|
        |
|
|
Yvette Gaussen CIPS,E-Pro, TRC BROKER ASSOCIATE
The Greek Islands Before you start looking for properties you should know more about Greece, the Greek Islands and if this is the right choice for you. From the very Dawn of history this ancient land has played an influential role in shaping the world as we know it today. It is a country of culture, myth and legend. Famed for the beauty of its landscape, Greece is unique, for it seems the Greek gods themselves have scattered little pieces of paradise into the sea which we so lovingly know as the Greek Islands. Whatever your interests, whaterver lifestyle you choose to adopt, you can be sure of the warm welcome from the people of Greece. A healthy climate, good food and wine, a new exciting lifestyle, a dream finally realized. Geography and climate The climate is typically Mediteranean, with the winter wet but mild (except in the north where they can be very cold), and the summers hot and dry but cooled by seasonal breezes. The average January temperature in Athens is 50F (10C) and the July average is 82F (28C).  The islands are divided into six groups- the Cyclades, the Ionans, the Dodecanese, the Islands of the North Eastern Aegean, the Sporades adn the Saronic Gulf Islands. The ones I will mainly be showing here are the Cyclades Islands which are the ones in the center of the whole group of islands. Standard of Living Over recent years Greece has transformed itself from an agricultural country into a prosperous consumer society with an ever rising standard of living. It has never lost however, the style, simplicity and warm hospitality that characterise village and rural life throughout the country. Banking Standards The Euro has been the currency of Greece since 1st January 2002. All major Credit Cards as well as Euro-cheques are recognised and accepted. Taxation Greek resident are taxed on their worlwide income, subject to certain treaty exceptions, although citizens of most countries are exempt from paying taxes in their home country when they spend a minimum period abroad e.g. one year The Greek government has double taxation treaties with many countries including the USA. If you are not living in Greece but have assets there, you are usually obliged by law to file a tax return listing your assets and any income received from them. If in the future you decide to sell your property then capital gains tax is applicable as follows: 20% if the sale is made within 5 years of the purchase of the property. 10% if the sale is made within 5-10 years of the purchase of the property. No capital gain after 25 years. Inheritance tax is applicable but generous exemptions apply. Medical Services The health services in Greece are very good with high qualified physicians and surgeons covering every field of medecine. Residents of EU countries aare eligible to receive free emergency medical care. Medical insurance is always a good idea for additional cover. Greek Cuisine As lambs and goats in Greece are free-grazing and the pastures are very rich in herbs, the meats have a unique taste not to be found anywhere else in the world. Seafood from the Mediterranean Sea is by far more tasty that that from the oceans. In the Aegean and the Ionian sea the waters are crystal clear and abound with fish. The greek meal experience, namely the combination of what you eat and where you eat it, cannot be repeated, exported or duplicated. It is just something you can only find , taste and enjoy in Greece. How to get there ? Greece has seven major international airports : Athens, Thessaloniki, Rhodes , Heraklion, Chania, Santorini and Corfu. Greece has also 22 national airports which are hosting regular or charter flights The beautiful islands are usually reached by ferries: the ordinary ferries, the highspeed catamarans and hydrofoils. Residency All citizens of the Eu enjoy their full rights and privileges as EU citizens, including the right to establish residency, buy property, open a business and work in Greece. For non EU citizens, the granting of a Residential Permit is based on the level of foreign income available to support oneself.
Buying Property in Greece : Process Purchasing property in Greece is well regulated and there are a number of steps and statutory checks that have to be carried ut before a property purchase can be successfully completed. 1.The buyer must appoint a lawyer in Greece to search the titles at the Registry of Mortgages. 2. The lawyer will secure copies of the title held by the vendor. 3. The buyer must apply for Tax Registry Number (AFM) 4. The lawyer will represent the buyer to the Notary Public where the contract deed will be signed. 5. The lawyer must transfer at the Registry of Mortgages the contract deed. The buyer will have to pay the following mandatory costs as required by Greek Law : 1. Lawyer 1% of the contract amount 2. Public Notary 1.5% of the contract amount 3. Transfer Fees : from Euro 1 to Euro 15,000 7% of the contract amount from Euro 15,000 and over 9% of the contract amount 4. If the building permit of a property is issued after 2005 VAT is applicable and must be paid on the amount of the sale and NO transfer fee in that case 5. Registration fee of 0.5% of the contract amount Registry of Mortgages In Greece there is no Land Registry but there are public records where transfers of real property and mortgages are recorded. The difference between the Land Registry and the Registry of Mortgages is that in the Land Registry the owner holds an uncontested titel which means that he is secured by the State whereas at the Registry of Mortgages the title is secured by the contract held by the owner.
Foreign Ownership All EU citizens have equal rights concerning the purchase or sale of property in Greece. Non EU citizens are also free to buy property in Greece, however with some restrictions as described bellow. An additional special permission is required for the purchase of properties close to the Greek borders. Such permission, will be issued by the local Authorities and it is not granted to non EU citizens. Land Registration System According to the Greek law, the transaction contract, also known as a "Transaction Deed", is signed by the buyer and the seller in the presence of: . A Notary Public. . A lawyer appointed by the buyer. . A lawyer appointed by the seller. The documents required for signing a property-transaction deed are: a) Both the buyer and the seller must provide: . A valid passport (ora legal or legally attested identification card or document for EU citizens only) . A Greek VAT registration number (IRS registration number) which is obtainable by non Greek citizens, within 5 working days by the Greek Tax Authorities. b) The seller should provide a clean "B" Tax certificate issued by the competent Tax Authority, according to Law 1882/1990 proving that he has no outstanding debts towards the Hellenic Fisc. In most prefectures and municipalities of Greece the transaction deed as
described above, is registered by the Notary Public, under the name of the buyer, in the records of "The Public Registration Office of Mortgages & Deeds". However in some prefectures, properties are registered under the Identification Number of the property in the "Cadastral Public Registry", This registration system is under development allover Greece. Other Industry Professionals Neither lawyers nor any other persons from other professions, are directly involved with, and lor being paid for the sale or rental of properties in Greece. It is required, though, that lawyers and notaries to be involved in the completion of a real estate transaction, in the capacity of their profession. Copyright 2003, National Association of REALTORS CLICK HERE FOR Currency Services HIFX
 |
Web Site Design and Hosting Provided By: Advanced Access © 1998-2008
Awarded Top 10% in the Nation for Consumer Satisfaction by
the Internet Consumer Group
