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Greek Property Market

The significantly lower prices of properties in Greece over the last few years, a result of the economic crisis in the country, has attracted many prospective buyers from all over the world who are considering the purchase of plots, houses, and apartments offered for sale in Greece.
In addition, the number of tourists visiting the country annually has skyrocketed from about 12 million in 2012, to about 29 million for 2017. This has sparked increased interest for real estate in the Aegean islands, in Crete, in the Ionian Sea and on the mainland.

The most common transaction we see is an overseas buyer purchasing real estate in Greece. However, sometimes a foreign company, without prior business activity in Greece looks to purchase property. Without prior dealings with Greek tax authorities, and no AFM, which is the Greek tax number, no progress can be made.

One of the preconditions, therefore, for a foreign company to purchase property in Greece is to apply for and obtain an AFM: required for every person and legal entity to do business and earn income in Greece.

The sole tax office in Greece with jurisdiction for this is in Kallithea. To meet the requirements for establishing an AFN, a company representative or a lawyer in Greece must file the constitution of the company, or articles of association or any other document with equal meaning and legal value. The documentation must be officially translated into Greek, which can be done either by the Translation Department of the Greek Ministry of Foreign Affairs, or by a lawyer in Greece who can translate

For an overseas company to obtain an AFM in Greece, and purchase property there, it must send a power of attorney to a person living in Greece to become the company's tax proxy. This person must sign an affidavit stating that they agree to become the foreign company's tax proxy.

 

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