Crete property - CRETE COMPLETE PROPERTY for properties in north west Crete

Deciding to buy a property in Crete

Purchasing an overseas property is a major decision for most people - one that should be undertaken only after taking specialist advice and giving it much thought. However, it is reassuring to discover that the process of purchasing property in Greece is very thorough and should give you security and peace of mind - if the proper processes are followed.

Incentives
Apart from the climate, local people, landscapes, food, sea, lifestyle, mountains etc., there are actually several sound financial incentives to purchase property in Crete ...

• the purchase cost of property is very reasonable compared to other countries in Europe.

• property prices are rising significantly, along with re-sale prices if you sell at a later date.

• if you plan to live here, the cost of living is lower than in many European countries.

• if you plan to buy a holiday home or for investment, letting can provide a good income.

• Crete is one of the most popular of the Greek islands, and demand is high.

Eligibility

... for residence
Moving to live and/or work permanently in Greece is a relatively simple process for citizens of EU member countries. Although strictly unnecessary under EU law, a visit to the local police station with your passport and four photographs will procure a foreign resident's permit which is currently required if you want to purchase a car or a house.

... for property purchase
You may currently purchase property in Greece if you are:

• of Greek nationality -or-

• of provable Greek ancestry -or-

• a citizen of an EU country.

If you do not meet these stipulations, it is possible to purchase via a nominee who does. However we do not recommend this method, as it does not give you guaranteed security. It is also possible to set up a Greek company and purchase in the name of that company. However - apart from the legal requirements to complete the company returns - there are also implications if you decide to sell at a later date.

Money security
The security of your money is obviously of paramount importance. We simply advise you to be sensible. We have heard horror stories of foreigners being offered 'cheap deals' without lawyers or Notary publics, handing over shopping bags full of cash, then being surprised when the vendor or builder disappeared...

You will usually need to pay a 10% deposit to secure the property while legal checks are carried out, but you don't need to transfer the main balance of the purchase price to Greece until we and your lawyer are satisfied with the legal checks. Keep it in a high-interest bank account in your home country until then.

When requested by us or your lawyer, transfer the funds from your home bank account to your Greek bank account (allow 10 elapsed days), or if visiting in person, bring high-denomination traveller's cheques for security and to avoid a lot of signing.