Do you own property in Greece? If you do - or think you do (Greek uncle died?) - you need to register it in Greece on the new land registry finally being put into place by the Greek government. If you don't, you may find it difficult - or even impossible - to prove title and avoid boundary disputes in the future.
You may or may not know that until recently Greece was one of only two European countries without a land register. Despite several previous attempts and millions spent in the past, efforts to create a proper land registry in Greece have foundered before. However, the process of registering millions of homes and plots of land in Greece’s first ever comprehensive land registry began on 17th June 2008.
Some three million Greek and expatriate property owners in 107 municipalities nationwide had up to the 30th September 2008 to register their title deeds with Ktimatologio AE, the state-owned company in charge of compiling the Hellenic National Land Registry or Cadastre. Needless to say, this date was not met and the deadline has been extended more than once. Also, reports filtered through that not all municipalities had the ability as yet to register property so delays have been experienced.
This land registry process applies to both Greeks living in Greece and anyone else who owns property in Greece. Those living abroad had until 30th December to register their land, but this date too was extended. Bear in mind that it may be that earlier claims may prevail in case of disputes – first come, first served as it were, so don't wait until the last moment. And keep notarised copies of any documents submitted in support of your claims. Late registration will attract a fine, the amount being decided by the type and the value of the property.
If you acquired the right to property after the expiration of the submission period, you’ll have to register it with the Cadastre within a month from the date of the registration of the contract at the Land Registry office.
The registration process is especially crucial for older properties which have not gone through any sort of title search when they have changed hands. Just because your family has "always owned it" won't confer any protection on you during this new process.
Property owners will be able to visit one of the 76 land registry offices to submit the relevant documents or can fill in forms on line at the registry’s website, http://www.ktimatologio.gr/ktima/EN/index.php which offers some information in its English-language version.
Some 3 million Greeks are expected to take part in the process.
Besides the option of authorising a person through power of attorney to register property, there is also the possibility of submitting the registration on-line through the official Cadastre website at the same website: go to the sub-heading that reads ‘Operative Cadestre’. You can have the documentation posted to you I believe and the payment of the cost can be done by credit card.
Non-residents of Greece can check with the Greek Embassy or a Greek Consulate for the registry schedule of the area where their property is located. Information is also available by writing to Ktimatologio A.E., 288 Messogion Avenue, 155 62 Holargos, Greece. The telephone number is +30 (210) 650-5600.
I hope this is helpful and I really would be most grateful for some input here…have you experienced this process? If so, I would love to hear about it.
Please be especially cautious of any offers of help from those you do not know. A really good, recommended lawyer would be the way to go here and I would consult him/her from the outset.
Take care and best regards,
Carol.
The Overseas Guides Company
http://www.greecebuyingguide.com/
Friday 17 December 2010
Wednesday 8 December 2010
The Greek Medical System and Diabetes
A reader wanted to know how the NHS equivalent in Greece would handle their diabetes– this is what I was able to find out.
Greece’s public health system (IKA) provides free or low cost health care for those who contribute to Greek social security, plus their families and retirees (including those from other EU countries). Members are charged 25 per cent of the actual cost of prescriptions, although there are higher charges for non-essential medicines plus substantial contributions for many services, including spectacles, dentures and other treatment.
Access to treatment for people with diabetes in terms of reimbursement remains satisfactory according to practitioners working in this field. Medicines and medical appliances for diabetes are provided free of charge and patients are covered for all new insulin injections if they are covered by IKA or a medical insurance policy.
Any medication needed for the treatment of adult diabetes may be prescribed by any licensed doctor (insulin included). Generally the diabetes outpatient units operate two or three days a week. Blood glucose level as well as HBA1c may be tested in most of the secondary care facilities and their cost is covered by the system. All the tests related to diabetes and its secondary complications are covered by IKA. Sufferers with secondary complications are referred to specialists.
All major types and brands of medicine are on the Greek market. Any new medical product is offered if that product has already been approved and licensed on the EU market. The medication for diabetes management (insulins, oral medication and Glucagon) is fully compensated by all the insurance companies and the IKA, along with the necessary dispensing devices. Insulin pumps are 100% covered by the insurance companies.
However, Novo Nordisk, a Danish company and the world's leading supplier of insulin for diabetics is withdrawing a state-of-the-art medication from Greece. It has objected to a government decree ordering a 25% price cut in all medicines and a spokesman for the Danish pharmaceutical company said it was withdrawing the pen injection product from the Greek market because the price cut would force its business in Greece to run at a loss. More than 50,000 Greeks with diabetes use Novo Nordisk's product, which is injected via an easy-to-use fountain pen-like device.
Then there was a scandalous article in To Vima, one of Greece's most respected newspapers, saying that the nation's largest government health insurance provider would no longer pay for special footwear for diabetes patients. “Amputation is cheaper”, says the Benefits Division of the state insurance provider. All in all, it remains to be seen how the Greek medical system will perform in these disastrously bad financial times, but comments like this are not reassuring.
If you are planning to move to Greece and you suffer from this condition you would do well to make sure that emergency medical care is within easy reach of your home. Some islands are as far as 250 km away from the nearest specialist treatment centre and it might be very difficult to travel in bad weather if you have an emergency, especially if you are on an island.
Just to finish off, a few weeks ago I wrote about biking in Greece – I had a very amusing if rather worrisome comment from a reader. He says, and I quote:
“Interesting subject. It’s pleasing to know the Greek government is concerned about its visitors. Let’s hope they are as concerned about their indigenous bikers too! We have seen speeding to access, no lights, no helmets, number of people on a bike(Mum, Dad, two children, baby and a dog is our observed record), a sheep, an air conditioning unit, various length of planks and poles (7 metres is record)numerous boxes precariously positioned on passenger seat and between legs - just to name a but a few observations. From a concerned visitor!”
Point taken – have a care out there!
Carol
The Overseas Guides Company
http://www.Greecebuyingguide.com
Greece’s public health system (IKA) provides free or low cost health care for those who contribute to Greek social security, plus their families and retirees (including those from other EU countries). Members are charged 25 per cent of the actual cost of prescriptions, although there are higher charges for non-essential medicines plus substantial contributions for many services, including spectacles, dentures and other treatment.
Access to treatment for people with diabetes in terms of reimbursement remains satisfactory according to practitioners working in this field. Medicines and medical appliances for diabetes are provided free of charge and patients are covered for all new insulin injections if they are covered by IKA or a medical insurance policy.
Any medication needed for the treatment of adult diabetes may be prescribed by any licensed doctor (insulin included). Generally the diabetes outpatient units operate two or three days a week. Blood glucose level as well as HBA1c may be tested in most of the secondary care facilities and their cost is covered by the system. All the tests related to diabetes and its secondary complications are covered by IKA. Sufferers with secondary complications are referred to specialists.
All major types and brands of medicine are on the Greek market. Any new medical product is offered if that product has already been approved and licensed on the EU market. The medication for diabetes management (insulins, oral medication and Glucagon) is fully compensated by all the insurance companies and the IKA, along with the necessary dispensing devices. Insulin pumps are 100% covered by the insurance companies.
However, Novo Nordisk, a Danish company and the world's leading supplier of insulin for diabetics is withdrawing a state-of-the-art medication from Greece. It has objected to a government decree ordering a 25% price cut in all medicines and a spokesman for the Danish pharmaceutical company said it was withdrawing the pen injection product from the Greek market because the price cut would force its business in Greece to run at a loss. More than 50,000 Greeks with diabetes use Novo Nordisk's product, which is injected via an easy-to-use fountain pen-like device.
Then there was a scandalous article in To Vima, one of Greece's most respected newspapers, saying that the nation's largest government health insurance provider would no longer pay for special footwear for diabetes patients. “Amputation is cheaper”, says the Benefits Division of the state insurance provider. All in all, it remains to be seen how the Greek medical system will perform in these disastrously bad financial times, but comments like this are not reassuring.
If you are planning to move to Greece and you suffer from this condition you would do well to make sure that emergency medical care is within easy reach of your home. Some islands are as far as 250 km away from the nearest specialist treatment centre and it might be very difficult to travel in bad weather if you have an emergency, especially if you are on an island.
Just to finish off, a few weeks ago I wrote about biking in Greece – I had a very amusing if rather worrisome comment from a reader. He says, and I quote:
“Interesting subject. It’s pleasing to know the Greek government is concerned about its visitors. Let’s hope they are as concerned about their indigenous bikers too! We have seen speeding to access, no lights, no helmets, number of people on a bike(Mum, Dad, two children, baby and a dog is our observed record), a sheep, an air conditioning unit, various length of planks and poles (7 metres is record)numerous boxes precariously positioned on passenger seat and between legs - just to name a but a few observations. From a concerned visitor!”
Point taken – have a care out there!
Carol
The Overseas Guides Company
http://www.Greecebuyingguide.com
Thursday 2 December 2010
Education in Greece
If you have decided to move to Greece lock, stock and barrel, taking your young family with you, a subject that is going to crop up sooner or later is education.
Embodied in the Greek constitution is that all citizens (and certain foreigners who live and work in the country) are entitled to free education. In Greece, all children from 6 to 15 years old must attend school. Children from two-and-a-half years of age can be enrolled in either public or private crèches (vrefonipiakoi paidikoi stathmi); some have nursery classes (nipiaka tmimata) as well as kindergartens (nipiagogeia).
Enrolling a Child in a Public School:
Children who are five years and six months old on 1 October are entitled to register in the first grade for the upcoming school year. Registration for primary school (dimotiko) and kindergarten usually takes place from 1–21 June at the school itself. Children attend school in the district where they live. The Town Hall will be able to advise parents of their catchment area.
Enrolment at secondary school usually takes place at the primary school that the child is already attending. In Athens, children are generally assigned to a school, whereas in less densely populated areas there may be a choice of schools that the child may attend. Newcomers to Greece should contact their Town Hall for information on enrolment procedures.
To register a child for school, a parent or guardian will be asked to provide the following documentation for the student (this is a summary; additional documentation may be required):
- Birth certificate
- Records of vaccinations for Diphtheria, Tetanus, Whooping Cough (Pertussis), Polio, Measles, Mumps, Rubella, Tuberculosis
- Record of dental examinations
- Proof of residency, such as a utility bill
Any documents in a language other than Greek must be translated into Greek by an official translator.
The Greek Educational System consists of three levels:
Primary (called dimotiko or elementary school), Secondary (gymnasio and lykeio, i.e. junior and senior high school respectively) and Tertiary education level.
Primary education level can be divided into Pre-school Education, which is offered by kindergartens, and Compulsory Primary Education, which is offered by Primary schools. This basic education is compulsory for the entire population and provides people in their childhood and early adolescence with the rudimentary knowledge required to function in society.
