How does buying property in Greece as an American work?

Authored by the expert who managed and guided the team behind the Greece Property Pack

Everything you need to know before buying real estate is included in our Greece Property Pack

Who is the author of this content?

INVESTROPA

A team specialized in real estate investing in European countries (Greece, Spain, Portugal, Italy, etc.).

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in Greece. If you'd like to learn more about us, you can check our presentation page.

How much property can Americans legally buy in Greece compared to Greek citizens or EU nationals?

Americans can purchase unlimited amounts of property in Greece with the same ownership rights as Greek citizens, except in designated border zones.

Outside these restricted areas, there are no quantity limits, size restrictions, or ownership caps for US citizens. You can buy residential properties, commercial buildings, land, or multiple properties across different regions without any legal barriers. This puts Americans on equal footing with EU nationals in most of Greece.

The key difference lies in border zone restrictions, where special permits from the Ministry of Defence are required. These zones include islands near Turkey (such as Lesvos, Chios, and Rhodes), northern border regions (like Evros and Thesprotia), and certain parts of Crete and Santorini.

For border zone purchases, the permit process takes 3-6 months and requires proof of intended property use plus a clean criminal background check. Once approved, ownership rights remain identical to those of Greek citizens.

It's something we develop in our Greece property pack.

Are there any restrictions on the types of property Americans can buy in Greece, like near border zones or islands?

Americans face specific restrictions only in designated border zones, while all other areas remain completely open for property purchases.

Border zone restrictions apply to properties located within 20 kilometers of international borders or on strategically sensitive islands. This includes major tourist destinations like Rhodes, Lesvos, Chios, and parts of Crete and Santorini. The Evros region along the Turkish border and Thesprotia near Albania also fall under these restrictions.

For these restricted areas, Americans must obtain a special permit from the Ministry of Defence before completing any purchase. The application requires detailed documentation including proof of intended use (such as permanent residence, vacation home, or investment), criminal background checks from both the US and Greece, and financial documentation proving the source of funds.

All other property types remain unrestricted, including residential homes, apartments, commercial buildings, agricultural land, and development plots. Popular investment areas like Athens, Thessaloniki, Mykonos, Paros, and most of the Peloponnese have no restrictions whatsoever.

The permit process typically costs €1,000-€2,000 in legal fees and takes 3-6 months for approval, but approval rates are generally high for legitimate purchases.

Do Americans need a specific visa or residence permit to buy or own property in Greece?

No visa or residence permit is required for Americans to purchase and own property in Greece, but extended stays require proper documentation.

Americans can buy property on a tourist visa or during visa-free stays of up to 90 days within any 180-day period. Property ownership itself does not require any special visa status, and you can maintain ownership indefinitely without residing in Greece.

However, if you plan to stay in Greece for more than 90 days annually, you'll need a residence permit. The most popular option for property owners is the Golden Visa program, which grants 5-year renewable residency permits for real estate investments of €250,000 to €800,000 depending on the location.

Golden Visa thresholds as of June 2025 are €800,000 for Athens center, northern and southern suburbs, Mykonos, and Santorini, while other areas maintain the €250,000 minimum. This visa allows unlimited stays and includes spouse and children under 21.

Alternative residence permits include work visas, student visas, or family reunification permits, but these require separate applications and don't depend on property ownership.

Do I need to be physically present in Greece to purchase a property, or can I do everything remotely?

Americans can complete the entire property purchase process remotely through a power of attorney arrangement with a Greek lawyer.

The remote purchase process involves appointing a qualified Greek lawyer to act on your behalf through a power of attorney document. This lawyer can handle property searches, conduct due diligence, negotiate contracts, obtain your Greek tax identification number (AFM), and sign all purchase documents including the final notary deed.

Essential remote purchase steps include virtual property viewings through 3D tours or video calls, comprehensive due diligence verification of property titles and debts, contract negotiations and preliminary agreement signing via your lawyer, and final deed execution with funds transferred to notary-held escrow accounts.

