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Finance

Many of our clients require assistance to finance their Crete property purchase, and obtain the best exchange rates when transmitting their hard-earned savings to Crete. To help them, we work with major Greek banks to obtain property mortgages, and a leading UK currency exchange broker to provide ease of fund transmission and good exchange rates - including forward exchange contracts which guarantee future exchange rates, very useful during construction stage payments.

Currency exchange

When financing a purchase of property abroad, it's essential to understand the potential implications that sharp movements in the currency markets may have on the final purchase price of the property.

Much of this loss could have been prevented by securing the rate with a Forward Time Option Contract, where the funds can be made available with a window of up to 3 months in a 24 month period. This mechanism is especially useful when market conditions are currently advantageous, but the currency is not actually needed until a future date.

Many clients will be selling their main residence, with an uncertain completion date. In this situation, when the market is offering attractive rates, they could be well advised to take advantage by securing their exchange rate with a Forward Time Option Contract: funds can be made available with a window of up to 3 months in a 24 month period. This mechanism is especially useful when market conditions are currently advantageous, but the currency is not actually needed until a future date.

The situation can become more complex when purchasing a new property off plan. This will typically involve multiple stage payments over periods of up to 18 months or longer. Due to only guide dates being given for completion of each stage, a series of Forward Time Option contracts could secure the rates right up until the final completion, whist remaining flexible in order to accommodate unspecific dates.

With our recommended exchange trading company Foreign Currency Direct, you have available to you all the tools utilised by major institutions. You would be appointed an Account Manager who would explain how these could be employed to protect your interests when you are considering currency transfers in a volatile market. Stop Loss and Limit Orders can be employed to ensure you achieve the best price the market can offer within a defined time period.

Your nominated Account Manager will be pleased to explain in detail, all the rules and regulations for moving money abroad also the alternatives like the current foreign exchange rate and other special discounted exchange rates to try to ensure you get the best possible rates, based on your individual requirements.

Please click on the link below to get the most from your money when purchasing a property in Crete!

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Although not strictly required under EU law, we recommend that you obtain a 'pink slip' (import document) from the receiving Greek bank when you import money into Greece. This will be required for your Greek tax return, and also simplifies matters if you want to export money at a later date, perhaps on property re-sale.

Saturday November 25, 2017
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Office
Kampouri 4
Kissamos • Crete
Greece

Phone/fax
+30 28220 22585

Mobile
+30 697 445 8179 / 80

Postal address
CPH • PO Box 2
Kissamos • Crete 73400
Greece

Email
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Licensed Greek real estate agents
Registered at the Chania Chamber of Commerce
Members of Chania Estate Agents Association
for assured property in Crete
We are members of SY.ME.NO.X

 

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