Greece Property Due Diligence: How Private Clients Should Protect a Purchase

Why Greek property due diligence needs a different lens

Greece has moved from a distressed market to a core part of many families’ European residence planning. It combines a recognised residence route via the Greece Golden Visa, a non-dom tax regime for new tax residents, and full Schengen membership. A Greek residence permit, because it is issued by a Schengen state, carries visa-free movement across the Schengen Area from day one for up to 90 days in any 180-day period, subject to Schengen rules and the holder’s permit conditions.

That combination attracts capital. It also attracts hurried decisions. In practice, the risk in Greece is rarely the macro story; it is the micro detail of a specific building, title, contract, use restriction or residence-permit condition. Effective due diligence is about protecting both the asset and the residence route it may support.

What follows is a practical framework we use with private clients: how to interrogate a Greek property, how to think about Golden Visa suitability, and where qualifying real estate may fit into a broader mobility and tax conversation.

The core pillars of Greek property due diligence

1. Independent legal representation

In Greece, your primary safeguard is an independent Greek lawyer acting solely for you. This is distinct from the developer’s lawyer, the agent’s in-house counsel, or a notary who is formally neutral.

At a minimum, your lawyer should:

• Conduct a full title search at the Land Registry or Cadastral Office.
• Check for mortgages, liens, usufructs, easements or other encumbrances.
• Verify that the seller is the lawful owner and has capacity to sell.
• Review the building permit, plans and any amnesty or legalisation documents.
• Confirm that the property’s declared use, such as residential, commercial or mixed use, matches your intended use and, if relevant, Golden Visa rules.
• Draft or negotiate the reservation agreement, preliminary contract if used, and final notarial sale deed.

Greek legal fees are often modelled around a percentage of the property value; adviser modelling commonly uses approximately 1.2% plus 24% VAT on the legal fee, but actual structures vary and should be agreed in advance.

2. Title, zoning and building legality

Many international buyers underestimate how granular Greek property checks need to be. Key workstreams include:

• Title verification: Confirm continuous chain of ownership, absence of disputes, and that the property is correctly registered in the Land Registry or Cadastre.
• Zoning and planning: Ensure the property complies with local zoning rules, building coefficients and permitted uses. This is particularly important for mixed-use buildings, coastal and island locations, and any property intended for rental use.
• Building permit and as-built status: Your lawyer and a local engineer should confirm that the constructed building matches the approved plans, and that any deviations have been regularised under Greek amnesty or legalisation schemes.
• Common areas and co-ownership: In apartment buildings, review the co-ownership regulations, allocation of common charges, owners’ meeting records where available, and any restrictions on use or letting.

For older stock, unrecorded extensions, roof terraces, basements or parking spaces are common friction points. These can sometimes be regularised, but you want this resolved before completion, not discovered by a future buyer or during a residence-permit review.

3. Transaction costs and tax modelling

Greece is not a zero-friction market. Transaction costs are material and need to be priced into your strategy, especially if you may exit or reconfigure the holding later.

Indicative cost components include:

These figures are indicative references only. Greek tax and fee rules change and can differ by municipality and property type. A Greek tax adviser should also model ongoing ownership taxes and any rental income taxation, particularly if you are considering the Greek non-dom regime.

Due diligence when the property underpins a Greece Golden Visa

Where the asset is intended to support a Greece Golden Visa, due diligence needs to integrate programme rules. The Greek Golden Visa offers a five-year renewable residence permit with no minimum physical-stay requirement, renewed every five years while the qualifying investment is held and programme conditions are met. It is a recognised route for family optionality, but the property must be structured correctly.

1. Matching the property to the correct investment tier

Following the 2024-2025 reforms, Greece applies differentiated thresholds depending on location, property type and use. In simplified terms:

Programme rules are detailed and subject to administrative interpretation. Your lawyer should confirm that the specific property, contract structure, payment flow, declared use and registration evidence align with the relevant tier at the time of application.

2. Rental and use restrictions for Golden Visa properties

Rental projections need particular caution where a property is intended to support a Golden Visa. Under the reformed programme, qualifying properties are subject to restrictions on short-term rentals and platform-style letting, and certain other uses may be prohibited depending on the asset and permit category. Sanctions can include residence-permit consequences and fines.

As a practical rule, do not underwrite a Golden Visa-linked acquisition on Airbnb or short-term-let income unless Greek counsel has confirmed in writing that the intended use is permitted for that specific property, structure and residence-permit route. The same review should cover building regulations, co-ownership rules, municipal restrictions, licensing, tax registration and any lease model proposed by a developer or operator.

3. Family inclusion and residence planning

One of the attractions of the Greek Golden Visa is family coverage. Current rules generally allow inclusion of a spouse, dependent unmarried children under 21, with possible autonomous residence arrangements after 21 up to 24 under current rules, and parents of both the main applicant and spouse. Greek migration counsel should confirm the current dependent-child conditions before filing, particularly where a child is close to an age threshold.

From a due diligence perspective, this means:

• Ensuring the investment is held in a way that supports the intended family structure.
• Planning documentation and biometrics timing so that dependants can be included efficiently.
• Understanding that renewal depends on maintaining the qualifying investment and complying with programme rules.

