid Power of Attorney.

After the verbal agreement, ask the seller to allow an engineering assessment.

This is a basic check where you appoint an engineer who will inspect the structure and make sure it doesn’t hide any damages from earthquakes or illegal constructions.

Pro Insight: Greece is a seismic country, and the new construction requirements are very strict. If you’re purchasing a property that’s more than 20 years old, keep in mind that the laws have changed dramatically since then. A common problem with properties being sold without inspection is damages from earthquakes that had affected the structure and were not noticeable. Most of the time, these cases were found very late in the purchase stage before signing the final contract, in which case lots of time was wasted and lots of deals fell through.

Appoint a lawyer who will represent you in the purchase procedures.

This is especially critical for US citizens. Your lawyer must be experienced with international transactions, FATCA compliance, and the US-Greece tax treaty. At this stage, the lawyer will perform a legal check of the property. They will: identify the legal owners of the property, inspect validity of the deeds by accessing the land registry and the Hellenic Cadastre, and perform background checks on the documents. They should also verify the property is not in a restricted border area requiring special permits.

If everything is confirmed by both your engineer and lawyer, you can send your official price offer and finalize the price with the owner. If there are cases of damages and/or illegal issues, you can use those insights to re-evaluate your offer according to your findings or drop the deal altogether.

Once the final price offer is accepted, you can move forward to the deposit. For the deposit, it’s highly advisable for both parties to sign a private agreement that will include all the major details about the property, the agreed total price, the payment terms, and the delivery time.

The private agreement doesn’t need to be signed by a notary, but it’s advisable to have it as a more formal document that will bind both your and the seller’s responsibilities and commitment until the final contract is signed and the property is transferred.

*Pro Tip: Always use a bank wire transfer (or similar) for the deposit. In Greece, it’s illegal even for individuals to pay in cash for sums higher than €500. Plus, the wire transfer is considered a valid receipt that’s hard to dispute. **If you do not have a Greek bank account at this point, note that international wire transfers typically cost $35-50 plus exchange rate fees.***

Step 03: Preparation for Signing the Contract

Immediately after securing the property, the buyer—you—has the obligation by law to hire a notary who will manage all the formal actions and will prepare the purchase contract.

Pro Tip: Greek legislation doesn’t require the buyer to be represented by a lawyer or have an engineering assessment. We highly recommend using these professional services to ensure that you’re better safe than sorry. Don’t ask your real estate agent for advice—they’re not licensed to give it. They won’t be held responsible for giving their opinion on a legal document or an engineering plan.

A property purchase contract is usually drafted in 45-60 days, if every document and requirement from both parties is ready. However, US citizens should expect 2-6 months due to additional documentation requirements.

Your Obligations for Successfully Signing the Contract

Have a valid passport.

Hire an accountant. You’ll need them to file your taxes every year and issue your AFM. Some lawyers take the responsibility to issue the AFM number, but in any case, you’ll need an accountant for your Greek tax responsibilities—they’re complicated and change often plus will also need ongoing tax assistance for FATCA compliance and navigating the US-Greece tax treaty.

Issue an AFM.

AFM (Arithmos Forologikou Mitroou) or TIN is a crucial tax identification number required for all individuals and legal entities planning to engage in economic activities within Greece. AFM is issued at your nearest tax office or through video call, by your legal or accounting representative. You must have an appointed a Greek tax representative, even with the new digital myAADE system introduced in July 2024. The AFM is personal for every individual who has or will have an obligation to the Greek tax system.

If the buyers are multiple people (family members, partners, etc.), each of them must issue their own AFM number. The AFM number will be later used for all tax and multiple government-related needs.

Open a Bank Account.

No Greek bank allows remote account opening for US citizens - you must visit a branch in person. Banks require extensive documentation including:

  • Your passport and AFM
  • Certified translations of US financial statements
  • Proof of income sources
  • FATCA compliance forms (W-9)
  • Source of funds documentation for amounts over €10,000

The process typically takes 2-3 weeks. Eurobank and Alpha Bank are most experienced with US clients. In some cases, you can use a foreign bank account if it’s in euros to facilitate the final transaction. Your lawyer or financial advisor will confirm these cases in advance.

Documentation Requirements Specific to US Citizens

All US documents require apostille certification and Greek translation:

  • Birth certificates (state apostille required)
  • Marriage certificates (state apostille required)
  • FBI criminal background check (federal apostille required - allow 4-6 weeks)
  • Bank statements (certified by your bank)
  • Proof of income (employment letters, tax returns)
  • Powers of Attorney (if not attending in person - must be executed at Greek consulate or with proper apostille)

This documentation process typically costs $500-1,000 and takes 2-4 weeks minimum.

Make sure your funds are available.

Get the final approval on your mortgage loan. While you can get pre-approval before securing a property, the final value of the loan will be calculated after the bank has assessed the chosen property. Keep in mind that this process can cause significant delays if not handled properly and on time. Greek banks might finance up to 65-70% for US citizens (compared to up to 80-90% for EU citizens) of the value of the property based on the bank’s valuation. The rest of the money, including the fees and taxes, must be secured by your own capital.

If you’re not using a loan, make sure that the necessary funds are available in your bank account and that the bank is aware of the purchase for you to be able to make the payments. All funds used for the property purchase must be obtained through legal activity. US citizens must be prepared for extensive source of funds verification due to anti-money laundering regulations.

Fees

On average, the extra capital you’ll need ranges from 8 to 12% of the property’s value. These extra costs include tax (3%), fees toward the government authorities such as the Hellenic Cadastre, lawyer fee (2-3%), notary (1%), accountant, engineer, and real estate agent (2-4%).

