About ADAK

Frequently Asked Questions
Greece FAQs
1. Why purchase a property in Greece
“It is the centre of Europe”

Greece is one of the smallest European countries, located in the most oriental point of Europe, in the Mediterranean Sea, between Italy and Turkey.
Despite its size, it is considered one of the top vacation destinations by Europeans and other nationalities due to its enormous natural beauty and the careless life style that it shows. Whether for winter or summer vacation, Greece offers many options. One of its strong advantages is the calm Mediterranean weather that allows travelling at ease and is ideal for perfect tanning in summer!
Greece and the Greek Islands are the Europeans' favourite vacations destination.
Greece is a country of natural beauty and charm which welcomes every year millions of visitors from all over the world.
2. Do I need a Real Estate Agent when buying property in Greece?
When buying a home, it’s strongly recommended you have a Real Estate Agent. Attempting to buy a home without a Realtor can really make the home buying process more difficult.

There are four key reasons to using a real estate agent when buying property in Greece:
  1. Real estate agents have a wider network therefore larger pool of property stock to choose from and help establish a shortlist of properties that better meet your specific requirements or preferences. Real estate agents represent hundreds of developers and construction companies in Greece, and many more private resellers. This allows prospective buyers to search from thousands of property listings all over Greece.
  2. Real estate agents thoroughly understand true property market prices (and trends) in Greece. This puts them in an advantageous position to help you negotiate the best buying or rental price.
  3. Real estate agents have extensive experience in selling, leasing and buying all sorts of property in Greece – at ADAK we are able to accurately guide you through the inspection process, and eventually in choosing the right property.
  4. Real estate agents offer assistance and direction with all legalities, tax and financial issues with buying or renting property in Greece, making the entire process secure, hassle free and faster.
3.Do I need a Lawyer?
It is not a legal requirement, but it is strictly recommended. Lawyers complete all the necessary checks at the property titles and find if there are any weights, ie. proprietary third party claims, seizures, mortgage liens or mortgages. Additionally, your legal adviser will guide you throughout the course of the process concerning the issues of the movement of the necessary funds to Greece, the issues of the settlement of the payment of the price, if required, as well as signing the contract transfers. The Lawyer also collaborates with the notary for the composition of the notarial purchase contract and is present with the purchaser while this purchase contract is signed.

In the case that the purchaser cannot be present in all the steps of the purchase, he can appoint a lawyer to represent him by signing a power of attorney.
4.Do I need an Accountant?
Yes. It is essential to hire an accountant early on to help you with tax returns and explain taxation laws to you.
5.Do I need a Civil Engineer?
The engineer can ascertain and appreciate the situation of a building as well as to offer precious information on its potential further growth or its renovation. ADAK provides in house information regarding your property at no extra cost.
6.Do I need a to open a Greek Bank Account?
Yes. All necessary payments will be made through this account; also, this account will prove that funds used for property purchase have come into Greece from another country and are, therefore, not taxable in Greece.
Opening a bank account in Greece only takes a few minutes and requires no minimum opening deposit. All you need is your ID or passport and your tax number
7.Do I need a Tax File Number?
Yes. This tax number (AFM) is mandatory for all buyers, including foreigners and permanent residents abroad. It is issued on the spot at tax offices, free of charge. All applicants must present their passport and sometimes also their birth certificate. If you have granted your solicitor full Power of Attorney, he / she can apply for an AFM on your behalf.
8.Do I need a residence permit in order to purchase property in Greece?
For EU nationals
A resident’s permit is not frequently asked for. However, should you wish to buy a car you will need one.

For non-EU nationals
For the citizens of other countries, and particularly when it concerns the purchase of a real estate in regions named as frontier, you need special authorisation which is published by the Greek Ministry of National Defence.

Golden Visa
- If you do not have an EU passport, you can now obtain a Golden Visa if you purchase a property in Greece over Euro 250,000.
- The visa is for the purchaser and their family and enables them to live in Greece and move freely in the countries in Europe that are part of the Schengen agreement (most countries except UK and Iceland).
- This visa lasts for 5 years and can be renewed if you still own the property.
9.It is possible to get a bank loan?
Yes it is possible to get a loan. For the application of your loan will have to submit the necessary documents requested by the respective banking institution. For more information, please do not hesitate to contact us.
10. Is this a good time to buy?
- Over the past few years, prices have been coming down and in 2015 they have largely stabilised and sales have increased substantially.
- In 2014, Greece reduced the cost of buying from about 13-15% to around 10% (including all costs, legal, notary, registration, transfer tax, etc.)
- The Euro is currently very weak which makes your property even cheaper if you are buying in another currency.
11. What happens if I change my mind?
If you have signed a contract and paid a deposit for a property, this is considered to be an official intent to purchase. It is important that you are absolutely certain that this is the property you want, and that you feel you are under no pressure to sign a contract and pay a deposit. Should you decide to withdraw from the purchase, you will lose your deposit.
Cyprus FAQs
1. Why purchase a property in Cyprus
“A great place to live and work”