The primary school year starts in mid-September and ends in mid-June. The school day lasts from approximately 08:15 to 13:30. Subjects taught include Modern Greek, mathematics, environmental studies, history, physical education and art. In the fourth grade courses in a foreign language, culture, and music are included. In the fifth and sixth grade, social studies, civics and physics are added.
Secondary education level is available in two cycles:
Compulsory Lower Level Secondary Education: this is offered at Gymnasiums. Post-compulsory, Upper Secondary Education is offered by the Unified Lyceums and Technical Vocational Educational Institutes. This corresponds to senior high or upper secondary school.
The gymnasia school year generally runs from mid-September to mid-May, with classes five days a week. The school week is 34 to 35 hours. Both public and private gymnasia are available.
Tertiary education: This is divided into University education, available from Universities and non-university education, which is offered by Higher Technological Educational Institutes and Higher Education Institutes (16 throughout the country). Post- graduate courses are also available at Tertiary education level.
Technical Education Institutes or TEI correspond to technical colleges and provide non-university education with a strongly vocational character. These colleges were recognised as part of higher education in 2001.
Students are admitted to these Institutes according to their performance at national level, with examinations taking place after completion of the third grade of Lykeio. Additionally, students over twenty-two years old may be admitted to the Hellenic Open University through a form of lottery.
Today universities and Technical Education Institutes are all state-funded, since the article 16 of the Constitution of the country stipulates explicitly that higher education be provided free of charge exclusively by public institutions. There is however a general trend of cuts in the students welfare, for instance only a very limited number of students have access to students residences, free meals etc. Books are still provided free of charge by the universities in the majority of the cases, although the tendency is towards cuts in this regard too. There is a move to changing this but it is a greater challenge than most governments are prepared to take on!
There are a number of private International schools in Athens, plus one in Thessaloniki, teaching in English. They too, however, mostly conform to the Greek syllabus. There are also French and German schools in Athens. For a list of International schools and colleges just Google ‘International Schools Greece’ and they will come up.
Carol
The Overseas Guides Company
http://www.greecebuyingguide.com/
Thursday 25 November 2010
Tax in Greece - boring but important
I don’t pretend to be a tax expert but recently I had a long and quite detailed talk to a tax expert about taxation in Greece. I am going to give you an outline of this very important aspect of your Greek financial planning. Remember that the UK has a double taxation indemnity agreement with Greece so you will not be asked to pay tax on the same earnings in both counties.
Firstly:
Tax residents in Greece are liable to pay Greek tax on their worldwide income,
whereas Non tax residents in Greece are liable to pay tax only on their Greek sourced income.
Tax residency:
Residence is determined on the basis of factual circumstances such as:
- The length of stay in Greece
- The possession of a residence permit
- Income from employment,
- Income from a business
- Professional income
- Investment income
- Pension income (under certain conditions),
- Benefits in kind
Married persons file a tax return jointly, but some modifications are applicable as per the family unit conditions.
As in most countries, taxation regulations can change from time to time, but here are some of the deductions that are permissible for 2010:- Social security contributions in full
- Life insurance premiums up to EUR 1’200 for both spouses in total,
- Interest payments on mortgages signed up to 31 December 2002 are fully deductible but only for one principle home in the taxpayer’s lifetime, if the home is no bigger than 120m2, if bigger the deductible interest is reduced proportionally
- Under certain circumstances, a tax credit is applicable for interest payments on mortgage loans taken after December 2002
- Certain cash donations to institutions and charities
Tax credits for 2010:
- 20% of the annual medical expenses of the taxpayer and his dependents up to a maximum of EUR 6’000
- 20% of the annual home rent up to a maximum of EUR 240,
- 20% of the annual rent paid in respect of dependent children who are studying at a Greek school or university up to a maximum of EUR 240,
- 20% of the educational expense for a taxpayer and his dependents up to a maximum of EUR 240,
- Under certain circumstances, a tax credit is applicable for interest payments on mortgage loans taken after December 2002
- 20% of the expenses for converting an oil heating system to natural gas or solar power or for the purchase of power generating systems using renewable energy sources up to a maximum of EUR 700,
- 20% of alimony payments up to EUR 600
- 0.00% for the first EUR 12’000, (submit receipts to qualify for the tax exemptions),
- 18.00% from EUR 12'000 to EUR 16'000,
- 24.00% from EUR 16'001 to EUR 22'000,
- 26.00% from EUR 22'001 to EUR 26'000,
- 32.00% from EUR 26'001 to EUR 32'000,
- 36.00% from EUR 32'001 to EUR 40'000,
- 38.00% from EUR 40'001 to EUR 60'000,
- 40.00% over EUR 60'001.
Between May 4th and June 1st, in the year following the tax year (for employees).
I hope that gives you a broad outline of what to expect.
Are you still planning on buying property in Greece? Times are hard I know, but with falling property prices it’s a great time to put in that cheeky offer. And of course more and more people are renting homes in Greece rather than buying their own holiday home or spending vast sums on Greek hotels… so if you are thinking of letting out your new home this could be the time to do it.Talk next week – until then take care!
CarolThe Overseas Guides Company
http://www.greecebuyingguide.com/
Wednesday 17 November 2010
A very important member of the British family - your pet!
It occurred to me that you might need to know about the relocation of that most important member of the British family - your pet!
The standard requirements for bringing a pet into Greece are that your pet must be micro chipped and registered, and must have had a rabies vaccination within the last 12 months, more than 30 days prior to travel.
Throughout the EU there are standard rules for the issuing of a PET passport and animals travelling within the EU are required to have one. More information on the passport scheme and travelling with pets is available on the DEFRA Website.
You are able to bring your dog or cat from EU and non-EU listed counties into or back into the UK without quarantine provided it complies with the stringent rules as laid out on the above website. These include anti-rabies, blood sampling and anti-worm/anti-tick hygiene requirements.
The pet must be micro-chipped, vaccinated against rabies and blood tested. They can be brought back into the UK only after six months have elapsed after a satisfactory blood test. A number of airlines, including British Midland, Olympic Airways, Finnair and Lufthansa plus a number of ferry lines are currently authorised to bring non-quarantined animals into the UK.
It would be wise to find out the location of a local vet (ktiniatros) and obtain an emergency telephone number as soon as you arrive in Greece with your pet.
Just remember that travelling with an animal in Greece, unless in your own vehicle, presents problems. No matter how well behaved the animal is, taxi drivers are loath to transport it and buses and trains refuse to do so. If you do finally manage to find a taxi, expect to pay a heavy surcharge and be prepared for the fact that your pet may have to travel in the boot of the car.
Never, ever let your animals stray. Unfortunately poisoning of animals is a fairly common occurrence in Greece. People are not inclined to overlook or forgive roaming or barking dogs or wailing cats...Dogs and cats may eat something coated in poison, or get poison on their paws and lick it off. If you suspect your pet has eaten poison contact your vet immediately. Intravenous drugs to counteract the effects must be given as quickly as possible.
Keep those tails wagging...!
Carol Dunning
The Overseas Guides Company
Have you been to the main website yet? http://www.greecebuyingguide.com/
The standard requirements for bringing a pet into Greece are that your pet must be micro chipped and registered, and must have had a rabies vaccination within the last 12 months, more than 30 days prior to travel.
Throughout the EU there are standard rules for the issuing of a PET passport and animals travelling within the EU are required to have one. More information on the passport scheme and travelling with pets is available on the DEFRA Website.
You are able to bring your dog or cat from EU and non-EU listed counties into or back into the UK without quarantine provided it complies with the stringent rules as laid out on the above website. These include anti-rabies, blood sampling and anti-worm/anti-tick hygiene requirements.
The pet must be micro-chipped, vaccinated against rabies and blood tested. They can be brought back into the UK only after six months have elapsed after a satisfactory blood test. A number of airlines, including British Midland, Olympic Airways, Finnair and Lufthansa plus a number of ferry lines are currently authorised to bring non-quarantined animals into the UK.
It would be wise to find out the location of a local vet (ktiniatros) and obtain an emergency telephone number as soon as you arrive in Greece with your pet.
Just remember that travelling with an animal in Greece, unless in your own vehicle, presents problems. No matter how well behaved the animal is, taxi drivers are loath to transport it and buses and trains refuse to do so. If you do finally manage to find a taxi, expect to pay a heavy surcharge and be prepared for the fact that your pet may have to travel in the boot of the car.
Never, ever let your animals stray. Unfortunately poisoning of animals is a fairly common occurrence in Greece. People are not inclined to overlook or forgive roaming or barking dogs or wailing cats...Dogs and cats may eat something coated in poison, or get poison on their paws and lick it off. If you suspect your pet has eaten poison contact your vet immediately. Intravenous drugs to counteract the effects must be given as quickly as possible.
Keep those tails wagging...!
Carol Dunning
The Overseas Guides Company
Have you been to the main website yet? http://www.greecebuyingguide.com/
Wednesday 10 November 2010
Bikers be warned!
Are you a ‘biker boy’ or ‘biker chick’? That is not a term that I would ordinarily use about myself, but I must say that I did once hire a scooter in Greece with my children – more about this later…does that qualify me?
Jokes aside, I just wanted to mention that renting a motorcycle in Greece has become far more difficult. The government-mandated crackdown on who can rent a motorcycle or, in some cases even a moped, has Greek motorcycle rental agencies turning away customers – something that does NOT come easily to a Greek business man as you can imagine!
I have to confess that I secretly think that this is not before time: I remember taking my two children, in their very late teens then, to Sifnos. We rented two motor bikes – none of us had driven a motorbike before - ever. We were given half a minute’s cursory tuition and then off we wobbled.
Let me not bore you with the full story of our precipitous and hair-raising ride and just cut to the end. This saw one damaged and dented bike abandoned on the hillsides of Sifnos and two tearful tourists sympathetically loaded onto an already packed bus back to town, with my son chugging slowly behind. I draw a veil…
In future then tourists will be required to have a separate motorcycle license from their home countries. The reason for the crackdown? Foreign visitors have been injuring themselves at an increasing rate as alcohol and inexperience combine to take their toll – guilty as charged – the inexperienced part I mean! Already burdened with one of the highest road accident rates in the EU, this measure is meant not only to protect tourists from themselves but also to improve Greece's road safety reputation.
However, if you Google ‘riding a scooter in Greece’ you will see that lots of people still do it. If I was to give you my tuppence worth, I would suggest that the islands and the quieter parts of the country may be better than say Athens or Thessalolika , especially if you are a novice! Having said that, there really is no better way to enjoy the great outdoors – and the friendly Greek people - than by bike or scooter.
I hope you will join me next week. In the meantime, have fun – and may the wind blow your hair back!!
