Corfu has become a top destination for international buyers seeking a blend of Mediterranean charm, stunning landscapes, and investment potential. However, purchasing property in Greece as a foreigner involves understanding local laws, navigating legal processes, and making informed financial decisions. This guide provides a detailed, step-by-step roadmap for buying property in Corfu, ensuring a smooth and secure transaction for international buyers. Start your journey to owning a piece of this beautiful Greek island with confidence. For more detailed advice, check out Chase Real Estate Corfu’s guide.

1. Understand Legal Requirements for Foreign Buyers

Who Can Buy Property:

• Citizens of EU countries can purchase property freely in Greece.

• Non-EU buyers need government approval, known as a “Special Permit for Real Estate Acquisition” from the Hellenic Ministry of Foreign Affairs.

Necessary Documents:

• Valid passport or national ID.

• Tax Identification Number (AFM) in Greece.

• Proof of funds or financing.

• Any applicable permits (for non-EU buyers).

Tips:

• Hire a local lawyer experienced in property transactions to ensure all legal requirements are met.

• Confirm zoning laws, property rights, and any restrictions before committing.

2. Obtain a Greek Tax Identification Number (AFM)

Overview:

• An AFM is required for almost every property-related transaction in Greece, from signing contracts to opening a bank account.

How to Get It:

• Visit the local tax office (DOY) in Corfu.

• Provide a valid ID and proof of residence or representative.

• Your lawyer or notary can assist in obtaining an AFM if you are not in Greece.

Tip:

• Open a Greek bank account once you have an AFM to facilitate property payments and local expenses.

3. Research the Local Property Market

Popular Areas in Corfu:

• Corfu Town: Ideal for urban living, cafes, and historic neighborhoods.

• Paleokastritsa: Stunning bays and scenic landscapes.

• Kassiopi: Village charm with beaches and amenities.

• Perama: Sea views and quiet village life.

Property Types:

• Villas, traditional homes, beachfront apartments, and plots for development.

Tips:

• Use property portals, local real estate agencies, and verified listings.

• Consider factors like proximity to beaches, schools, transport, and amenities.

4. Hire Professionals: Lawyers, Notaries, and Real Estate Agents

Lawyer:

• Ensures compliance with Greek property laws.

• Checks property ownership, liens, or debts.

• Drafts and reviews the preliminary agreement and final contract.

Notary:

• Officially certifies property contracts.

• Handles the legal transfer of ownership.

Real Estate Agent:

• Provides market insights, negotiates prices, and organizes property viewings.

Tip:

• Work with reputable professionals with experience in foreign transactions. For trusted contacts, visit Chase Real Estate Corfu.

5. Make an Offer and Sign a Preliminary Agreement

Offer Process:

• Submit a written offer through your agent.

• Negotiate price, terms, and any included fixtures or furniture.

Preliminary Agreement (Deposit Contract):

• Typically 10-20% of the purchase price.

• Includes payment terms, deposit conditions, and timeline for the final contract.

• Signed in the presence of a lawyer or notary.

Tip:

• Ensure the agreement clearly states conditions for refunds if legal or property issues arise.

6. Conduct Due Diligence

Property Checks:

• Confirm the property is legally registered with the Hellenic Cadastre.

• Check for any debts, mortgages, or disputes.

• Ensure the building has the necessary permits and licenses.

Environmental and Structural Checks:

• Inspect for structural integrity, water supply, sewage, and electrical connections.

• If purchasing a historic or renovated property, verify renovation permits.

Tip:

• A thorough inspection prevents unexpected costs after purchase.

7. Sign the Final Contract (Notarized Sale Deed)

Process:

• Final contract signed before a Greek notary.

• Remaining balance of the purchase price is paid.

• Notary registers the property in your name at the Land Registry (Ktimatologio).

Fees and Taxes:

• Property Transfer Tax: 3% of the property value.

• Notary Fees: Typically 1-2% of the property value.

• Lawyer Fees: Usually 1% of the property value.

Tip:

• Ensure all payments are documented, preferably via a Greek bank transfer.

8. Register the Property and Utilities

Land Registry:

• Confirms your legal ownership.

• Required for any future sale, inheritance, or rental.

Utilities:

• Register water, electricity, and internet in your name.

• Your agent or lawyer can assist with the registration process.

Tip:

• Some areas may require community approvals or minor permits for renovations.

9. Consider Ongoing Expenses

Annual Taxes and Fees:

• ENFIA (Property Tax): Annual property tax based on location, size, and value.

• Maintenance fees for villas or apartments with shared facilities.

• Utility bills and insurance.

Tip:

• Budget 2-4% of the property value annually for maintenance, taxes, and insurance.

10. Optional: Rental Income Opportunities

• Corfu properties can generate significant rental income, especially in tourist hotspots.

• Short-term rentals require registration with the Greek tax authorities.

• Professional property management companies can handle bookings, maintenance, and guest services.

Tip:

• Consider Airbnb or local vacation rental platforms to offset ownership costs and earn income.

Conclusion: Buy Property in Corfu with Confidence

Purchasing property in Corfu as a foreigner is a rewarding process, offering the chance to own a slice of paradise in one of Greece’s most beautiful islands. By following these steps—understanding legal requirements, hiring trusted professionals, conducting due diligence, and managing ongoing responsibilities—you can ensure a smooth and secure property purchase.

For detailed listings, legal guidance, and investment insights, explore Chase Real Estate Corfu.