Documents Needed for a Greek Mortgage

Income proof: two to three years of US returns

Eurobank asks non-resident applicants for their last two income tax returns from their country of residence, and Alpha Bank lists three years of annual income proof; requirements differ by product, so ask which applies to yours. For a US buyer that means filed Form 1040 returns with every schedule, plus the W-2s, 1099s or K-1s behind them.

Employees add a recent pay stub. Eurobank wants the payslip to be no more than three months old; Alpha lists two months of payslips. Self-employed applicants provide a document verifying the profession (Eurobank) or three years of financial statements (Alpha). Ask whether a copy of the filed return is enough or whether the bank wants an IRS tax return transcript, which you can request through your IRS online account.

A credit report, or a declaration in its place

Eurobank asks for a credit bureau report on your obligations, issued in your country of residence and dated the previous month, or its own self-declaration form on current credit obligations. Alpha lists a credit evaluation report. Ask each bank whether a report from one of the US bureaus is accepted and how recent it must be.

List every US obligation, including your US mortgage, auto loans and card balances. The report and the declaration will be set side by side, and a gap between them is the kind of thing that stops a file.

Identity, the AFM and the bank account

A non-EU applicant provides a valid passport from the country of origin. At final approval Eurobank also asks for a copy of your Greek tax number, the AFM. That AFM is the Greek tax registration number issued by the Greek tax authority; it has nothing to do with the Dutch financial regulator that shares the initials.

Alpha Bank lists an Alpha account among its conditions and asks for proof of deposits or investments, so open the account early and keep the statements that show where the deposit came from. If a lawyer acts as your proxy, Eurobank also wants a phone bill in the lawyer's name to verify the number.

Which US documents need an apostille, a translation or neither

Eurobank's checklist says non-government documents, such as income statements and utility bills, need no certification at any stage of the application. Copies of public documents may need an apostille where the issuing country is in the Hague Apostille Convention, or consular certification. The United States has been a party since 1981 and Greece since 1985, so a US public document, such as a notarized affidavit or a certified copy of a marriage certificate, is normally apostilled by the competent US authority.

On language, Alpha says documents may be in English or carry an official Greek translation. Eurobank accepts a power of attorney in English with a Greek translation attached. Ask each bank, document by document, which of the two it wants before you pay for either.

Power of attorney if you cannot attend

Banks insist on their own wording. Eurobank requires the power of attorney to be drafted and signed before a notary on its template, and the proxy to be a lawyer registered with a Greek bar association. Alpha asks for a power of attorney in Greek, prepared before a notary on its template, and a separate special power of attorney for registering the mortgage lien no later than loan signing; notary fees are paid separately. Get the template before you take anything to a US notary, because a document signed in the wrong form has to be redone.

Property documents arrive in stages

The borrower file can start before a property is chosen. The property file cannot. Eurobank's list includes:

• the notarized title deed, and for a detached house or plot the building permit, floor plans and topographic plan, certified by the town planning office;
• the purchase agreement and a certificate that it has been registered with the land registry, the cadastral office or a notary;
• cadastral evidence: an extract of the cadastral diagram, or a certificate that the area is being mapped or that a registration application is pending;
• where the property sits outside cadastral coverage, land registry certificates for the last 20 years;
• an energy performance certificate when the property is also the collateral.

A transfer of a building also generally needs an Electronic Building Identity prepared by an engineer. Greek price lists treat it as the seller's cost, so ask for it before you commit rather than at the notary.

Give every large movement a paper trail

Greek banks and notaries ask where the money came from. Proceeds from selling a US home, a transfer from a brokerage account, a gift from a parent or a vesting of company stock each need a document that shows the origin: a closing statement, a trade confirmation, a gift letter. Gather them before the bank asks, and explain them in a short note.

Questions US buyers ask

Continue your Greek property research

• Additional Costs When Buying Property in Greece
• Greek Preliminary Agreements and Mortgage Finance
• Santorini Mortgage Guide for US Buyers
• Can a US Resident Get a Greek Mortgage?