How we support expats to secure a loan, finance or mortgage in Greece
Over the years, we have worked closely with many of our expat clients from Australia, the United States of America, Canada and Germany (as well as other countries) to provide the supporting documentation for their home and business loans (as well as corporate finance on some occasions) and arrange finance for a property purchase or development in Greece.
We have trusted relationships with banks and specialised mortgage brokers, who we refer you to depending on your specific situation, needs and requirements. Our team at Tsaks Consulting helps you:
- Understand the process for arranging a loan
- Arrange a loan for your property purchase
- Understand your financing options for your property (or other purchase)
- Get your overseas incomes and tax returns recognised by the banks and financing institutions here in Greece
The process for arranging a loan, mortgage or finance for expats can be complicated and challenging. One of they key issues is how to have your income from overseas acknowledged here in Greece in order to arrange your mortgage and prove to the bank your income (and funds).
Our team here at Tsaks Consulting are committed to providing comprehensive financial guidance to our clients. Our core expertise lie in working with our accounting and legal partners to provide expert tender, tax and legal advice to expats in Greece as well as putting our clients in touch with banks and mortgage brokers that understand the unique requirements of expats.
Over the years, we have established trusted relationships with banks and mortgage brokers who we refer our clients to. We work with three mortgage brokers and most major banks, all of whom specialise in residential, industrial and corporate finance and all of whom specialise in servicing the expat community and know the ins and outs of the challenges the expats face – such as having overseas income and tax returns recognised.
Our 2025 mortgage and home loan guide for expats in Greece and those looking for overseas mortgages in Greece
The Greek real estate market has been very strong over the past ten years. Athens, Santorini and Mykonos have been leading the growth rally. The New Democracy government is pro investment and pro business, and there has been a significant rise in demand for short term rentals. This has led to the creation of a strong short-term rental market across Greece. Even so, the rise in real estate prices started from a relatively low base and so there are still opportunities for buyers to take advantage of. The mortgage industry in Greece is relatively small as a percentage of total property purchases. This is due to the majority of properties being purchased with cash.
There are a range of fees and taxes to be paid when arranging a mortgage and purchasing a property in Greece in addition to your mortgage repayments. When these are added together, they general equal approx 10% of the property purchase price. I.e. if you are purchasing a property for 200,000 euro, there will be approximately 20,000 euro in additional fees to pay – depending on your personal situation. Some of the taxes include:
- A transfer tax
- ENFIA to be paid on the property
- Mortgage establishment fees
- Legal fees
Popular cities and areas our clients have purchased in in the past include Athens, Thessaloniki, Mykonos, Santorini, Chania, Rhodes, Kefalonia, Syros and Paros.
For non-eu residents, there are some additional requirements for purchasing property. These are documentation to the Ministry of National Defence describing the reasons why you want to purchase property in Greece. The most common mortgage area usually variable rate mortgages although fixed rate mortgages are becoming increasingly popular for clients who are looking for cost certainty. It generally depends on your specific situation and also your risk profile. Mortgages in Greece often have similar requirements to those internationally. Some of these include:
- Minimum age of 25 or older with the ability to repay by the time they are 58.
- Minimum loan amounts of 20,000 approx
- Loan Value Ratios of up to 70%
- Debt to revenue ratios of 30% (as a general guide)
When securing a home loan you will need a range of documentation. Most of it can be arranged relatively quickly and easier although there are some government processes involved. Most of our clients have the documentation, particularly if they have been in Greece for six months or a year as expats or non residents. Examples of documentation you may require include:
- Passport
- AFM (this is a Greek equivalent to a tax file number)
- Residency proof
- Proof of address
- Your annual tax returns
- Mobile phone number contract
- Marriage certificate (for joint purchases)
- Your birth certificate (possibly required)
Depending on your personal situation and the loan you will be getting you may also need copies of your overseas tax returns, bank statements, proof of income and payslips as well as work contracts.
Call our team today to discuss any of your mortgage needs in Greece.
Our Specialized Mortgage Referral Service to arrange your loan and loans in Greece
Home Loans – Purchasing a home is a significant investment to make. Here in Greece, securing a suitable mortgage is a key step in the home-buying journey. Many of our clients have the cash to simply purchase the home, however, they often chose to take out a home loan for tax or even currency exchange and hedging reasons.
When you talk to our team here at Tsaks Consulting, you will gain access to our network of mortgage brokers who we can immediately put you in contact with (depending on your situation and needs). The mortgage brokers will ass your financial situation and recommend your best options. We prefer this to referring you to a specific bank or bank manager since some banks have better rates, conditions for expats and requirements and this differs and fluctuates on a weekly basis.