Processing is not instantaneous. Rather than relying on a fixed timeline, plan for several months or longer depending on workload, biometrics timing, documentation quality and the local administration handling the file. This should inform how you structure payment milestones, possession dates and any linked relocation or school decisions.

4. Contract structure and payment timing

When the property is tied to a residence permit, the contract should be drafted with that in mind. Points to address include:

• Clear reference to relevant property characteristics: size, use, location and any conversion or restoration status that matters for Golden Visa eligibility.
• Conditions precedent: legalisation of irregularities, delivery of technical certificates, registration at the Land Registry or Cadastre, and evidence needed for the residence file.
• Payment schedule: substantial payments should typically follow satisfactory due diligence and signing of the notarial deed, not precede them.
• Tax treatment: handling of VAT or transfer tax depending on whether the property is new-build or resale and the applicable tax regime.
• Use covenants: express alignment between the buyer’s intended use, any rental programme and the Golden Visa restrictions confirmed by counsel.

In practice, private clients often prefer a conservative structure: a modest reservation, then a larger payment only once legal and technical due diligence is complete and the notarial deed is ready to sign.

Separating purchase due diligence from residence-permit due diligence

A property can be commercially attractive but unsuitable for a residence route, or technically eligible for the Golden Visa but weak as an investment. Keep the workstreams separate:

This separation is particularly important where a property is bought primarily for rental income but also marketed as Golden Visa suitable. The underwriting should work after legal restrictions, taxes, realistic occupancy, management costs and exit liquidity are considered.

When Greek property interacts with the non-dom regime

For some families, Greek property is not only about a residence permit; it is also part of a tax-residence strategy under the Greek non-dom regime for new tax residents.

Under this regime, qualifying individuals who become Greek tax residents can elect to pay a flat tax of EUR 100,000 per year on their worldwide non-Greek income, with an additional EUR 20,000 per included family member. Subject to exceptions and detailed conditions, the regime generally requires a qualifying Greek investment of at least EUR 500,000 within three years; this should be confirmed with Greek tax counsel, particularly where the applicant already holds or will hold an investment residence permit. The applicant must also not have been a Greek tax resident in seven of the prior eight years, and the regime can run for up to 15 years.

Property can form part of that qualifying investment, but this is a tax-driven analysis rather than a migration one. Due diligence considerations include:

• Coordinating between Greek tax counsel and your global advisers to confirm whether property qualifies and how it should be held.
• Ensuring the investment is executed within the required timeframe and properly documented.
• Understanding how Greek-sourced income, for example local rentals, will be taxed alongside the flat tax on foreign income.

For families from South Africa, the Middle East, the UK or North America, the non-dom regime can be attractive, but it is not universally suitable. The decision to become Greek tax resident is strategic and should not be driven solely by a property opportunity.

Practical risk points for international buyers

Beyond the programme rules, several recurring themes arise in Greek property due diligence for private clients:

• Over-reliance on rental projections: Short-term rental yields are often presented optimistically. For Golden Visa-linked properties, current restrictions may prevent platform-style letting; for all properties, stress-test income against seasonality, regulation, taxes and management costs.
• Unclear building status: Extensions, mezzanines or roof terraces may be physically present but not legally recognised. Require written confirmation from an engineer and lawyer that all areas are legal and registered.
• Co-ownership dynamics: In older buildings, co-owners may be resistant to upgrades or changes. Review building regulations and minutes of owners’ meetings where available.
• Developer balance sheet risk: For off-plan or heavy renovation projects, understand who is funding construction, what security you have over payments, and what happens if the developer is delayed or fails.
• Mismatch between marketing and legal reality: A property marketed as prime or Golden Visa suitable may not meet the precise legal criteria. Treat marketing language as a starting point, not a conclusion.

Building a disciplined acquisition process

A disciplined process helps keep emotion and momentum in check. For a private client, a typical sequence might look like:

• Clarify objectives: lifestyle, capital preservation, rental income, residence planning, tax-residence strategy or a combination of these.
• Pre-screen locations and property types with your advisers, including indicative Golden Visa, rental-use and non-dom implications.
• Shortlist properties and instruct an independent Greek lawyer and, where appropriate, a local engineer.
• Obtain and review all legal, planning and technical documentation before signing binding contracts.
• Model total acquisition cost and ongoing holding costs, including taxes, service charges, insurance, management fees and realistic rental assumptions.
• Confirm in writing whether the property is intended to support a Golden Visa, a rental strategy, a non-dom strategy or only a lifestyle purchase.
• Only then commit to the transaction and, if relevant, coordinate the residence or non-dom application.

For many families, Greece is one component of a broader private-client mobility strategy. The right property can support a recognised residence route, complement other jurisdictions in your portfolio, and provide optionality for the next generation. The wrong asset can tie up capital and complicate your planning.

Kestrel Private works with internationally minded families to evaluate programme suitability, jurisdiction selection and qualifying real estate in Greece and elsewhere. If you are considering a Greek acquisition linked to residence planning, a quiet, structured conversation at the outset can help align the asset, the legal framework and your long-term family optionality.