Over the years, we have worked closely with many of our expat clients from Australia, the United States of America and Canada (as well as other countries) to provide the supporting documentation for their home and business loans (as well as corporate finance on some occasions). 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 providing expert tender, tax and legal advice to expats in Greece. We understand that the financial journey of our clients extends beyond the services we provide. Over the years, we have established a trusted set mortgage brokers to refer our clients to. We work with three mortgage brokers who specialise in home loans, industrial as well as 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 recognised.
Our Specialized Mortgage Referral Service
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 contact us 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 their mortgage needs
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. We actively monitor and
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.
Our mortgage and home loan guide for expats 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 descriving 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:
- 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.