- European Community citizens are permitted to purchase property on Corfu. One hundred percent freehold ownership is allowed. Non EU citizens, as individuals, are not permitted to buy property on Corfu. For such individuals there are two options. One, to form either a Greek or an EU registered company in who�s name the property becomes registered.
- A buyer is required to obtain a Greek tax number prior to the final contract being signed.
- The buyer is responsible for the appointment of a lawyer. We can, if required, make recommendations for the appointment of an appropriate lawyer and subsequently liaise with him/her on behalf of the buyer. The lawyer is also responsible for the appointment of a public notary who prepares the necessary Final Contract in conjunction with him/her. It may be necessary to appoint a qualified surveyor to assist with enquiries.
Signature of the Final Contract takes place in the office of the public notary. The presence of the buyer is necessary unless he has appointed someone with power of attorney to act for him/her. We can arrange this if required.
- The day before signature a tax declaration is signed and the amount of tax shown becomes payable. This is Transfer tax payable to the Government. Either the buyer�s lawyer or the public notary effects this payment. It is therefore necessary to have funds easily available to make this payment at least a week before the date that the final contract is signed.
- Transfer tax. The amount of this tax is not calculated on the actual purchase price but on the value of the property as assessed by the Tax Office ( this is often a lesser amount).
- For budgeting purposes, the purchaser should expect the following additional expenses over and above the agreed purchase price:
-Transfer tax. 7.21 percent of the first 14,674 � ?and 9.27% of the remainder. (based on the Tax Office valuation). Where Objective Valuations apply the above figures are increased by 2%.
- Public notary. 2.2 to 2.5 percent of the tax assessed value depending on the value of the transaction (including subsequent registration fees)
- Buyer�s lawyer. 1 to 1.5 percent of sale price (depending on the value of the transaction).
- Our Fee. ?2 percent of sale price plus VAT of 18%.
- Once the sale has been completed, the notary registers it with the Land Registry, who retains a copy of the Final Contract. The notary, who will supply certified copies to the buyer, also retains a copy.