Carol Dunning
The Overseas Guides Company
Go to the main website at: http://www.greecebuyingguide.com
Jokes aside, I just wanted to mention that renting a motorcycle in Greece has become far more difficult. The government-mandated crackdown on who can rent a motorcycle or, in some cases even a moped, has Greek motorcycle rental agencies turning away customers – something that does NOT come easily to a Greek business man as you can imagine!
I have to confess that I secretly think that this is not before time: I remember taking my two children, in their very late teens then, to Sifnos. We rented two motor bikes – none of us had driven a motorbike before - ever. We were given half a minute’s cursory tuition and then off we wobbled.
Let me not bore you with the full story of our precipitous and hair-raising ride and just cut to the end. This saw one damaged and dented bike abandoned on the hillsides of Sifnos and two tearful tourists sympathetically loaded onto an already packed bus back to town, with my son chugging slowly behind. I draw a veil…
In future then tourists will be required to have a separate motorcycle license from their home countries. The reason for the crackdown? Foreign visitors have been injuring themselves at an increasing rate as alcohol and inexperience combine to take their toll – guilty as charged – the inexperienced part I mean! Already burdened with one of the highest road accident rates in the EU, this measure is meant not only to protect tourists from themselves but also to improve Greece's road safety reputation.
However, if you Google ‘riding a scooter in Greece’ you will see that lots of people still do it. If I was to give you my tuppence worth, I would suggest that the islands and the quieter parts of the country may be better than say Athens or Thessalolika , especially if you are a novice! Having said that, there really is no better way to enjoy the great outdoors – and the friendly Greek people - than by bike or scooter.
I hope you will join me next week. In the meantime, have fun – and may the wind blow your hair back!!
Carol Dunning
The Overseas Guides Company
Go to the main website at: http://www.greecebuyingguide.com
Thursday 4 November 2010
You think you own a property in Greece - do you?
If you own property in Greece - or think you do - you need to register it on the new land registry finally being put into place by the Greek government. If you don't, you may find it difficult - or even impossible - to prove title and avoid boundary disputes in the future.
I know I said that I would be discussing driving in Greece – and I will – later. But I think that the contentious issue of the new, comprehensive land registry in Greece is so important that I want to give you some info right away.
You may or may not know that until recently Greece was one of only two European countries without a land register. Despite several previous attempts and millions spent in the past, efforts to create a proper land registry in Greece have foundered before. However, the process of registering millions of homes and plots of land in Greece’s first ever comprehensive land registry began on 17th June 2008.
Some three million Greek and expatriate property owners in 107 municipalities nationwide had up to the 30th September 2008 to register their title deeds with Ktimatologio AE, the state-owned company in charge of compiling the Hellenic National Land Registry or Cadastre. Needless to say, this date was not met and the deadline was extended more than once. Also, reports filtered through that not all municipalities had the ability as yet to register property so delays have been experienced.
This land registry process applies to both Greeks living in Greece, and anyone else who owns property in Greece. Those living abroad had until 30th December to register their land, but this date too was extended. Bear in mind that it may be that earlier claims may prevail in case of disputes – first come, first served as it were, so don't wait until the last moment. And keep notarised copies of any documents submitted in support of your claims. Late registration will attract a fine, the amount being decided by the type and the value of the property.
If you acquired the right to property after the expiration of the submission period, you’ll have to register it with the Cadastre within a month from the date of the registration of the contract at the Land Registry office.
The registration process is especially crucial for older properties which have not gone through any sort of title search when they have changed hands. Just because your family has "always owned it" won't confer any protection on you during this new process.
Property owners will be able to visit one of the 76 land registry offices to submit the relevant documents or can fill in forms on line at the registry’s website, which offers some information in its English-language version.
Some 3 million Greeks are expected to take part in the process.
Besides the option of authorizing a person through power of attorney to register property, there is also the possibility of submitting the registration on-line through the official Cadastre website and go to the sub-heading that reads ‘Operative Cadestre’. You can have the documentation posted to you I believe and the payment of the cost can be done by credit card.
Non-residents of Greece can check with the Greek Embassy or a Greek Consulate for the registry schedule of the area where their property is located. Updated information is available on the internet. Information is also available by writing to Ktimatologio A.E., 288 Messogion Avenue, 155 62 Holargos, Greece. The telephone number is +30 (210) 650-5600.
I hope this is helpful and I really would be most grateful for some input here…have you experienced this process? If so, I would love to hear about it.
Please be especially cautious of any offers of help from those you do not know. A really good, recommended lawyer would be the way to go here and I would consult him/her from the outset.
Carol
The Overseas Guides Company
Visit my main website at: http://www.GreeceBuyingGuide.com
I know I said that I would be discussing driving in Greece – and I will – later. But I think that the contentious issue of the new, comprehensive land registry in Greece is so important that I want to give you some info right away.
You may or may not know that until recently Greece was one of only two European countries without a land register. Despite several previous attempts and millions spent in the past, efforts to create a proper land registry in Greece have foundered before. However, the process of registering millions of homes and plots of land in Greece’s first ever comprehensive land registry began on 17th June 2008.
Some three million Greek and expatriate property owners in 107 municipalities nationwide had up to the 30th September 2008 to register their title deeds with Ktimatologio AE, the state-owned company in charge of compiling the Hellenic National Land Registry or Cadastre. Needless to say, this date was not met and the deadline was extended more than once. Also, reports filtered through that not all municipalities had the ability as yet to register property so delays have been experienced.
This land registry process applies to both Greeks living in Greece, and anyone else who owns property in Greece. Those living abroad had until 30th December to register their land, but this date too was extended. Bear in mind that it may be that earlier claims may prevail in case of disputes – first come, first served as it were, so don't wait until the last moment. And keep notarised copies of any documents submitted in support of your claims. Late registration will attract a fine, the amount being decided by the type and the value of the property.
If you acquired the right to property after the expiration of the submission period, you’ll have to register it with the Cadastre within a month from the date of the registration of the contract at the Land Registry office.
The registration process is especially crucial for older properties which have not gone through any sort of title search when they have changed hands. Just because your family has "always owned it" won't confer any protection on you during this new process.
Property owners will be able to visit one of the 76 land registry offices to submit the relevant documents or can fill in forms on line at the registry’s website, which offers some information in its English-language version.
Some 3 million Greeks are expected to take part in the process.
Besides the option of authorizing a person through power of attorney to register property, there is also the possibility of submitting the registration on-line through the official Cadastre website and go to the sub-heading that reads ‘Operative Cadestre’. You can have the documentation posted to you I believe and the payment of the cost can be done by credit card.
Non-residents of Greece can check with the Greek Embassy or a Greek Consulate for the registry schedule of the area where their property is located. Updated information is available on the internet. Information is also available by writing to Ktimatologio A.E., 288 Messogion Avenue, 155 62 Holargos, Greece. The telephone number is +30 (210) 650-5600.
I hope this is helpful and I really would be most grateful for some input here…have you experienced this process? If so, I would love to hear about it.
Please be especially cautious of any offers of help from those you do not know. A really good, recommended lawyer would be the way to go here and I would consult him/her from the outset.
Carol
The Overseas Guides Company
Visit my main website at: http://www.GreeceBuyingGuide.com
Tuesday 26 October 2010
Importing a car into Greece: Part 4
Hey – don’t lose heart - you are almost there! If you are thinking of importing your indispensable car into Greece I have been discussing with you over the last few weeks exactly how this should be done. Here is the last piece of the puzzle: the documents you will need to have to hand for the custom’s clearance:
Documents Required For Customs Clearing
Documents Required For Customs Clearing
- Original invoice or other proof of ownership
- Original registration certificate
- Certificate of conformity and type approval
- DVA
Additional documents may be requested by the Customs Authority - depending on the type of vehicle - to calculate the vehicle's registration tax. Find out about this in advance, as mentioned in my first article about this on Monday 4th October.
Vehicles imported into Greece must go through a test at a Vehicle Technical Control Centre (KTEO).
Technical Control Test
- To make an appointment for a technical control in Attica Tel: 1525
- For contact information of KTEOs outside Attica and Thessaloniki regions: Click here
The documents required by the KTEO for the technical control test are:
- Proof of identity
- Customs Registration Certificate
Cars must meet the last effective Community Directive regarding exhaust emissions. For older cars a higher registration tax must be paid regarding exhaust emissions. You will have to get the following inspections completed.
- Emissions Inspection. Performed by KTEO (Vehicle technical Control Centre), by appointment
- General inspection. Performed by KTEO of your choice by appointment.
- Noise inspection. Performed by the Dept. of Transportation
Once the relevant taxes and duties have been paid, a registration certificate is issued. This must be taken to the local Ministry of Communication and Transportation authorities, where the vehicle may be registered and Greek plates issued. Normally the charge for such plates is equivalent to 20% of the Registration tax – this was discussed earlier.
Bear in mind that diesel engine vehicles are not permitted to circulate in Athens,Piraeus or Salonika. Note here too that electric motor vehicles and cars with hybrid technology are not subject to registration tax.
Another very important point to remember is that a vehicle imported under the above regulation may not be transferred, leased, pawned or lent, nor its use assigned in any other manner without prior approval by the customs authorities. In the event of transfer, lease, pawning, lending or assignment of the use of such a vehicle before the lapse of one year, the total amount of tax due shall be collected.
A full list of requirements and more detailed information is available through the Greek Ministry of Economy and Finance: Director of Customs, Ministry of Economy and Finance, Amalias 40, Athens 105 62, Tel 210 324 5552 / 210 324 5587, www.gsis.gr.
I hope this has been helpful. If you have any other information or your findings were different when you did this I would really be interested to hear from you. I will share any info that you send me – helping one another is the name of the game!
Happy motoring – next week I will share with you some of my experiences of driving in Greece!!
Take care and wrap up warmly won’t you? Brrrr…
Best wishes,
Carol.
http://www.GreeceBuyingGuide.com
Tuesday 19 October 2010
Importing a car into Greece: Part 3
Still on that contentious subject of importing your car into Greece, here is the next and hopefully the last step:
Permanent import
Vehicles brought from abroad must be registered in Greece if the owner is a Greek resident, i.e. someone living in Greece for over 183 days per year.
For a start, all residents and non-resident foreigners with financial affairs in Greece must have a Tax File Number (Arithmo Forologiko Mitro/AFM – known as the ‘A-Fi-Mi’).
An AFM is unique for each person and works as a form of identification for the Greek authorities. Without an AFM you won’t be able to purchase property, buy a car or boat, import a foreign-registered car or obtain any kind of tax certificate from the authorities. You can get this at your local Greek tax office or the expatriates’ tax office in Athens at 18 Lykourgou St. tel 210 523 7456. You will be asked to file an M1 form. It’s a standard form: name, address, telephone number etc.