  • The property market is one of the fastest growing in European Union. Prices in some areas are increasing by an annual average of 20%.
  • Property prices are still lower than in many other European countries, particularly in the north.
  • Increase in the number of golf properties available. Golf property prices fetch up to 40% more.
  • Capital Gains Tax of only 20% and Corporation Tax for Cypriot limited companies (through which you can own your property) at only 10%.
  • Foreign residents permanently residing in Cyprus pay only a 5% flat rate of income tax.
  • 340 days of sunshine a year make it a comfortable and enjoyable place to live.
  • High standard of living, with good facilities, including top class golf courses.
  • Low cost of living.
  • Comparatively low crime rate and friendly people.
  • Excellent medical facilities, education and offshore business advantages.
  • Member of the Euro zone from January 2008.
  • Very efficient land registry with straightforward and well administered procedures.
2. Do I need a Real Estate Agent when buying property in Cyprus?
When buying a home, it’s strongly recommended you have a Real Estate Agent. Attempting to buy a home without a Realtor can really make the home buying process more difficult.

There are four key reasons to using a real estate agent when buying property in Cyprus:
  1. Real estate agents have a wider network therefore larger pool of property stock to choose from and help establish a shortlist of properties that better meet your specific requirements or preferences.Real estate agents represent hundreds of developers and construction companies in Cyprus, and many more private resellers. This allows prospective buyers to search from thousands of property listings all over Cyprus.
  2. Real estate agents thoroughly understand true property market prices (and trends) in Cyprus. This then puts them in an advantageous position to help you negotiate the best buying or rental price.
  3. Real estate agents have extensive experience in selling, leasing and buying all sorts of property in Cyprus – at ADAK we are able to accurately guide you through the inspection process, and eventually in choosing the right property.
  4. Real estate agents offer assistance and direction with all legalities, tax and financial issues with buying or renting property in Cyprus, making the entire process secure, hassle free and faster.
3.Do I need a Lawyer?
Yes. Lawyers complete all the necessary checks at the property titles and find if there are any weights, ie. proprietary third party claims seizures, mortgage liens or mortgages. Additionally, your legal adviser will guide you throughout the course of the process concerning the issues of the movement of the necessary funds to Cyprus, the issues of the settlement of the payment of the price, if required, as well as signing the contract transfers. The Lawyer also collaborates with the notary for the composition of the notarial purchase contract and is present with the purchaser while this purchase contract is signed.

In case the purchaser cannot be present in all the steps of the purchase, he can appoint a lawyer to represent him by signing a power of attorney.
4.Do I need an Accountant?
Yes. It is essential to hire an accountant early on to help you with tax returns and explain taxation laws to you.
5.Do I need a residence permit in order to purchase property in Cyprus?
If you are not a Cypriot citizen, don’t worry! Purchasing property in Cyprus is very simple and easy, especially when compared to other countries. ADAK will be with you all the way, assisting you with anything that you may need.

For EU nationals
EU citizens who are permanent citizens in Cyprus do not require permission to buy any immovable property.
EU citizens who are not residents in Cyprus also need the approval of the Council of Ministers.
EU citizens with a permanent or temporary residence permit can register as many properties as they wish in their name, as long as they have signed a confirmation with the government of Cyprus that they will stay in the country for the following five years.
Legal entities established in EU countries that have their headquarters and registered office in Cyprus do not require permission to buy any immovable property.
Legal entities established in Cyprus and controlled by citizens of the EU require permission to buy immovable property in Cyprus, as well as any other legal entities.

For non-EU nationals
Non-EU citizens are entitled to freehold ownership of properties, while offshore entities may buy premises for their business or as a residence for their foreign employees. Permission to buy property must be sought from the Council of Ministers by written application, submitted by the purchaser after the agreement is signed. This permission is granted more or less as a matter of course to all bona fide purchasers. In the meantime, however, purchasers may take possession of their property without restriction. The application to the Council of Ministers to acquire immovable property in Cyprus can be made within a reasonable amount of time after signing the contract of sale. It is unusual for the Council of Ministers to refuse permission to bona fide EU citizens and other foreign nationals.

More information here
6. It is possible to obtain finance?
Cyprus is an ideal place for a home, or second residence, and you can now obtain a mortgage here. 70% mortgages are now available in any currency. Getting a mortgage in CY£ can be expensive, so you should compare this rate with the Euro and sterling rate to see which offers the best deal. Euro mortgages have only been available in Cyprus since February 2005, and often offer the best value for money.

For the application of your loan will have to submit the necessary documents requested by the respective banking institution. For more information, please do not hesitate to contact us.
7.What happens if I change my mind?
If you have signed a contract and paid a deposit for a property, this is considered to be an official intent to purchase. It is important that you are absolutely certain that this is the property you want, and that you feel you are under no pressure to sign a contract and pay a deposit. Should you decide to withdraw from the purchase, you will lose your deposit.