Golden Visa Extra Costs: Lawyer, Notary, Bank Account

In the Greece Golden Visa process, besides the property price and state fees, three separate professional-service items must also be included in the budget: the lawyer fee, the notary fee and the bank account opening process. While two of these three items (lawyer and notary) are effectively mandatory, opening a bank account is not mandatory, contrary to what most investors think. In this article we explain, with current 2026 data, what each item actually does, how much it costs, and which are genuinely required.

Overview: Which Is Mandatory and Which Is Not?

1. Lawyer Fee: Why Mandatory and What Does It Cover?

In the Greek legal system, using a lawyer in real estate transactions is effectively mandatory; this is an established practice standard aimed at ensuring the security of the transaction. The lawyer fee generally ranges from 1-2% of the property price and covers the following services:

• Title due diligence: examining the property's title history, mortgage/lien status and zoning status.
• Obtaining the Greek tax number (AFM).
• Negotiating and reviewing the sales contract.
• Follow-up of the post-sale title registration procedures.
• Preparing the Golden Visa application file and submitting it to the Ministry of Migration and Asylum.

With a notarized power of attorney (Power of Attorney), the lawyer can carry out the vast majority of these transactions on your behalf; this removes the requirement for the investor to be physically present in Greece throughout the process. The power of attorney can be signed at a Greek consulate abroad or before a notary in Greece.

2. Notary Fee: The Assurance of the Sales Contract

The notary fee ranges from 0.8-1.5% of the property price and is mandatory for officially drawing up the sales contract, checking the parties' identity and authority and making the transaction legally binding. The notary also ensures the title transfer is correctly registered.

The notary process can also be carried out remotely by power of attorney; your lawyer can sign the sales contract before the notary on your behalf. In this process a separate fee, usually starting from €150, is also paid for preparing the power of attorney itself; this amount can increase depending on the scope of the power of attorney and the number of authorities it contains.

3. Opening a Bank Account: Contrary to Belief, Usually Not Mandatory

One of the most common misconceptions in the Golden Visa process is the assumption that a bank account must be opened in Greece. In reality, the property payment can be made directly from the investor's personal bank account abroad; in some cases payments from a close relative's account can also be accepted. Therefore, depending on the chosen investment type, it is possible to complete the Golden Visa process without opening a Greek bank account.

Still, for practical reasons — such as collecting rental income, paying ENFIA property tax, and paying bills and dues — most investors choose to open a Greek bank account. Before opening an account, the Greek tax number (AFM) must have been obtained. The account can also be opened remotely through a notarized power of attorney; but some banks may still require a branch-level appointment.

Difficulties That May Arise When Opening a Bank Account

• Banks usually require a valid passport, AFM number and proof of a foreign address (such as a bill or rental contract).
• An incomplete or outdated address document can extend the process for an indefinite time.
• Some banks may also accept a notarized residence letter from a landlord or employer.
• Additional compliance review may be requested for applicants from some countries like Türkiye or China; this can extend the process a little.

Example Cost Calculation: A €400,000 Property

The table below shows the total cost of the lawyer, notary and power of attorney items for a €400,000 property purchase, including 24% VAT:

This amount represents the professional-service costs to be paid in addition to the property price and the title fee (3.09%). As can be seen, the rate difference between lawyer and notary fees can create a difference of thousands of euros in the total cost depending on the chosen law firm and the complexity of the transaction.

VAT Detail: An Often-Overlooked Item

In Greece all professional services such as lawyer and notary are subject to 24% VAT. Some law firms may not state this VAT separately when giving the first quote; it is therefore important to ask clearly whether each quote received is VAT-inclusive or exclusive, to avoid surprises in budget planning.

Recommendations for Choosing the Right Lawyer and Notary

• Choosing a lawyer experienced in the Golden Visa process with a track record of working with foreign investors increases the speed and reliability of the process.
• When getting a quote, make sure the scope of service (only title review, or full-scope service including the Golden Visa application) is clearly stated.
• The notary is usually a name recommended by the lawyer or commonly used in the region; but the investor also has the right to request a different notary.
• Investors considering opening a bank account should consult their lawyer about which Greek bank is more accustomed to foreign-investor processes; this can significantly affect the speed of the process.

Frequently Asked Questions

1. Is hiring a lawyer mandatory in the Golden Visa process?
Yes, it is effectively mandatory. In the Greek legal system, buying and selling real estate requires title due diligence through a lawyer, review of the contract and follow-up of the title registration process; this is an established legal standard. The lawyer fee generally ranges from 1-2% of the property price and includes obtaining the Greek tax number (AFM) and preparing the Golden Visa application file. By power of attorney, the lawyer can sign the contract and submit the application on the investor's behalf; this removes the requirement to be physically present in Greece.

2. What does the notary fee cover and how much is it?
The notary fee ranges from 0.8-1.5% of the property price and is mandatory for officially drawing up the sales contract, checking the parties' identity/authority and making the transaction legally binding. In addition, if the transaction is done remotely, a separate fee usually starting from €150 is paid for preparing the power of attorney. The notary process can be carried out entirely remotely by the lawyer signing the contract by proxy before the notary; the investor therefore usually does not need to travel to Greece for the notary process.

3. Do I have to open a bank account in Greece?
No, in most cases it is not mandatory. The property payment can be made directly from your personal bank account abroad; in some cases payments from a close relative's account can also be accepted. However, for practical reasons such as collecting rental income, paying ENFIA property tax and paying regular bills, most investors still choose to open a Greek bank account. Before opening an account, the Greek tax number (AFM) must have been obtained, and the account can also be opened remotely through a notarized power of attorney.

4. Is it possible to open the bank account remotely, or do I need to go to Greece?
In most cases remote opening is possible; with a notarized power of attorney, your lawyer can contact the bank on your behalf and run the account-opening process. However, some Greek banks may require a branch-level meeting or appointment due to compliance procedures; this can vary by the chosen bank and the applicant's nationality. As an incomplete or outdated address document can also extend the process for an indefinite time, it is recommended to prepare the required documents (passport, AFM, proof of address) fully in advance.

5. Is VAT added to lawyer and notary fees?
Yes, in Greece all professional services such as lawyer and notary are subject to 24% VAT. Some law firms may not state this VAT separately when giving the first quote; this can lead to an unexpected cost increase for some investors. It is therefore important, before applying, to ask clearly whether each quote received is presented VAT-inclusive or exclusive, for the correct calculation of the total budget. For a €400,000 property, the total lawyer and notary fees, including VAT, can be in the range of about €9,000-17,000.

Note: The rates and amounts in this article are based on general market data and can vary by the chosen law firm, bank and the complexity of the transaction. Contact us to assess together the lawyer, notary and bank options suitable for you and to compare current quotes.