GREECE: Invest in Greece responds to request for information on Greece foreign investment in Real Estate

Friday November 25 2011

Invest in Greece have provided a response to a request for information concerning recent amendments to the rules on Greece foreign acquisition of border area land. The Agency provided:

“Concerning your inquiry, we would like to inform you that generally there are no restrictions on non-residents acquiring real estate in Greece. However, all interested purchasers, including Greek residents, must obtain prior permission from the appropriate authorities before purchasing real estate in border areas. In the case of non-EU residents, the definition of border areas is expanded and the procedures and conditions for obtaining the necessary consent are more complicated.

 A new Law 3978/2011 (article 114) has just been introduced (it was officially activated on 16/6/11). You can find it attached in Greek along with the Law 1892/1990 (also in Greek) that it amends.

Border regions are now considered to be:

The former prefecture of Dodecanese, Evros, Thesprotia, Kastoria, Kilkis, Lesvos, Xanthi, Preveza, Rodopi, Samos, Chios and Florina, the islands of Thira (Santorini) and Skyros, and the former provinces of Nevrokopi in Drama, Pogoni and Konitsa in the former prefecture of Ioannina, Almopia and Edessa in the former prefecture of Pella and Sintiki in the former prefecture of Serres.

Individuals and legal entities may formally request the lift of the related ban in these border areas, whilst the purpose for which the property will be used must also be formally mentioned.

The request must be submitted to a competent 5-member committee.  These committees are based at the Decentralized Administration of every Greek Region. They are appointed by a decision of the Secretary General and are composed by him as President or his legal representative, a representative from the Ministries of National Defense, Citizen Protection, and Development, Competitiveness and Shipping which are defined by their deputies from the relevant ministries.

The ban in Real Estate transactions is lifted by a decision of the committee, obtained by a majority of the total number of members and with the compulsory condition of a positive vote by the representative of the Ministry of Defense.”