The tax is payable a few days before the final contract is signed. Common practice is for the notary to prepare and file the tax documents and inform you when you should pay.

US citizens who purchase their first property are not eligible for Greek first-time buyer tax exemptions. Ask your accountant to find out about any applicable US tax treaty benefits.

Seller’s Obligations for Successfully Signing the Contract

Even though the seller’s responsibilities are not your immediate concern, here’s what you should expect from the other party to prepare in time for the contract.

Property files

Deliver all documents of the property to the notary, such as construction permit, purchase or inheritance contract, cadastral extract, topographic plan, etc.

Hire an engineer.

A civil engineer should prepare all documents of the property, including a declaration that they officially sign that bears the electronic ID of the property, a declaration that confirms that the property has no illegal structures, a declaration of energy efficiency rating (PEA), etc.

Tax clearance certificate

This certificate confirms that the seller doesn’t have outstanding debts to the Greek State.

ENFIA Certificate

A declaration that the yearly property tax ENFIA is fully paid and that the seller has filed the correct property details for the past 5 years.

Fully pay all due utility bills, municipality fees, or common spaces bills (for apartment buildings).

BIG IFs

If the property has an illegal structure, the seller is obligated to legalize it and pay the respective penalty. No illegal structure or expansion can be transferred from one owner to another. Commonly, if the illegal structure was added prior to 2011, it’s possible to be legalized. Illegal structures after 2011 cannot be legalized. Alternatively, if the illegal structure/expansion cannot be legalized, it should be demolished so that the property bears only the legally permitted spaces before the contract is signed. In case any change in the property is required by law, the seller must complete the changes and then create a new set of documents (through the engineer) and deliver them to the notary for the contract to be signed.

If the property bears a mortgage loan from the current owner, this loan must be fully paid before it can be transferred to the new owner.

If the property has wrong identification (e.g., is registered under a wrong name/address by mistake or the road name has changed since registry), the seller is responsible for taking all the necessary actions to correct the data with the respective authority.

Step 04: Contract Day

On the day of the contract, both the seller and the buyer meet in front of the notary. If physical presence of each of the parties isn’t possible, they can be represented by their lawyers who must have an active Power of Attorney (official representation). Power of Attorney must be executed at a Greek consulate in the US or through complex apostille procedures with precise Greek legal language.

On the day of the contract, the notary reads out loud the full document of the contract, and if no changes occur, both parties sign the document. An official translator must be present for US citizens who don’t speak Greek.

Pro Tip: It’s a custom in Greece for the buyer to bring sweet treats for everyone to share.

Following the signing of the contract, the notary keeps the signed document and files it with the respective authorities.

By Greek law, the purchase date of the property is the date of signing the contract. That means that the obligations for the new owner toward the Greek government begin at that time. US citizens also have reporting obligations to the IRS from this date.

If the full payment of the property isn’t conducted that same day due to a loan or other reason, the notary must also issue an additional document when the total amount is paid off.

Step 05: After the Contract

The notary will upload the contract to the property registry and cadastre.

You should receive both an electronic copy and an official paper copy of the contract and the relevant property documents. The official contract remains at the notary’s office, and copies are available if yours gets lost or damaged.

Golden Visa Application (If Applicable)

If you purchased property for Golden Visa purposes, you can now begin the residency application process:

  • Submit application within 2 months of property purchase
  • Biometric appointment required in Greece
  • Processing time: 3-4 months
  • Family members (spouse, children under 21, parents) can be included
  • Visa grants 5-year renewable residency
  • No short-term rental allowed for Golden Visa properties

Utilities

The previous owner should deliver a copy of the old utility bills so that you’ll be able to visit the utility offices and transfer them to your name. Some, like the electricity bill, can be done online, and in some cases, all of them. The water might need your physical presence depending on your location.

Common Spaces Bills

If you’ve bought a property in a complex or in an apartment building, it most likely has monthly common spaces bills for cleaning the common areas, common electricity bills, gardener, elevator maintenance, etc.

Usually, a property management company undertakes such tasks for the whole complex or building. Make sure to ask the previous owner for a contact person so that you can receive the bills on time.

The common bills are calculated differently in every situation, but they’re all subject to the number of properties and the size of your property in relation to the rest.

Yearly Property Tax – ENFIA

If you own a property in Greece, you have to pay a yearly property tax that’s relative to the location and size of the property. The ENFIA tax is usually issued in February each year. You also must file taxes in Greece. Having a reliable accountant who takes care of these things is a must.

US Tax Obligations: As a US citizen, you must:

  • Report rental income on your US tax return (even if living in Greece)
  • File FBAR if Greek bank accounts exceed $10,000 at any time
  • Report foreign assets on Form 8938 if thresholds are met
  • Claim foreign tax credits to avoid double taxation
  • Consider hiring a cross-border tax specialist familiar with the US-Greece tax treaty

Also, make sure you inform them of any financial activity related to the property—for example, if you want to make extra income and rent out the property as an Airbnb or long term. Note that Golden Visa properties cannot be used for short-term rentals.

Renovation-Refurbishment

If you want to renovate your newly acquired property, you have to hire an engineer who will have to issue a small-scale permit, making sure your renovation is fully legal. Some will claim it’s not necessary, but we strongly advise being fully legal, especially when your renovation noise may annoy your new neighbors!

Andreas and I have recently been through this whole process of selling and buying property ourselves, and we can advise you to stay calm and patient throughout. It’s quite stressful, especially if you’re going through this alone. For US citizens, the additional requirements and longer timelines make patience even more essential. Every sale and purchase is unique and has its own struggles and rewards. Sharing your experience can help others, and asking for help is always okay.

We wish you the best of luck, and may your new house become a home very soon!

Additional Resources for US Citizens