Decide 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.
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 starting to rise again, 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.
- for residence
Moving to live and/or work permanently in Greece is a relatively simple process for citizens of EU member countries. There is also a “Golden Visa” scheme for non-EU citizens who are willing to invest €250,000 or more in property, to acquire a permanent residence permit.
- for property purchase
Generally, there are no nationality restrictions on anyone buying property in Greece, although the process is slightly easier for EU citizens.
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 notaries, handing over shopping bags full of cash, then being surprised when the vendor or builder disappears …
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 your lawyer is satisfied with the legal checks and is ready to complete the purchase. Keep it in a high-interest bank account in your home country until then.
When requested in writing by your lawyer, transfer the funds from your home bank account to your Greek bank account.