EU citizens will need to show their passport or ID card. Non-EU foreigners need to present their passport or another valid travel document. They must also show their residence permit. Certified photocopies of both documents must be submitted.
Applicants must also obtain a translation of their passport or other travel document if the information is not in Latin characters. The document can be translated by the foreign ministry or a certified lawyer. A birth certificate may also be required if an applicant’s passport does not indicate mother’s full name.
The tax office employee will then process the information - this should only take a few minutes and a printout with the AFM number will be issued.
Permanent import
Vehicles brought from abroad must be registered in Greece if the owner is a Greek resident, i.e. someone living in Greece for over 183 days per year.
For a start, all residents and non-resident foreigners with financial affairs in Greece must have a Tax File Number (Arithmo Forologiko Mitro/AFM – known as the ‘A-Fi-Mi’).
An AFM is unique for each person and works as a form of identification for the Greek authorities. Without an AFM you won’t be able to purchase property, buy a car or boat, import a foreign-registered car or obtain any kind of tax certificate from the authorities. You can get this at your local Greek tax office or the expatriates’ tax office in Athens at 18 Lykourgou St. tel 210 523 7456. You will be asked to file an M1 form. It’s a standard form: name, address, telephone number etc.
EU citizens will need to show their passport or ID card. Non-EU foreigners need to present their passport or another valid travel document. They must also show their residence permit. Certified photocopies of both documents must be submitted.
Applicants must also obtain a translation of their passport or other travel document if the information is not in Latin characters. The document can be translated by the foreign ministry or a certified lawyer. A birth certificate may also be required if an applicant’s passport does not indicate mother’s full name.
The tax office employee will then process the information - this should only take a few minutes and a printout with the AFM number will be issued.
European Union nationals, resident in another European Union state for at least two years, who decide to transfer their place of residence to Greece, are exempt from VAT and Special Consumption Tax (SCT) currently levied in Greece on:
- Cars (owned and used privately)
- Pleasure craft
- Motorcycles
- Mobile caravans
provided that:
- At the time of application the applicant has not been resident in Greece for more than two years
- The applicant has/had been domiciled in another member state for at least 185 days in each year of the three years prior to their initial arrival in Greece
- The applicant holds a change of residence certificate issued by the Greek Consular Authorities in the EU State of previous residence. This certificate is valid for use within 12 months
- The applicant owned and used the vehicle in the prior EU member state of residence for at least 6 months and that appropriate tax and VAT has been paid in the country of origin
- The applicant is in possession of a 5-year residence permit. Applicants who are not in possession of a 5-year residence permit should be aware that, usually, the relevant taxes and dues are required to be paid or a bank guarantee deposited for a sum equal to those taxes and dues, until they produce a 5-year residence permit to the appropriate customs authorities
- VAT must be paid for new vehicles (vehicles that are less than six months old or with less than 6,000 Km)
Within one month from the date of importation, owners of such vehicles must appear in person at the nearest Customs Authority to request exemption from payment of Registration and VAT.
Finally, next week I will list for you all the documents that you will need for Customs clearance - that way you will know that you have everything you will need to hand.
Bye for now and we’ll chat next week.
Tuesday 12 October 2010
Importing a car into Greece: Part 2
Hello again.
Last week I mentioned that I would be going into some detail as to how you import your beloved car into Greece. Here goes: you first need to start with
Temporary Importation:
EU citizens are free to keep their EU state registered car for six months without customs control. After six months the car must be re-exported or cleared through customs.The vehicle registration document and proof of ownership is required at all times and you should be able to prove to the authorities when the vehicle was brought into Greece.
Only the owner, their spouse and children may use the car.
There are some exceptions where individuals may import a vehicle for private use for longer than six months without paying import duties and taxes. These include:
Last week I mentioned that I would be going into some detail as to how you import your beloved car into Greece. Here goes: you first need to start with
Temporary Importation:
EU citizens are free to keep their EU state registered car for six months without customs control. After six months the car must be re-exported or cleared through customs.The vehicle registration document and proof of ownership is required at all times and you should be able to prove to the authorities when the vehicle was brought into Greece.
Only the owner, their spouse and children may use the car.
There are some exceptions where individuals may import a vehicle for private use for longer than six months without paying import duties and taxes. These include:
- Students in further education
- Individuals on a fixed term contract with the Greek state
- Teaching staff on a fixed term contract with higher education institutes
- Diplomatic and Consular staff and their employees
To qualify for a second period of tax free circulation either both the vehicle and the owner should be out of Greece for at least 185 days or, while the owner is away for the given period, the vehicle can remain at a sealed area designated by the Customs authority.
After the expiry of the period granted by the customs authorities, the vehicle should either be:
- Imported into Greece and may not be used until it is on Greek plates
- Sealed with the customs for a period of at least 6 months (but no more than 24 months)after which time, provided the owner can show that they have been out of Greece for at least 6 months during this time, another 6 month circulation period may be granted
Failure to conform to the above may result in the Greek Customs imposing steep fines for each extra day after the expired period and there is always the possibility that vehicle may be confiscated. Under such circumstances, the vehicle will not be released to the owner unless they agree to clear it through customs or export it from Greece.
Next week I’ll be moving on to the all-important permanent importation step. I would love to hear from you if you have done this: do contact me and let me know how it went won’t you?
Tonight I am off to a talk by the author James Ellroy – from everything I have read about him it should prove interesting…to say the very least!
This comes with my best wishes – summer is almost over here…Let me take that back – it’s gone for good this year I reckon! I must say however that I love the chilly days and the excuse to stay lazily inside and read a good book, watch a DVD or the telly or write…
See you next week!
Carol
http://www.GreeceBuyingGuide.com
Tuesday 5 October 2010
Importing a car into Greece
So…you are mad enough or brave enough to want to drive in Greece? I’m joking…many people do and love it. However, there seems to be no other subject in terms of moving to Greece that receives so many contradictory reports and arouses so much irritation than that of importing your own car into Greece on a permanent basis.
Stories seem to veer from the utterly problem free to those where owners have had to pay excessive sums of money to buy that beloved car its permanent residence status alongside them!
There have been a number changes in the regulations in Greece over the past few years, mainly to conform with EU rulings, so it is strongly recommended that you consult the nearest Greek Consulate for full information prior to your departure for Greece.
From what I have been told by numerous people who have moved to Greece, it can be both an expensive and a complicated process and you really do need to have all the facts at your fingertips before rather than after the event. What I have also been told is that it can be something of a ‘moveable feast’, with local authorities making up the rules as they go along – having the facts at your fingertips will mean that you know your rights and thus help you to take control of the situation.
One of the irritants is that Greece evidently charges a ‘registration tax’ on vehicles imported for longer than six months although officially there is no import tax within the EU. This can be high, even on older second hand models. It is calculated on a percentage of the value of a new car, based on its make, model, age and mileage and it appears to be open to interpretation by the customs officer in charge.
There have been many complaints about this charge; ‘a rose by any other name’ as the saying goes - there are those that claim that this is in effect nothing less than an import tax.
I have to tell you a funny story here. On a website that I looked at (that shall remain nameless), while discussing this very subject of registration tax, they – in what I must assume to be a genuine spelling error – refer to this as a ‘Greed’ registration tax as opposed to a Greek one! Say no more…
What does become evident is that a great amount of patience may be needed, that the process can be very time consuming and that different interpretations of the law seem to apply depending on where you have this done. Frankly, this may just be one of those times that seeking local help with all the paperwork and the bureaucracy may be a good way to go – I believe the forms to be filled in, all in Greek of course, are enough to make your hair curl.
What many people seem to do is to keep their UK car for the first 6 months and, once they are completely sure they are going to make the move to Greece permanent, they buy a car there. Remember that in Greece the driver sits on the left hand side of the car …’when in Rome’ and all that…it may be easier for you to have a car designed for the Greek roads. Of course it may be that you have a precious old vintage car that you would rather die than sell…
So next week I am going to discuss the process…
Until then, best wishes, take care and have fun!
Carol
http://www.GreeceBuyingGuide.com
Stories seem to veer from the utterly problem free to those where owners have had to pay excessive sums of money to buy that beloved car its permanent residence status alongside them!
There have been a number changes in the regulations in Greece over the past few years, mainly to conform with EU rulings, so it is strongly recommended that you consult the nearest Greek Consulate for full information prior to your departure for Greece.
From what I have been told by numerous people who have moved to Greece, it can be both an expensive and a complicated process and you really do need to have all the facts at your fingertips before rather than after the event. What I have also been told is that it can be something of a ‘moveable feast’, with local authorities making up the rules as they go along – having the facts at your fingertips will mean that you know your rights and thus help you to take control of the situation.
One of the irritants is that Greece evidently charges a ‘registration tax’ on vehicles imported for longer than six months although officially there is no import tax within the EU. This can be high, even on older second hand models. It is calculated on a percentage of the value of a new car, based on its make, model, age and mileage and it appears to be open to interpretation by the customs officer in charge.
There have been many complaints about this charge; ‘a rose by any other name’ as the saying goes - there are those that claim that this is in effect nothing less than an import tax.
I have to tell you a funny story here. On a website that I looked at (that shall remain nameless), while discussing this very subject of registration tax, they – in what I must assume to be a genuine spelling error – refer to this as a ‘Greed’ registration tax as opposed to a Greek one! Say no more…
What does become evident is that a great amount of patience may be needed, that the process can be very time consuming and that different interpretations of the law seem to apply depending on where you have this done. Frankly, this may just be one of those times that seeking local help with all the paperwork and the bureaucracy may be a good way to go – I believe the forms to be filled in, all in Greek of course, are enough to make your hair curl.
What many people seem to do is to keep their UK car for the first 6 months and, once they are completely sure they are going to make the move to Greece permanent, they buy a car there. Remember that in Greece the driver sits on the left hand side of the car …’when in Rome’ and all that…it may be easier for you to have a car designed for the Greek roads. Of course it may be that you have a precious old vintage car that you would rather die than sell…
So next week I am going to discuss the process…
Until then, best wishes, take care and have fun!
Carol
http://www.GreeceBuyingGuide.com
Friday 24 September 2010
Moving to Corfu - Case Study
Curt and partner Shelley had long wanted somewhere sunny to escape to. Holidays were spent as far away as Thailand, but when it came time to actually buying, they settled for Corfu.
“When it came to choosing a place to buy abroad it was a long process, all in all I think it took us a couple of years to finally pinpoint Corfu.” Shelley recalls. “We always knew we wanted to live abroad in a better climate with a better way of life. But of all of the places we have been to, the Greek Islands were always towards the top of the list.
