One type of property Greek Americans may end up purchasing in Greece are luxury properties. Such Greek real estate transactions can have a variety of unique aspects.
This includes unique legal aspects. Greek tax law and real estate law can raise a range of special legal issues for foreign buyers, such as purchasers from here in the United States. So, when a Greek American is working on buying a luxury property in Greece, they may want to go to an attorney knowledgeable of the special legal issues that can come up in Greek property transactions for help with the legal matters related to the purchase.
Purchases of Greek luxury property by individuals from the U.S. or other places outside of Greece can also have unique financial aspects. For example, it is becoming increasingly common for the funds such buyers put forward for the purchase of such properties to end up going to banks in countries other than Greece. Reportedly, sellers of Greek luxury properties have been increasingly likely to ask that the funds from the purchase be sent to accounts at such banks. Some sellers will go so far as to travel outside of Greece to set up a bank account for this purpose.
What is behind this trend? One big factor could be a desire by sellers of Greek luxury properties to avoid the capital controls that have been put in place on banks in Greece.
One wonders how long this trend will remain prevalent. What impacts do you think the trend is having on U.S. buyers of Greek luxury property?
Source: Greek Reporter, “Avoiding Capital Controls: Real Estate Revenues From Foreign Buyers Deposited in Banks Abroad,” Kerry Kolasa-Sikiaridi, Dec. 6, 2016
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