You'll need to provide passport copies, proof of funds, and complete power of attorney documentation that must be notarized in the US and apostilled for Greek recognition. Your lawyer will obtain your Greek AFM tax number remotely, which is required for all property transactions.

The only exception is border zone properties, where physical presence might be required for Ministry of Defence permit applications, though some cases can still be handled remotely depending on specific circumstances.

Don't lose money on your property in Greece

100% of people who have lost money there have spent less than 1 hour researching the market. We have reviewed everything there is to know. Grab our guide now.

Download Now

What are the exact steps Americans must take to buy property in Greece, and what documents are required at each stage?

Is it mandatory for Americans to hire a lawyer or notary during the purchase process, and what role do they play?

Hiring a Greek lawyer is essential but not legally mandatory, while using a notary is absolutely required by Greek law for all property transfers.

Greek lawyers play a crucial role in protecting buyers through comprehensive due diligence, contract review, and transaction management. They verify property titles, check for outstanding debts or liens, confirm building permits and legal compliance, negotiate contract terms, and handle all communication with sellers and authorities. For remote purchases, lawyers become indispensable as they act through power of attorney.

Notaries in Greece serve a different function than in the US - they are public officials responsible for executing the final property transfer deed. The notary ensures all legal requirements are met, collects transfer taxes, verifies buyer and seller identities, confirms payment completion, and officially registers the ownership transfer. This process cannot be completed without a notary.

Legal costs typically range from 1-2% of the property value for lawyer fees, while notary fees are approximately 1-2% of the purchase price and are usually shared between buyer and seller. These costs are separate from the 3.09% transfer tax.

It's something we develop in our Greece property pack.

What are the average property prices across key areas like Athens, Thessaloniki, Crete, the Peloponnese, and popular islands?

Which areas in Greece are most popular among Americans, and why—retirement, lifestyle, work, or investment?

Americans primarily favor the Athens Riviera, Crete, and select Cycladic islands, with investment and lifestyle motivations dominating over work considerations.

The Athens Riviera attracts Americans seeking luxury coastal properties near the major Hellinikon development project, which is transforming the former airport into Europe's largest urban regeneration project. This area appeals to investors targeting Golden Visa eligibility and those wanting proximity to international amenities while maintaining beach access.

Crete remains the top choice for lifestyle-focused Americans due to its year-round livability, established expat communities, excellent healthcare facilities, and longer rental seasons that support investment returns. Cities like Chania and Heraklion offer the perfect balance of modern amenities and traditional Greek culture.

The Cyclades islands, particularly Paros and Naxos, attract Americans seeking investment opportunities with tourism income potential. These islands offer better value than Mykonos or Santorini while still providing strong rental yields during peak summer months.

Retirement-focused Americans often choose the Peloponnese for its affordability, slower pace of life, and proximity to major archaeological sites. The Ionian Islands like Corfu and Zakynthos appeal to those prioritizing scenic beauty and established international communities.

Work-related relocations remain limited, as most Americans working in Greece are concentrated in Athens' international business sector or seasonal tourism industries.

We did some research and made this infographic to help you quickly compare rental yields of the major cities in Greece versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.

Which Greek regions currently offer the best value for rental income, capital appreciation, tourism traffic, and livability?

Can Americans get a mortgage in Greece as a non-EU citizen, and what are the usual conditions, rates, and banks that offer it?

Americans can obtain mortgages in Greece as non-EU citizens, but the process is challenging and requires substantial down payments compared to domestic financing options.

Greek banks typically require 30-50% down payments from non-EU citizens, significantly higher than the 10-20% often available to EU residents. Interest rates for Americans range from 5-8% annually, depending on the bank, loan amount, and borrower qualifications. Loan terms usually extend to 20-25 years, though some banks offer up to 30-year terms for well-qualified borrowers.