Corporate finance – When looking to expand or establish operations in Greece, or even to acquire assets, manage working capital and undertake other business activities you will more than likely need to have the right corporate finance in place. We don’t have any capability in this area. We have referred our clients to a range of mortgage brokers over the years and now we only refer our clients to one specific mortgage broker who has extensive experience arranging finance for international companies as well as expats.
Other mortgage categories – Some aspects of the mortgage process are specialised and this is usually the case for specialist projects. For example, you need a specialist mortgage provider for real estate investments, construction and property development loans and complicated debt restructuring.
Why expats and English/non-Greek speaking people in Greece should contact us for our expatriate solutions
Personalised Referrals: We don’t take a one size fits all approach and recommend different mortgage providers we have worked with in the past for different reasons. Once we know your situation (we don’t need to know your confidential information of course) we will then recommend you the most suitable mortgage broker from our network.
We have a trusted network: You will probably notice that if we refer you to someone, we will check in with you a few months into the process to ensure that you are happy with their service etc.
Get in Touch with Us
Contact our team at Tsaks Consultancy today if you’re seeking mortgage solutions, whether for a new home, corporate ventures, or any specialized category, we encourage you to get in touch with us today. Our experienced team is ready to connect you with the right mortgage broker from our trusted network. They know which bank to approach based on who has the best rates, which bank is the most easy to deal with for non-residents from your country. We arrange finance for expats in Greece for both individuals as well as businesses.
Client testimonials
We were with one of the large banks (I won’t say the name) and we applied for a loan. Our loan application was rejected and it didn’t really make sense – because we had strong incomes overseas and even had declared some income locally. We then spoke to the team at Tsaks Consulting who told us that specific bank wouldn’t accept our overseas income as proof of income. They referred us to a broker who arranged our application with another bank that did accept our overseas income. This made it possible for us to get a loan and we were happy with the outcome.
John and Despina | Private Individuals | Loan Applicants
Tsaks Consulting is the go to for everything you need in Greece. And when they don’t have the expertise to help you, they will find someone that will. That’s the case with loans. You need to know which bank accept what overseas loan documents and it’s a bit of a maze. The Tsaks Consulting team put us onto the right loan person who could assist us quickly and effectively. The other big advantage is that the people you deal with are kind of accountable so that won’t simply forget your case or not service you properly. In our experience it was fantastic and we got our job done and got pre-approval for a loan. Overall, I would recommend anybody looking to purchase a property in Greece to contact Tsaks Consulting as they have the skills and expertise to assist.
George T | Greek Property Purchaser
Frequently Asked Questions
Is there a mortgage broker in Greece that speaks English and is it easy to get a loan in Greece if you are a foreigner?
Yes and it depends. Most of the team here at Tsaks Consulting are fluent in English and some of us are fluent in a number of other languages. We can communicate with you in English if that is easiest and some of the banks also have their application forms in English. Either way, our team, as well as our partner brokers, will be with you every step of the way through your financing journey.
In terms of how easy it is to get a loan in Greece it depends. Firstly, it depends on the purpose of the loan, your financials and income history, and what deposit you have. Through an initial discussion we can give you a basic indication of what’s possible and what’s not.
I need finance for a large hotel project in Greece. Do you offer finance broking services for commercial properties, hotels and developments?
Yes we certainly do. We assist expats and overseas owned businesses to arrange finance for large projects and developments. Our partner mortgage brokers have strong experience in this area and knowing the right bank to go to is critical, as is, looking at secondary finance markets where required. In addition, it’s also important to present your loan application in a manner that aligns with the banks policies and preferences. Our team, as well as our mortgage broker partners will guide you through this process. We understand mezzanine finance and development finance and have a strong knowledge of the hotel sector.
We are looking to purchase a holiday home on a Greek island. Is there a mortgage or finance broker than assists expats and foreigners to purchase homes in Greece?
Yes. Here at Tsaks Consulting, we specialise in helping expats purchase homes and holiday homes in Greece with finance. Our mortgage broker partners have helped expats and non-greek citizens living both overseas and in Greece to arrange finance for their purchases. We have helped people from across the globe including China, United Kingdom, Germany, Denmark, Netherlands, America, Canada and Australia arrange finance for the purchase of holiday homes and secondary residences in Greece.
What banks do you work with?
In addition to loan brokers, we have contacts with a number of different banks across Greece including but not limited to Piraeus Bank, Alpha Bank, Eurobank Ergasias, National Bank of Greece (NBG), Attica Bank, Bank of Chania, Bank of Epirus, Cooperative Bank of Karditsa, Cooperative Bank of Thessaly, Bank of Central Macedonia and Pancretan Cooperative Bank. We also work with a number of second tier lenders, and specialist mortgage brokers, so we can put you on the right track to arrange finance for your purchase or project.