“So we talked about what exactly we wanted from our surroundings and particularly about the sort of life we wanted to lead. There were disagreements along the way, for instance climate. Curt would prefer tropical, year round sun and sea with coral reefs, I wanted somewhere with seasons, but we both wanted long, sunny summers and short winters” laughs Shelley.
Both agreed too that they wanted peace and quiet, with enough land to be able to grow their own veggies and for Shelley to have a garden. “We wanted a safe place with a low or non existent crime rate and we also wanted to live a more environmentally sustainable way, plus in a place that preferably had English as a native language” explains Shelley. But finding somewhere with everything wasn't going to be easy and, in the end, compromises had to be made.
“Thailand is our first love, we adore it there, but the uncertain political situation and the difficulty in non-nationals buying out there put even Curt off” laughs Shelley. “We also considered the Caribbean, but I was adamant that I wasn't going to live somewhere where my house could be demolished annually by a passing hurricane.
“Following that we looked at a couple of different states in America, Florida and Arizona. Curt is American by birth and could go to live there tomorrow and work without it being an issue. We have many friends who own property in Florida and they are totally amazed that we have not chosen to go there” adds Shelley, “but the constant threat of crime, the humid weather and our friend’s horror stories about rattle snakes and alligators in their gardens made it unsuitable.”
Finally it was down to Spain or Greece. A few holidays to a number of Greek islands, including time spent zipping around Corfu on a motorbike, finally decided them. The north western corner was a definite contender; nicer, quieter and greener, with many lovely villages. After a lot of thought, Curt and Shelley settled for Sidari, 45 km from Corfu Town and the airport.
Sidari is a family orientated town where there are quite a number of expats. “It’s a bit chaotic for us in summer” said Curt, “but I have a swimming pool business and I am thinking of doing that in Corfu, so there needs to be some sort of market for that.”
Out of season there are very few people there. “We popped up to a small local café in December and the sum total of people there were six Brits” laughed Curt. “It is pretty chaotic in season and we may avoid it in the heart of summer, but by the end of the season it turns into a small, friendly town.”
“We got chatting to agents in Corfu about our dream home, and they very honestly said it wasn’t going to happen” confesses Shelley: “We wanted an old house to do up, away from any roads, near a good beach, sea views, close to a town, in the centre of its own ground of about 2 acres.”
Curt liked the agent’s suggestion of buying a piece of land and building a house from scratch in a traditional style. Wisely they decided to go with advice from local people: “Even so,” says Curt, “you do still need to keep an eye on what’s going on and basically use your own common sense too.”
Shelley admits “I wasn't happy about it, but Curt was all for it so we started looking at some of the plots they had on their books. We didn't really intend to buy anywhere on that visit, just pinpoint an area and go back later to investigate further, but on the last day, the very last plot they took us to was perfect. I mean perfect....distant sea views, tucked away on a hillside at the back of Sidari so no one will ever find us - let alone bother us - but only a five minute drive into a town with a supermarket, dentist and doctors”.
They rushed back to the estate agent’s offices to try and get the ball rolling only to come up against the first hurdle: Curt’s nationality prevented him from owning property in Greece. With the help of their estate agent and a good lawyer, even this hurdle was overcome, and about 3 months later, after many phone calls, emails and faxes the deeds arrived. Just before Christmas, Shelley became the sole owner of a couple of acres of Greek hillside.
“I have to admit I have handed most of the process of sorting all of this over to Curt, and opted out, and to be honest I couldn't quite believe we had done it” laughs Shelley. That was not quite the end of the problems though.
Paying for the property became the next issue. Newsletters from the Greece Buying Guide had made mention of Smart Currency Exchange and Curt decided to investigate this option. Talking to dealers, he found that not only were their exchange rates far better than his high street bank but that transfer costs were eliminated too.
Curt continues: “After my initial money transfer, the follow up at the currency company was excellent. I spoke to various individuals, all of whom were friendly and to the point. All my initial concerns were answered and I found the actual process extremely easy. They talked me through the whole process, even advising on the wisdom of ‘forward buying’ – locking the currency in at that day’s rate for a time in the future.”
As to the future, Curt and Shelley can’t wait to move ahead, but the UK property market downturn is holding up their plans. “So far we are only at the stage of erecting the concrete frame. We went out for a week in December to see the progress and for the first time stood on what is going to be our patio. Unfortunately this is as far as we can go until we sell our house here in the UK, which is proving difficult, to say the least!” says Curt.
But Shelley is optimistic: “With the fantastic help we get from our estate agent, our local builder, our lawyer and, of course, our currency company - Smart Currency Exchange - we know we can trust all of them to do all they can to take care of the nasty, boring end of the transition, so that Curt and I can concentrate on the adventure ahead. Bring it on, I say.”
“When it came to choosing a place to buy abroad it was a long process, all in all I think it took us a couple of years to finally pinpoint Corfu.” Shelley recalls. “We always knew we wanted to live abroad in a better climate with a better way of life. But of all of the places we have been to, the Greek Islands were always towards the top of the list.
“So we talked about what exactly we wanted from our surroundings and particularly about the sort of life we wanted to lead. There were disagreements along the way, for instance climate. Curt would prefer tropical, year round sun and sea with coral reefs, I wanted somewhere with seasons, but we both wanted long, sunny summers and short winters” laughs Shelley.
Both agreed too that they wanted peace and quiet, with enough land to be able to grow their own veggies and for Shelley to have a garden. “We wanted a safe place with a low or non existent crime rate and we also wanted to live a more environmentally sustainable way, plus in a place that preferably had English as a native language” explains Shelley. But finding somewhere with everything wasn't going to be easy and, in the end, compromises had to be made.
“Thailand is our first love, we adore it there, but the uncertain political situation and the difficulty in non-nationals buying out there put even Curt off” laughs Shelley. “We also considered the Caribbean, but I was adamant that I wasn't going to live somewhere where my house could be demolished annually by a passing hurricane.
“Following that we looked at a couple of different states in America, Florida and Arizona. Curt is American by birth and could go to live there tomorrow and work without it being an issue. We have many friends who own property in Florida and they are totally amazed that we have not chosen to go there” adds Shelley, “but the constant threat of crime, the humid weather and our friend’s horror stories about rattle snakes and alligators in their gardens made it unsuitable.”
Finally it was down to Spain or Greece. A few holidays to a number of Greek islands, including time spent zipping around Corfu on a motorbike, finally decided them. The north western corner was a definite contender; nicer, quieter and greener, with many lovely villages. After a lot of thought, Curt and Shelley settled for Sidari, 45 km from Corfu Town and the airport.
Sidari is a family orientated town where there are quite a number of expats. “It’s a bit chaotic for us in summer” said Curt, “but I have a swimming pool business and I am thinking of doing that in Corfu, so there needs to be some sort of market for that.”
Out of season there are very few people there. “We popped up to a small local café in December and the sum total of people there were six Brits” laughed Curt. “It is pretty chaotic in season and we may avoid it in the heart of summer, but by the end of the season it turns into a small, friendly town.”
“We got chatting to agents in Corfu about our dream home, and they very honestly said it wasn’t going to happen” confesses Shelley: “We wanted an old house to do up, away from any roads, near a good beach, sea views, close to a town, in the centre of its own ground of about 2 acres.”
Curt liked the agent’s suggestion of buying a piece of land and building a house from scratch in a traditional style. Wisely they decided to go with advice from local people: “Even so,” says Curt, “you do still need to keep an eye on what’s going on and basically use your own common sense too.”
Shelley admits “I wasn't happy about it, but Curt was all for it so we started looking at some of the plots they had on their books. We didn't really intend to buy anywhere on that visit, just pinpoint an area and go back later to investigate further, but on the last day, the very last plot they took us to was perfect. I mean perfect....distant sea views, tucked away on a hillside at the back of Sidari so no one will ever find us - let alone bother us - but only a five minute drive into a town with a supermarket, dentist and doctors”.
They rushed back to the estate agent’s offices to try and get the ball rolling only to come up against the first hurdle: Curt’s nationality prevented him from owning property in Greece. With the help of their estate agent and a good lawyer, even this hurdle was overcome, and about 3 months later, after many phone calls, emails and faxes the deeds arrived. Just before Christmas, Shelley became the sole owner of a couple of acres of Greek hillside.
“I have to admit I have handed most of the process of sorting all of this over to Curt, and opted out, and to be honest I couldn't quite believe we had done it” laughs Shelley. That was not quite the end of the problems though.
Paying for the property became the next issue. Newsletters from the Greece Buying Guide had made mention of Smart Currency Exchange and Curt decided to investigate this option. Talking to dealers, he found that not only were their exchange rates far better than his high street bank but that transfer costs were eliminated too.
Curt continues: “After my initial money transfer, the follow up at the currency company was excellent. I spoke to various individuals, all of whom were friendly and to the point. All my initial concerns were answered and I found the actual process extremely easy. They talked me through the whole process, even advising on the wisdom of ‘forward buying’ – locking the currency in at that day’s rate for a time in the future.”
As to the future, Curt and Shelley can’t wait to move ahead, but the UK property market downturn is holding up their plans. “So far we are only at the stage of erecting the concrete frame. We went out for a week in December to see the progress and for the first time stood on what is going to be our patio. Unfortunately this is as far as we can go until we sell our house here in the UK, which is proving difficult, to say the least!” says Curt.
But Shelley is optimistic: “With the fantastic help we get from our estate agent, our local builder, our lawyer and, of course, our currency company - Smart Currency Exchange - we know we can trust all of them to do all they can to take care of the nasty, boring end of the transition, so that Curt and I can concentrate on the adventure ahead. Bring it on, I say.”
Friday 17 September 2010
Pensions when moving abroad
Hello – and how are you?
It’s been a lovely quiet week for me. However, the weekend is looking busy, with ‘Satchmo Remembered’ at the V&A Café on Friday – Louis Armstrong’s music. And then on Saturday I am going to see what is described as a top-notch comedy cast of Mackenzie Crook, Ralf Little and Olly Alexander as a trio of slackers who spend their days loitering outside a Vermont coffee shop. All this at the tiny theatre at Shepherd’s Bush. It’s great ‘cos you can actually lean out and touch the actors should you so desire – I won’t – I promise! I saw the lovely Joseph Fiennes here – it’s a great venue and my son is joining me so that should be enormous fun.
So – are you still thinking of buying a home abroad? And are you actually going to be moving permanently? Reason I ask is that today, with our finances sorely strained as they are, it’s important to know how this will affect taxation on any pension you may receive from the UK.
Once you're a resident abroad what you need to ascertain is how your new home country and the UK will divide up the tax. Even if you are a non-resident of the UK, you are taxed on income earned in the UK – and this includes any pension emanating from the UK - but does that mean that you end up paying twice?
