Best Investment Lawyers in Corfu

About Investment Law in Corfu, Greece

Corfu is a popular Greek island in the Ionian Sea, attracting both tourists and investors alike. Investment in Corfu covers real estate, hospitality businesses, renewable energy, and tourism-related ventures. Greek law welcomes foreign and domestic investors, but navigating regulations and understanding property rights, commercial leasing, and business licensing can be complex. Investment law in Greece, and specifically Corfu, provides a framework for safeguarding investments, clarifying ownership, and ensuring compliance with national and European Union standards. Whether interested in buying a vacation property, setting up a business, or expanding commercial assets, it is essential to be aware of legal requirements and potential challenges.

Why You May Need a Lawyer

There are several situations where legal assistance is crucial for investors in Corfu:

• Understanding property titles, land use restrictions, and verifying ownership when buying real estate
• Navigating bureaucratic processes for securing construction permits
• Assistance with commercial and corporate formation, especially for non-EU investors
• Drafting, reviewing, and negotiating contracts or property leases
• Ensuring compliance with tax obligations and identifying eligible tax incentives or subsidies
• Resolving disputes with sellers, co-investors, or regulatory authorities
• Assisting with due diligence and background checks on properties or investment opportunities
• Advice on inheritance laws and succession planning
• Guidance on acquiring residence permits or the Greek Golden Visa program through investment

Local Laws Overview

Key aspects of local laws to consider before investing in Corfu include:

• Foreign Ownership: Greece allows foreign nationals and companies to purchase and own property, but certain border regions may have restrictions.
• Land Registry: Property ownership must be registered with the Hellenic Cadastre. Accurate registration is critical for clear title and future transactions.
• Urban Planning Laws: Construction and renovation projects require strict adherence to zoning, environmental, and heritage protections. Non-compliance can result in fines or demolition orders.
• Taxation: Investors are subject to property taxes, transfer taxes, and capital gains tax. Corporate investments may benefit from incentives in specific sectors like tourism or energy.
• Company Formation: Both Greek and foreign entities can establish businesses. Registration with the General Commercial Registry (GEMI) and relevant licensing authorities is essential.
• Golden Visa: Investors purchasing property exceeding a certain threshold can apply for residence permits, granting access to EU travel rights.
• EU Regulations: As an EU member, Greece applies EU standards regarding anti-money laundering, competition, and consumer protection.

Frequently Asked Questions

Can foreigners buy property in Corfu?

Yes, most foreigners can freely buy property in Corfu, although there might be extra scrutiny or restrictions for certain nationalities or border areas. Conducting due diligence and engaging a local lawyer is advised to avoid surprises.

What steps are involved in buying real estate?

Key steps include selecting a property, conducting legal due diligence on ownership, signing a preliminary agreement, paying a deposit, finalizing the notarial contract, registering the deed, and paying related taxes.

Are there any restrictions for business ownership?

Foreign individuals and companies generally face no restrictions on owning or operating businesses in Corfu, aside from standard sector-specific regulations (such as banking, defense, or sensitive border projects).

What taxes should investors be aware of?

Important taxes include annual property tax (ENFIA), transfer tax on acquisitions, capital gains tax on resales, and profits tax for corporate entities. It is important to plan for these in advance and seek guidance on possible exemptions.

What is the Golden Visa program?

The Greek Golden Visa allows non-EU nationals to obtain residence permits through investing in real estate worth a minimum specified amount. This residence permit is renewable and grants family members legal stay and visa-free Schengen travel.

What legal documentation is needed for a property purchase?

Typical documents include a valid passport, tax registration number, proof of funds, property title deeds, land registry certificates, and in some cases, permits or approvals for property use.

How long does it take to complete a property transaction?

A straightforward purchase may take 6 to 12 weeks, depending on due diligence, financing, and registry processing times.

Can I build or renovate property freely?

Construction and renovation are strictly regulated. Permits must be obtained from local authorities, complying with zoning, safety, and environmental standards. Unauthorized work can lead to sanctions.

Are there financial incentives for investing in certain sectors?

Greece offers tax incentives and subsidies in sectors such as tourism, hospitality, renewable energy, and technology. The availability of incentives changes, so check with local economic development agencies for updates.

What happens if a dispute arises?

Most disputes are resolved through negotiation or, if necessary, mediation and court proceedings. Legal representation is recommended to protect your rights and interests.

Additional Resources

The following resources are helpful for investment-related legal questions:

• Hellenic Cadastre - for property registration and title verification
• Greek Ministry of Finance - for tax, property, and public revenue guidance
• General Commercial Registry (GEMI) - for company registration
• Invest in Greece Agency (Enterprise Greece) - for investment support and incentives
• Local Bar Association in Corfu - for referrals to qualified lawyers specializing in property or commercial law
• Bank of Greece - for currency exchange rules and banking regulations
• Embassies or Consulates in Greece - for nationality-specific advice

Next Steps

If you are considering investing in Corfu, start by clearly defining your investment goals and identifying the type of property or business you are interested in. Gather relevant documentation and consult an experienced local lawyer before making any commitments. A lawyer can perform due diligence, draft or review contracts, guide you through regulatory hurdles, and represent your interests in negotiations or disputes. To find a suitable lawyer, consider reaching out to the local bar association or seeking recommendations from established professionals or expatriate groups. Being well-informed and legally prepared is the best way to ensure a successful investment experience in Corfu, Greece.