Major Greek banks offering mortgages to Americans include Alpha Bank, Eurobank, Piraeus Bank, and National Bank of Greece. Each institution has specific requirements regarding minimum income levels, debt-to-income ratios, and property value thresholds. Most banks require proof of stable income from US sources, typically requiring annual earnings of at least €50,000-€75,000.

Documentation requirements include US tax returns for the past 2-3 years, bank statements, employment verification, property appraisal reports, and comprehensive insurance coverage. The approval process typically takes 6-12 weeks and requires working with Greek-speaking professionals for proper documentation translation and submission.

Many Americans find it more practical to secure financing through US-based international lending programs or cash purchases, given the complexity and higher costs of Greek mortgages for non-residents.

What taxes, annual fees, or capital gains apply to Americans when buying, owning, or selling Greek property?

Americans face a 3.09% transfer tax when purchasing Greek property, plus ongoing annual property taxes and potential capital gains taxes upon sale.

Purchase costs include the mandatory 3.09% transfer tax calculated on the property's objective value (government assessment), which is typically lower than market value. Additional purchase expenses include notary fees (1-2%), lawyer fees (1-2%), and various administrative costs totaling approximately 5-7% of the purchase price.

Annual ownership costs center on the ENFIA property tax, which varies based on property value, location, and usage. ENFIA rates typically range from 0.1% to 0.8% of the property's objective value annually, with higher rates for luxury properties and prime locations. Properties in Athens and popular islands face higher ENFIA rates than rural areas.

Capital gains taxes apply to Americans selling Greek property within five years of purchase at a 15% rate on the profit. Sales after five years are generally exempt from capital gains tax. Americans must also consider US tax obligations, as the IRS requires reporting of foreign property ownership and potential taxation on rental income and capital gains.

Additional annual costs may include municipal taxes, utilities, property management fees, and mandatory insurance requirements. Rental income from Greek properties is subject to both Greek income tax (ranging from 15-45%) and US tax reporting requirements.

It's something we develop in our Greece property pack.

What are the most common mistakes Americans make when buying property in Greece, and how can they avoid them?

The most critical mistake Americans make is inadequate due diligence, particularly failing to verify property titles and existing debts before finalizing purchases.

Many Americans underestimate the complexity of Greek property law and attempt to navigate purchases without qualified legal representation. This leads to problems with illegal constructions, unpaid property taxes, disputed ownership claims, or properties lacking proper building permits. Always hire a Greek-speaking real estate lawyer before making any commitments.

Border zone restrictions catch many Americans off-guard, especially when purchasing on popular islands like Rhodes or parts of Crete. Research location restrictions early in the process and factor permit timelines into your purchase schedule. The 3-6 month permit process can delay closings significantly.

Budget miscalculations represent another major pitfall, as Americans often focus only on the purchase price without accounting for the full cost structure. Total transaction costs typically reach 5-7% of the purchase price, including transfer taxes, notary fees, lawyer fees, and various administrative expenses.

Remote purchase complications arise when Americans try to handle transactions without proper power of attorney arrangements or choose unqualified representatives. Ensure your Greek lawyer has full authority to act on your behalf and maintain clear communication throughout the process.

Tax compliance issues occur when Americans fail to understand both Greek and US tax obligations for foreign property ownership. Consult with tax professionals in both countries before purchasing to avoid costly compliance problems later.

Conclusion

This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.

Sources

1. Lexidy - Buying Property in Greece as an American
2. Wise - Buy Property in Greece
3. Hellenic Commerce Service - Greek Property
4. Global Citizen Solutions - Buying Property in Greece
5. InvestRopa - Greece Real Estate for Foreigners
6. Property Guides - Greece Legal Requirements
7. Spitogatos - Greece Property Index
8. Golden Visa - Greece Golden Visa for Americans
9. Global Property Guide - Greece Price History
10. InvestRopa - Greece Property Pitfalls