Guide to Buying Property in Greece and U.S. Visitor Stay Limits
Buying Land in Greece as an American:
Americans can purchase land in Greece, as the country encourages foreign investment in its real estate market, which has become increasingly accessible due to economic reforms.
The process is relatively straightforward for U.S. citizens, who enjoy similar property ownership rights as EU nationals, except in designated “border areas” near Turkey or northern borders, where special permits are required due to national security concerns.
These permits, obtained through the local prefecture, may take 1-2 months and are not guaranteed. Key requirements include obtaining a Greek Tax Registration Number (AFM), opening a Greek bank account, and engaging a notary public to oversee the transaction, which must be formalized via a notarial deed registered with the Greek Land Registry or Cadastre. Due diligence is critical to verify the seller’s title, check for legal flaws, and ensure no burdens like liens or tenancies exist, often necessitating the expertise of a local lawyer.
Option 2: The Golden Visa Program and Investment Opportunities
One significant incentive for Americans buying land or property in Greece is the Golden Visa program, introduced in 2013, which grants a renewable five-year residence permit to non-EU citizens investing at least €250,000 (or €800,000 in high-demand areas like Athens or Mykonos) in real estate.
This program not only facilitates property ownership but also allows visa-free travel within the Schengen Area and extends residency benefits to family members. Greece’s real estate market offers compelling opportunities, with property prices still recovering from the financial crisis, providing value compared to other European markets. For instance, Athens saw a 7.3% increase in property values in 2022, while island properties often yield higher appreciation. However, Americans should be cautious of restrictions on purchasing agricultural land, forests, or pastures, which may only be acquired through long-term leases.
The other option is to get dual citizenship by marrying a Greek citizen. If you do not have dual American and Greek citizenship, you can get it by marriage, or by getting a gold visa in Greece.
Visa Requirements and Maximum Stay for American Tourists
Americans visiting Greece as tourists do not need a visa for stays up to 90 days within any 180-day period under the Schengen Agreement. This allows U.S. citizens to explore Greece’s cultural and natural attractions without additional permits, provided they hold a valid passport. For stays exceeding 90 days, a residence permit, such as the Golden Visa, or a long-stay visa (Type D) is required, which must be applied for through the Greek consulate in the U.S. before departure. The 90-day limit applies across all Schengen countries, so Americans must track their time to avoid overstaying, which could result in fines or re-entry bans. It’s advisable to plan travel itineraries carefully, especially for those considering property purchases, as extended stays for due diligence or negotiations may require a residence permit.
Practical Considerations for Americans in Greece
For Americans interested in both buying land and touring Greece, combining investment and travel requires careful planning. Engaging a local lawyer or real estate agent is highly recommended to navigate the complexities of Greek property law, including taxes like the 3.09% property transfer tax and the annual ENFIA property tax. Additionally, Americans can complete property purchases remotely via power of attorney, which simplifies the process for those unable to stay long-term. For tourism, Americans should ensure their travel plans align with the 90-day Schengen limit, using tools like the Schengen calculator to track days spent in the region. By understanding both the legal framework for land acquisition and the visa-free travel rules, Americans can seamlessly invest in Greece’s vibrant real estate market while enjoying its Mediterranean charm as tourists.