Buy to Let Property Greece – Navigating the Bureaucracy

Many people buy properties abroad and hope to recoup some of the cost by letting out the property to holidaymakers. Considering the high price of property in many of the tourist hotspots, buy to let property Greece makes sense when you only occupy the home for a few weeks of the year.

Certainly, buy to let can be very lucrative, but there are a few things to watch out for, especially in ensuring that you have legal protection. Whilst many Greeks and foreigners choose to let property on the black market, without any major problems, if somebody has an accident in a property then there could be severe legal repercussions. Whilst the bureaucracy can be a little tiresome, it is well worth ensuring that your buy to let property Greece is legal and above board, to avoid potential fines and prison sentences.

What is Required when Looking for Buy to Let Property Greece

The most important safeguard, when purchasing a home with the intention of buying to let, is ensuring that you have a good lawyer. The British Embassy has an excellent list of lawyers and it is worth checking there or asking trusted expatriate friends. For more details on purchasing Greek property, see our Guide to Buying Property in Greece

Personal Documents:

Buy to Let Property Greece - A Good Long-Term Investment

• Certificate or letter from your home country stating that you do not have a criminal record
• Proof of healthcare, if a non-EEA national
• Your latest tax return, and it is a good idea to keep payslips, pension receipts and bank statements to show where your income comes from
• A completed application form and a signed and officially stamped declaration of your intention to let out your property

Documents for the Property

• An environmental survey, performed by a qualified architect, stating that the property is suitable to let. Some of the requirements can be strict, so it is wise to check this before signing the contracts to buy the house; making alterations can be costly
• A fire certificate: The local chief of the fire department will check the premises and ensure that they have the required fire escapes and fire extinguishers. This check must be performed annually.
• A copy of the building license, which you should have as part of the buying process
• A proof that the local taxes on the building are up to date, another requirement that should have been taken care of during the purchase process
• A copy of the proposed rental agreement or contract – your lawyer should be able to provide you with a standard tenancy agreement
• A certificate from an architect stating that the building meets all of the appropriate earthquake legislation

As with most Greek bureaucracy, the process will require going around in circles for a few days, although a good lawyer and architect will be able to smooth the process considerably. Despite the bureaucratic wrangles, investing in buy to let property Greece is a good way to generate a regular income, especially if you find a trusted letting agent to help you find clients.

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