Greece

The range of properties available could not be more extensive. Greece has everything from traditional stone cottages with huge development potential, to brand new purpose built apartments. You must remember that the term ‘traditional stone cottage’ in Greece, may be exactly all you get, when you buy one. Allowances must be made for in some cases the most basic of essentials being connected, such as electricity, mains water, and sanitation, before they are habitable

Where in Greece

The two main investment areas of opportunity in Greece are the numerous Greek Islands, and the Peloponnese. The Greek Islands are normally a favourite with the British investors, whilst the mainland of Greece is normally favoured by Scandinavians, Germans, and an increasing number of Eastern Europeans

The Greek Islands

The strict planning regulations in operation on some of the Greek Islands have ensured that all new developments are kept in check. The main islands of Crete, Rhodes, and Corfu, have become favourites for the British investors, with a combination of the classic Greek way of life, combined with some unspoilt landscape, and the virtually unrelenting sunshine. Getting to the islands is no longer a problem, with regular flights from UK airports, which increases the chances of making a more than reasonable return on your investment.

The Pelpponnese

This region is separated from mainland Greece by the Corinth Canal but is not actually cut off. There is a motorway and rail link, as well as having its own International Airport based in the city of Kalamata. If you are interested in the history of the Greek islands, having the most celebrated archaeological sites of Epidaurus, Mycenae, and Olympia. This, with the slightly cooler summers and warm winters, and long sandy beaches, has made them a haven for anyone looking for a lifestyle change.

Buying in Greece

When buying a property in Greece, it is an absolute must that you acquire the services of an English speaking lawyer, with an extensive knowledge of the conveyancing rules.

The actual process is fairly straight forward. You have an offer accepted and pay a deposit normally 10% of the price. At this stage a pre-contract agreement is signed by all parties. Your lawyer will then complete all the required searches. Once he is satisfied, both the buyer and seller should sign a final contract of sale in front of the notary public. The balance of the purchase price is then paid, and the new ownership is registered, and you will be given fiscal number (or AFM) which is registered at the tax authorities.

Living in Greece

As important, as having an English speaking lawyer is having an English speaking tax expert. Remember that the UK has a double taxation treaty with Greece, so tax must be paid in one or the other but not in both. Even if you are retired, and paying your tax in the UK, you are still required to submit annual tax returns. Taking this into account the use of a tax expert is imperative.