This is where those vitally important Double Tax Treaties (DTT) come into play. There are specific provisions in Double Tax Treaties that can impact on this, and in particular there is a distinction made between government and non governmental pensions.
You would need to review any applicable Double Tax Treaty between the UK and your new country of residence very carefully before rather than after moving: any relief available depends upon the terms of each DTT. And of course you will need to know exactly how to set about making sure that you do the right thing to avoid any duplication of tax. If a benefit applies you can then make a claim with HMRC for the pension to be paid either:
- Without tax deducted
- With tax deducted at a reduced rate of tax as laid down in the DT Treaty
You should take expert and detailed advice on this – if you need help finding a reputable IFA (Independent Financial Advisor) please call the OGC Resource Centre on 0207 898 0549 and they will help to find one. I think it’s really important to think about this before you even think of moving –after all, you may be reliant on your pension income and you need to budget well in advance.
I will chat to you next week: winter is just around the corner and already it feels to me that the colder weather is on its way. I am looking forward to a holiday I have planned in sunny Morocco in October…!
Best wishes,
Carol.
It’s been a lovely quiet week for me. However, the weekend is looking busy, with ‘Satchmo Remembered’ at the V&A Café on Friday – Louis Armstrong’s music. And then on Saturday I am going to see what is described as a top-notch comedy cast of Mackenzie Crook, Ralf Little and Olly Alexander as a trio of slackers who spend their days loitering outside a Vermont coffee shop. All this at the tiny theatre at Shepherd’s Bush. It’s great ‘cos you can actually lean out and touch the actors should you so desire – I won’t – I promise! I saw the lovely Joseph Fiennes here – it’s a great venue and my son is joining me so that should be enormous fun.
So – are you still thinking of buying a home abroad? And are you actually going to be moving permanently? Reason I ask is that today, with our finances sorely strained as they are, it’s important to know how this will affect taxation on any pension you may receive from the UK.
Once you're a resident abroad what you need to ascertain is how your new home country and the UK will divide up the tax. Even if you are a non-resident of the UK, you are taxed on income earned in the UK – and this includes any pension emanating from the UK - but does that mean that you end up paying twice?
This is where those vitally important Double Tax Treaties (DTT) come into play. There are specific provisions in Double Tax Treaties that can impact on this, and in particular there is a distinction made between government and non governmental pensions.
You would need to review any applicable Double Tax Treaty between the UK and your new country of residence very carefully before rather than after moving: any relief available depends upon the terms of each DTT. And of course you will need to know exactly how to set about making sure that you do the right thing to avoid any duplication of tax. If a benefit applies you can then make a claim with HMRC for the pension to be paid either:
- Without tax deducted
- With tax deducted at a reduced rate of tax as laid down in the DT Treaty
You should take expert and detailed advice on this – if you need help finding a reputable IFA (Independent Financial Advisor) please call the OGC Resource Centre on 0207 898 0549 and they will help to find one. I think it’s really important to think about this before you even think of moving –after all, you may be reliant on your pension income and you need to budget well in advance.
I will chat to you next week: winter is just around the corner and already it feels to me that the colder weather is on its way. I am looking forward to a holiday I have planned in sunny Morocco in October…!
Best wishes,
Carol.
Friday 10 September 2010
Emigrating Overseas?
Hi there: how are you? Summer seems to be receding further and further away…roll on my holiday to Morocco in October, where the weather no doubt will be lovely!
I have been chatting to a number of people recently about emigrating: many are the reason they give but one of the chief ones seems to be lack of employment here in the UK. When you hear news like social housing firm Connaught, which employs 10,000 people, going into administration on Wednesday it is food for thought indeed. But the question is: will it be any easier to find employment abroad - and how will you set about doing this?
First, the nuts and bolts. EU citizens are not required to have a work permit in order to work in the EU. However, you will need proof of residency once you do get a job. To do this you usually apply to the Immigration Department. Non-EU citizens are generally required to have a work permit and a residence permit in order to be employed abroad and can be a harder nut to crack.
There is no doubt about it: first prize is either to get a transfer abroad via your present form or to line up a job before you move. You may think of contacting the local embassy of the country you are thinking of moving to for assistance, or perhaps find yourself a blog or Internet site that deals with getting jobs in the country you are planning to move to.
If that fails, what next?
As an English speaker, the first job that springs to mind is that of teaching English – of course this only really applies in countries where the first language is not English.In most countries there is a desire to learn English, not the least as it is generally considered the business language of the world.
While still in the UK you can search for teaching jobs in publications such as the TES (Times Educational Supplement) and the Guardian EFL pages on Tuesdays. Alternatively, certain ESL (English as a Second Language) websites like ESL employment and tefl.com can be useful. Upon arrival you can try local newspapers or perhaps employment agencies or international companies. Some British Council offices are helpful too as they produce lists of local schools and can point you in the right direction.
Tourism is another promising field of employment that you could try; jobs here are mainly available in the summer. You may think that this sort of work won’t pay the bills for ever but at least you can be looking around while earning a few cents.
For business related opportunities, the bigger cities should be your focus.
How to seek out jobs:
Self-employment
I hope this has given you a few ideas. I’d love to hear if your plans include working abroad and, if so, what your strategy is?
In the meanwhile, I am going to get back to my job of happily tapping away on my computer in the good old UK! Take care until next week,
Carol.
I have been chatting to a number of people recently about emigrating: many are the reason they give but one of the chief ones seems to be lack of employment here in the UK. When you hear news like social housing firm Connaught, which employs 10,000 people, going into administration on Wednesday it is food for thought indeed. But the question is: will it be any easier to find employment abroad - and how will you set about doing this?
First, the nuts and bolts. EU citizens are not required to have a work permit in order to work in the EU. However, you will need proof of residency once you do get a job. To do this you usually apply to the Immigration Department. Non-EU citizens are generally required to have a work permit and a residence permit in order to be employed abroad and can be a harder nut to crack.
There is no doubt about it: first prize is either to get a transfer abroad via your present form or to line up a job before you move. You may think of contacting the local embassy of the country you are thinking of moving to for assistance, or perhaps find yourself a blog or Internet site that deals with getting jobs in the country you are planning to move to.
If that fails, what next?
As an English speaker, the first job that springs to mind is that of teaching English – of course this only really applies in countries where the first language is not English.In most countries there is a desire to learn English, not the least as it is generally considered the business language of the world.
While still in the UK you can search for teaching jobs in publications such as the TES (Times Educational Supplement) and the Guardian EFL pages on Tuesdays. Alternatively, certain ESL (English as a Second Language) websites like ESL employment and tefl.com can be useful. Upon arrival you can try local newspapers or perhaps employment agencies or international companies. Some British Council offices are helpful too as they produce lists of local schools and can point you in the right direction.
Tourism is another promising field of employment that you could try; jobs here are mainly available in the summer. You may think that this sort of work won’t pay the bills for ever but at least you can be looking around while earning a few cents.
For business related opportunities, the bigger cities should be your focus.
How to seek out jobs:
English periodicals. Here you will find a selection of jobs from teaching to secretarial, advertising and sales
Job agencies, especially in the larger cities. Remember to have your CV and references to hand
Ask around - try that friendly shop owner, or pop into an Estate Agent...if they don’t have anything, they may know someone who has. Personal contacts can be very helpful when looking for a job
Contact working expats, either personally or through the Internet: they have been where you are and may well be able to help
Place ads in papers, bar notice boards, at the golf course, in shops etc.
Other options:
A large number of UK recruitment agencies have permanent bases abroad – ask large employment agencies in the UK before you move if they have an office in the country you are moving to
Try informal methods of recruitment such as word of mouth, networking and speculative applications, especially for small and medium-sized companies.
Self-employment
If you are an EU national or a permanent resident with a residence card you can work in a EU country as a self-employed person or a sole trader. As such, you must meet certain legal requirements and register with the appropriate organisation.
Getting started in your own business
Just a few very basic points:If you plan to run your own business, give careful consideration to where you will be living in relation to your customers
Make sure that you are doing something that is different, something that will benefit your potential customers and make them more inclined to deal with you
Be sure that there is enough demand for your product or service and that there are sufficient customers to keep you in business
There are very few businesses that are profitable from the start. It’s therefore very important that you budget for start up costs and that you have sufficient funds to keep you and your family going until the business starts to make a profit.
I hope this has given you a few ideas. I’d love to hear if your plans include working abroad and, if so, what your strategy is?
In the meanwhile, I am going to get back to my job of happily tapping away on my computer in the good old UK! Take care until next week,
Carol.
Friday 3 September 2010
Non-Resident Status in the UK
Hey there – how are you? I am off to an outdoors Blues concert tonight…very brave of me I might add! The last one I attended saw me sitting like a ghostly wraith in the pouring rain, in a waterproof poncho thoughtfully provided by concert hosts. It was most enjoyable but did I ever get the mother and father of all colds! Wish me luck tonight…
A question I am often asked these days by people who are moving abroad is this: exactly when are you considered to be a UK resident, or to turn this question on its head, when are you considered a non-resident? This has become one of the most controversial and worrisome aspects of emigration recently, largely due to the tax implications that accompany it.
Evidently, according to a recent Court of Appeal decision in the long drawn out Gaines Cooper saga, it is no longer enough to conform to the rules as laid down by HM Revenue & Customs. These laid down that, to prove non-residency, you needed only to show that you didn’t spend more than 90 days a year on average in Britain over four years.
Now the taxman is allowed to scrutinise in more detail whether non-residents have made what they consider to be enough of a break from the UK.
So…how do you make sure that you qualify for non-resident status?
In most EU countries an individual is not considered a resident unless 183 days are spent there each year. In the UK, it is 90 days on a rolling four-year average, although you can spend up to 183 days in any given year. Things like visiting offspring or grandchildren in the UK will count toward your 90-day limit. Incidentally there are dispensations if you are visiting someone because of an emergency. If a member of your family is terminally ill for example, you may be able to stay for more than the average 90 days over four years. However, you would not be able to stay for more than 183 days in any given year without risking your status.
But this is no longer the only criterion; continuing connections with the country will now be taken into account, and this can be a very grey area.
Keeping a house or a car in the UK, maintaining membership of a private club, or even regularly attending social events such as Royal Ascot or Wimbledon can now be used against you in terms of proving your non-resident status. Needless to say, this new vigilance has largely been brought about in an effort to check up on those seeking to avoid the new 50% tax rate imposed on the super-rich.
Individuals must prove an intention to leave the UK permanently or indefinitely. Recent Court decisions on residence tend to be in favour of HMRC and there is no doubt that they are actively pursuing cases where, in its view, the taxpayer has not done enough to demonstrate that they have ceased to be UK resident.
