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Property in Kefalonia

Like any country, buying a property in Kefalonia requires research, legal representation and a local guide for related information. Firstly, EU citizens are allowed to purchase a property freely whilst Non-EU citizens are required to consult their local Embassy before doing so.

A lawyer must be used to help guide you through the process, get a copy of the title deeds of the property, assist you with the documentation to pay the transfer tax on the property and any other legal issues.

Mortgages are available from Greek banks however they will ask to study your tax statements for the past three years to asses your credit worthiness. If you wish to open bank accounts then your passport and tax number are required for identification purposes.

As an EU citizen you are allowed to work in Kefalonia however starting your own business or being self-employed requires the relevant paperwork that a lawyer can also assist you with.

When you purchase your property you can bring your car over however it can only be used for 6 months of the year, the remaining six months it must be locked in a customs office car park. If you wanted to use the car all year round then Greek registration plates are required and there is a fee for this.

As the popularity of living or spending part of the year in Kefalonia grows, so do the property prices. Property has seen a sharp rise in the past 5 years and you may find houses for sale are no cheaper than prices at home.

Typical fees to consider

  • Public Notary: 2.5% based on the municipal tax value.
  • Lawyer: 1.5% based on the municipal tax value.
  • Transfer Tax: 7 – 13% based on the municipal tax value, this value is normally lower than the purchase price.
  • Typical Real Estate: 2% based on the sale price. We make no charge for buyers.

Look around, speak to the locals and assess every possibility but most of all take legal precautions – you are making a substantial purchase in a country that may have different laws and regulations than back home.