TIN in Greece: The Initial Step in Buying Real Estate and Engaging in Economic Activity

If you are considering buying property or opening a bank account in Greece, the first and most important step is obtaining a Tax Identification Number (Greek AFM).

The tax identification number is needed for all communications with the Greek government. No financial or legal activity may be finished without it.

But what is the TIN and why is it necessary?

Every natural or legal person in every tax activity in Greece is uniquely identified by their TIN, which is granted by the Independent Authority for Public Revenue (Greek AADE). It is, in essence, the “key” to purchasing or selling real estate, entering into contracts, opening a bank account, paying taxes, issuing utility bills, renting or leasing real estate, filing tax returns, and accepting inheritance; in other words, it is so essential that no one in Greece can do anything else in terms of law and finances. 

The TIN is the cornerstone of the procedure for foreign nationals who want to make any kind of investment in Greece. Any non-Greek national who wishes to establish a business or purchase real estate in Greece must get a TIN. Any foreigner who oversees their property in Greece must also have it. Because of this, a lot of foreign residents make sure to issue the TIN before even locating a property they are interested in purchasing or investing in.

How is the TIN issued for non-residents?

The procedure is simple and is carried out electronically by presenting a passport or other valid travel document and a power of attorney because the procedure is done through a lawyer or accountant. At this point, it is good to mention that every foreign resident is required by law to appoint a tax representative. In most cases, the tax representative is, as mentioned above, the lawyer or accountant.  

Frequently asked questions:

We have compiled the most common queries we receive from our clients about the issuing of the Tax Identification Number based on our extensive experience in the real estate and investment sectors.

1. Can I issue more than one TIN?

No. Each individual can have only one VAT number in Greece.

2. Can I issue a TIN without being in Greece?

Yes, through a power of attorney signed at a Greek consulate or a notary in your country with Apostille.

3. Does the TIN have an expiry date?

No. The TIN always remains active. 

4. Can I delete my Greek TIN?

Yes. But this has its consequences if there is property or a bank account.

5. Who can be a tax representative?

The tax representative must be a permanent resident of Greece, usually a lawyer or accountant, and is responsible for communicating with the Independent Authority for Public Revenue.

In conclusion, we would state that the first and essential stage in any economic or investment operation in Greece is the issuing of a TIN. The TIN enables legal transactions to be conducted remotely, with complete security and speed, particularly for individuals who reside overseas. The process is easy and quick to finish with the correct advice from an accountant or attorney, opening the door for banking connections, real estate purchases, and other investments in the nation.