What does this mean to you? Well, the bottom line is that you need to sever as many ties with the UK as possible. It is no longer sufficient just to stay abroad for the obligatory period and tally up days spent in the UK. You have to be able to demonstrate a complete break with the country.
To do this you may want to consider adopting the following measures:
Property in the UK:
A question I am often asked these days by people who are moving abroad is this: exactly when are you considered to be a UK resident, or to turn this question on its head, when are you considered a non-resident? This has become one of the most controversial and worrisome aspects of emigration recently, largely due to the tax implications that accompany it.
Evidently, according to a recent Court of Appeal decision in the long drawn out Gaines Cooper saga, it is no longer enough to conform to the rules as laid down by HM Revenue & Customs. These laid down that, to prove non-residency, you needed only to show that you didn’t spend more than 90 days a year on average in Britain over four years.
Now the taxman is allowed to scrutinise in more detail whether non-residents have made what they consider to be enough of a break from the UK.
So…how do you make sure that you qualify for non-resident status?
In most EU countries an individual is not considered a resident unless 183 days are spent there each year. In the UK, it is 90 days on a rolling four-year average, although you can spend up to 183 days in any given year. Things like visiting offspring or grandchildren in the UK will count toward your 90-day limit. Incidentally there are dispensations if you are visiting someone because of an emergency. If a member of your family is terminally ill for example, you may be able to stay for more than the average 90 days over four years. However, you would not be able to stay for more than 183 days in any given year without risking your status.
But this is no longer the only criterion; continuing connections with the country will now be taken into account, and this can be a very grey area.
Keeping a house or a car in the UK, maintaining membership of a private club, or even regularly attending social events such as Royal Ascot or Wimbledon can now be used against you in terms of proving your non-resident status. Needless to say, this new vigilance has largely been brought about in an effort to check up on those seeking to avoid the new 50% tax rate imposed on the super-rich.
Individuals must prove an intention to leave the UK permanently or indefinitely. Recent Court decisions on residence tend to be in favour of HMRC and there is no doubt that they are actively pursuing cases where, in its view, the taxpayer has not done enough to demonstrate that they have ceased to be UK resident.
What does this mean to you? Well, the bottom line is that you need to sever as many ties with the UK as possible. It is no longer sufficient just to stay abroad for the obligatory period and tally up days spent in the UK. You have to be able to demonstrate a complete break with the country.
To do this you may want to consider adopting the following measures:
Property in the UK:
- Sell your UK property or let it out for at least 12 months - do not leave it unoccupied
- If you are letting the property, ask a UK agent to deal with the property on your behalf
- Pay all property bills before you depart the UK
- Notify your house insurers that you are emigrating and adjust the insurance accordingly
- Notify your mortgage lender that you are emigrating
- Notify your local council that you no longer reside at the property
Business matters in the UK:
- Consider resigning from any UK company directorships or company secretarial positions
- Consider disposing of your UK business interests altogether
Other UK matters:
- Notify your UK doctor and dentist that you have left the UK
- Cancel your UK sporting and social club memberships
- You would be wise to appoint an attorney in the UK who is empowered to deal with your UK affairs
Taxes
- Send the completed form P85 to HMRC, declaring that you are a non-resident
- You would be well advised not to return to the UK for an entire tax year if possible to emphasise the break in residence
- Do not return to the UK for more than 90 days a year in subsequent tax years, remembering to factor in travel days in this number
Finances
- Cancel all UK credit cards and reduce balances in your UK bank accounts
- Pay all UK accounts and close them. Demand evidence that they are closed in the form of a letter of acknowledgement
- Consider transferring pension arrangements overseas.
Cars
- Sell your car and cancel your car insurance and subscriptions to motoring organisations
In your new country of residence - once you have moved abroad:
- Establish employment or business links in the new country if you are planning to work there
- Obtain a residence permit where necessary
- Contact the local tax authorities to inform them that you have become a resident
- Purchase or rent on a long lease a property locally and buy a car there
- Register with a doctor and dentist in your new country of residence and open a local bank account
- Establish social and cultural connections in your new homeland. Perhaps join clubs, register children at schools etc.
- Have a will drawn up in your new country of residence
What you need to do is make sure that you have effectively cut off ties with the UK in terms of living here. The overall pattern of your life must reflect your declared non-resident status and the fact that you have left the UK for the foreseeable future.
Friday 27 August 2010
Am I Making the Right Decision to Move Abroad?
I have just been chatting to a local London friend of mine on the phone. “Are you missing your South African friend now that she’s returned home after her two week stay?” was her question to me. I found it difficult to answer – yes…and no! Truth is I am utterly exhausted - I fair wore myself out!
There is so much to do in London: I have a friend with a longboat so we sailed from Windsor to Hampton Court – it was wonderful. We also attended a colleague’s hen party and behaved rather badly! Plus saw Martin Shaw in a play at Richmond, went to the musical ‘Wicked’, paid a fiver to watch ‘The Merry Wives of Windsor’ at the Globe and attended a memorial to ‘The Few’ of the Battle of Britain outside the Churchill War Rooms which ended with a fly past of a Hurricane and a Spitfire: what a way to end two weeks of London fun. I now need a holiday…!
Talking to my friend, I was trying to persuade her to move abroad. She’s quite keen but scared of the unknown factors…and who of us who have moved weren’t? Most people have the idea and the initial spark, but soon lose their drive. These are the people live to say “If only” in their old age! Then there are those who have the passion and desire to carry their plans to fruition…but inevitably, at some stage, find themselves stopping to catch their breath and to wonder if they are making the right decision.
An OGC reader I spoke to, when planning her move abroad, found exactly that: “I spent all my spare time planning, preparing and ticking off endless lists. After a few months I felt overwhelmed – was I merely caught up in ‘living the dream’ or did I truly understand what lay ahead? And how could I make sure that I wasn’t making a big mistake?”
I have chatted to people who have found that the move wasn’t right for them and they moved back to the UK almost immediately – at massive cost needless to say. So how do you make sure that the decision is right for you?
One way is to ‘play house’ at your overseas location. Try to make arrangements to stay for as long as possible on your next visit. Then plan to experience the place as someone who lives there would. This means that, rather than staying in a hotel, you rent an apartment or a villa or – first prize - do a house swap. Instead of visiting the main attractions, check out all the things that the locals do. Go grocery shopping, look at employment adverts and do everything you would normally do if you were moving from one town to another in the UK.
My afore-mentioned OGC reader decided to book a two week trip to her intended relocation destination. Although she had spent several holidays there, she had never done so with the intention of one day calling it home. She said it was the best decision ever: “By spending two weeks in my future town I was able to better set my expectations. I visited the doctor, paid a visit to a community centre, made enquiries about a local art class and made sure to eat most of my meals at home. By the end of the two weeks, I realised that some of my expectations were a bit too high whereas others were too low. Overall, the holiday gave me what I needed to get back on track.”
You might want to test public transport to see how reliable it is, stroll through the area at different times of the day to listen out for noise, buy the type of groceries you normally purchase to determine if they are available and at what price – and definitely check out health services. How far away are they and will they cater to all your needs?
By giving yourself time as a resident rather than a tourist, you will get a more realistic idea of daily life in your desired location. Of course there will be pros and cons but, without experiencing life as a local, you will be making the move without knowing exactly what those pros and cons are. The more you match your requirements and your expectations to your overseas destination, the less likely you will be to ask, “Am I making the right decision to move abroad?”
Carol
http://www.GreeceBuyingGuide.com
There is so much to do in London: I have a friend with a longboat so we sailed from Windsor to Hampton Court – it was wonderful. We also attended a colleague’s hen party and behaved rather badly! Plus saw Martin Shaw in a play at Richmond, went to the musical ‘Wicked’, paid a fiver to watch ‘The Merry Wives of Windsor’ at the Globe and attended a memorial to ‘The Few’ of the Battle of Britain outside the Churchill War Rooms which ended with a fly past of a Hurricane and a Spitfire: what a way to end two weeks of London fun. I now need a holiday…!
Talking to my friend, I was trying to persuade her to move abroad. She’s quite keen but scared of the unknown factors…and who of us who have moved weren’t? Most people have the idea and the initial spark, but soon lose their drive. These are the people live to say “If only” in their old age! Then there are those who have the passion and desire to carry their plans to fruition…but inevitably, at some stage, find themselves stopping to catch their breath and to wonder if they are making the right decision.
An OGC reader I spoke to, when planning her move abroad, found exactly that: “I spent all my spare time planning, preparing and ticking off endless lists. After a few months I felt overwhelmed – was I merely caught up in ‘living the dream’ or did I truly understand what lay ahead? And how could I make sure that I wasn’t making a big mistake?”
I have chatted to people who have found that the move wasn’t right for them and they moved back to the UK almost immediately – at massive cost needless to say. So how do you make sure that the decision is right for you?
One way is to ‘play house’ at your overseas location. Try to make arrangements to stay for as long as possible on your next visit. Then plan to experience the place as someone who lives there would. This means that, rather than staying in a hotel, you rent an apartment or a villa or – first prize - do a house swap. Instead of visiting the main attractions, check out all the things that the locals do. Go grocery shopping, look at employment adverts and do everything you would normally do if you were moving from one town to another in the UK.
My afore-mentioned OGC reader decided to book a two week trip to her intended relocation destination. Although she had spent several holidays there, she had never done so with the intention of one day calling it home. She said it was the best decision ever: “By spending two weeks in my future town I was able to better set my expectations. I visited the doctor, paid a visit to a community centre, made enquiries about a local art class and made sure to eat most of my meals at home. By the end of the two weeks, I realised that some of my expectations were a bit too high whereas others were too low. Overall, the holiday gave me what I needed to get back on track.”
You might want to test public transport to see how reliable it is, stroll through the area at different times of the day to listen out for noise, buy the type of groceries you normally purchase to determine if they are available and at what price – and definitely check out health services. How far away are they and will they cater to all your needs?
By giving yourself time as a resident rather than a tourist, you will get a more realistic idea of daily life in your desired location. Of course there will be pros and cons but, without experiencing life as a local, you will be making the move without knowing exactly what those pros and cons are. The more you match your requirements and your expectations to your overseas destination, the less likely you will be to ask, “Am I making the right decision to move abroad?”
Carol
http://www.GreeceBuyingGuide.com
Friday 20 August 2010
Dealing with Deposits
Hello there - how are you...busy as a bee with your search for your dream home?
I am still racing around London showing off my ‘home town’ to my South African friend! The highlight of this week is going to be the Spitfire and Hurricane fly-past over Whitehall at 4pm, Friday 20th August 2010, commemorating the 70th anniversary of the Battle of Britain. The flyover is preceded by a reading of Winston Churchill's speech outside the Churchill War Rooms at 3.52pm.” Never in the field of human conflict...” and all that! I am really looking forward to it.
I was chatting to a Greece Buying Guide reader and he had what I thought was a brilliant idea: in order to see a bit of Corfu and to decide exactly where he wanted to buy, he had taken a walking tour on the island. Not only was it very enjoyable but he had a really good idea of what was out there plus which areas suited him and which did not. I will try and find out more about this for you - in fact I would love to do a walk myself and report back about it. Watch this space...
Anyway....back to the business of purchasing your little piece of heaven on earth! I thought I would just lay out all the info you will need about your deposit. It is the first of the payments you will be required to make and I would like you to be easy in your mind that all is going according to plan.
When you sign the preliminary contract for a new or resale property or a plot of land, you usually pay a deposit. If you're buying a resale or a new finished property (not off plan) you usually pay a deposit of 5 to 10% when signing the contract. The percentage may be negotiable: 10% seems to be the norm. The balance owing will be paid when the final purchase contract is signed.
Deposits are refundable under strict conditions only. These relate to any conditional clauses such as failure to obtain a mortgage or any other clauses that you put in and that are accepted by the vendor. A deposit can be forfeited if, for instance, you don't complete the purchase transaction within the period specified in the contract, so you need to be very careful that you cover yourself against any eventuality in your original offer to purchase.
If you withdraw from a sale after all the conditions have been met, you will lose your deposit and may also be required to pay the estate agent's commission. If previously known problems with the property are revealed, the deposit will automatically be returned to you.
The contract can be cancelled by either party; the buyer however forfeits his deposit and the vendor must pay the buyer double the deposit. However, in some cases, if one of the parties wishes to withdraw from the sale, the other party can demand that he goes through with it or that he receives compensation for damages.
If you want a more detailed outline of the whole buying process, please get a copy of our updated Greece Buying Guide Guide, available at http://www.greecebuyingguide.com/guide.htm
Happy buying and I hope that the advice we have given has been of some help. Do drop us an email if you have any suggestions, tips or buying hints for others who may follow after you - I will make sure that they are circulated to those who need them.
Take good care and best wishes,
Carol
I am still racing around London showing off my ‘home town’ to my South African friend! The highlight of this week is going to be the Spitfire and Hurricane fly-past over Whitehall at 4pm, Friday 20th August 2010, commemorating the 70th anniversary of the Battle of Britain. The flyover is preceded by a reading of Winston Churchill's speech outside the Churchill War Rooms at 3.52pm.” Never in the field of human conflict...” and all that! I am really looking forward to it.
I was chatting to a Greece Buying Guide reader and he had what I thought was a brilliant idea: in order to see a bit of Corfu and to decide exactly where he wanted to buy, he had taken a walking tour on the island. Not only was it very enjoyable but he had a really good idea of what was out there plus which areas suited him and which did not. I will try and find out more about this for you - in fact I would love to do a walk myself and report back about it. Watch this space...
Anyway....back to the business of purchasing your little piece of heaven on earth! I thought I would just lay out all the info you will need about your deposit. It is the first of the payments you will be required to make and I would like you to be easy in your mind that all is going according to plan.
When you sign the preliminary contract for a new or resale property or a plot of land, you usually pay a deposit. If you're buying a resale or a new finished property (not off plan) you usually pay a deposit of 5 to 10% when signing the contract. The percentage may be negotiable: 10% seems to be the norm. The balance owing will be paid when the final purchase contract is signed.
Deposits are refundable under strict conditions only. These relate to any conditional clauses such as failure to obtain a mortgage or any other clauses that you put in and that are accepted by the vendor. A deposit can be forfeited if, for instance, you don't complete the purchase transaction within the period specified in the contract, so you need to be very careful that you cover yourself against any eventuality in your original offer to purchase.
If you withdraw from a sale after all the conditions have been met, you will lose your deposit and may also be required to pay the estate agent's commission. If previously known problems with the property are revealed, the deposit will automatically be returned to you.
The contract can be cancelled by either party; the buyer however forfeits his deposit and the vendor must pay the buyer double the deposit. However, in some cases, if one of the parties wishes to withdraw from the sale, the other party can demand that he goes through with it or that he receives compensation for damages.
If you want a more detailed outline of the whole buying process, please get a copy of our updated Greece Buying Guide Guide, available at http://www.greecebuyingguide.com/guide.htm
Happy buying and I hope that the advice we have given has been of some help. Do drop us an email if you have any suggestions, tips or buying hints for others who may follow after you - I will make sure that they are circulated to those who need them.
Take good care and best wishes,
Carol
Friday 13 August 2010
Mortgages – you need a degree to decide…!
Hello again. This has been a great week for me – one of my closest friends has come to stay for a couple of weeks and I am showing her London! Needless to say, we have stacks planned but will probably exhaust ourselves and slump in front of the telly after a few hectic days!
One of the things we are going to do is to see a favourite of mine - Martin Shaw - in a play at the Richmond Theatre. Plus a possible Bat Walk at the Wetland Centre…and there’s a jazz festival at Canary Wharf…whew, I feel tired already!
No matter how canny you are, today it just isn’t easy to predict what’s going to happen in the foreseeable future is it? Take mortgages: after the recent emergency budget, many industry experts are now predicting that the base rate will remain stable at around 0.5% until perhaps the end of 2012 – I even saw 2013 mentioned.
Even Chancellor George Osborne made reference in his budget speech to Bank of England governor Mervyn King’s recent comments that if growth does prove to be slower, interest rates will remain lower. So…for those of you thinking of buying a new home or re-mortgaging, where does this leave you over the next couple of years?
You can take a competitive fixed rate now – and with this you get the ability to budget. For those more risk-averse borrowers who simply want a planned budget, a fixed rate is a highly attractive option. It does mean however that you give up a low standard variable rate (SVR) and ignore the tracker rate linked to the Bank of England base rate.
In contrast, if you choose to embrace the prediction of a continued low base rate, in the short to medium term certainly there are some competitive choices. You can of course remain on a low SVR until you see signs of an upward trend, but should you want to exchange you may find that your lender excludes existing borrowers from their best products…
Perhaps you need to take advice here from a mortgage expert? If you don’t know who to ask about this I know that the friendly team at the Overseas Guides Company Resource Centre can recommend someone – give them a call on 0207 898 0549.
But sometimes even for the most experienced broker, there isn’t really a right or wrong answer. However I always feel that two heads are better than one, especially when that second ‘head’ has been concentrating on the mortgage market for years…!
I’m off to have fun – in the sun I hope – with my friend now. Fortunately, because she’s from South Africa, a few cooler days are quite welcome - I hope you are enjoying summer too.
Best wishes,
Carol.
http://www.GreeceBuyingGuide.com
One of the things we are going to do is to see a favourite of mine - Martin Shaw - in a play at the Richmond Theatre. Plus a possible Bat Walk at the Wetland Centre…and there’s a jazz festival at Canary Wharf…whew, I feel tired already!
No matter how canny you are, today it just isn’t easy to predict what’s going to happen in the foreseeable future is it? Take mortgages: after the recent emergency budget, many industry experts are now predicting that the base rate will remain stable at around 0.5% until perhaps the end of 2012 – I even saw 2013 mentioned.
Even Chancellor George Osborne made reference in his budget speech to Bank of England governor Mervyn King’s recent comments that if growth does prove to be slower, interest rates will remain lower. So…for those of you thinking of buying a new home or re-mortgaging, where does this leave you over the next couple of years?
You can take a competitive fixed rate now – and with this you get the ability to budget. For those more risk-averse borrowers who simply want a planned budget, a fixed rate is a highly attractive option. It does mean however that you give up a low standard variable rate (SVR) and ignore the tracker rate linked to the Bank of England base rate.
In contrast, if you choose to embrace the prediction of a continued low base rate, in the short to medium term certainly there are some competitive choices. You can of course remain on a low SVR until you see signs of an upward trend, but should you want to exchange you may find that your lender excludes existing borrowers from their best products…
Perhaps you need to take advice here from a mortgage expert? If you don’t know who to ask about this I know that the friendly team at the Overseas Guides Company Resource Centre can recommend someone – give them a call on 0207 898 0549.
But sometimes even for the most experienced broker, there isn’t really a right or wrong answer. However I always feel that two heads are better than one, especially when that second ‘head’ has been concentrating on the mortgage market for years…!
I’m off to have fun – in the sun I hope – with my friend now. Fortunately, because she’s from South Africa, a few cooler days are quite welcome - I hope you are enjoying summer too.
Best wishes,
Carol.
http://www.GreeceBuyingGuide.com
Friday 6 August 2010
Know Your Credit Card...
Hello there.
I am so excited to have discovered the Canary Wharf free concerts here in London! Every Thursday evening throughout the summer they have something new: last week I saw a real blast from the past: Georgie Fame – yeah yeah! It was great – a clear, lovely evening, music and a few munchies – what could be better?
Enough about me…You are thinking of moving or buying property abroad, and I have no doubt that for those inspection trips etc you have a credit card. If you are like me, a credit card is a credit card…For years I had only one of these pesky little devils, but these days it pays to know the perfect card to pick. They have very different pros and cons and it could cost you a lot of money if you are using the wrong one.
You need to make sure that you are not making new purchases on cards charging expensive rates, paying huge APRs on old debts and missing out on benefits such as cashback.
Right – firstly, what’s APR?
APR stands for Annual Percentage Rate and, under the Consumer Act 1974, it is required to be published for all regulated loans so consumers can quickly and easily compare products.
This means that when advertising any form of credit, the lender should ensure that the APR is more prominent than any other rate.
APR was introduced because the interest rate a lender charges for credit will not accurately reflect the cost to the borrower. For instance, on top of the interest rate, there are other costs to consider such as administration costs, acceptance fees, broker fees and so on. It would be next to impossible for consumers to compare all these costs for every loan. Because an APR takes in all of these extra costs, it will always be higher than the lender’s actual interest rate, but in effect it calculates all the costs for you.
It is important to bear in mind however that unless the loan is fixed, there is no guarantee that the APR won’t change during the duration of the loan. For example, if the Bank of England raises its interest rates, the APR on your credit card will also go up. On the other hand, you will benefit if the Bank cuts its rates.
Remember that any form of credit on today’s market will come with its own set of restrictions, fees, charges and penalties. As a general rule, if you keep up with repayments and settle the loan in the agreed term these will not be a factor. However, if you miss repayments, want to settle early, or deviate in any way from the original agreement it could end up being very expensive.
The 0% balance transfer card is one of the most useful credit cards out there - this card comes with a 0% balance transfer offer that lasts for a set period – sometimes up to 16 months. This means that for 16 months you will pay no interest but chip away at your debt. However, once your 0% period passes, interest is charged on the whole balance…The thing to remember here is that using one card for both paying off old debts and making new purchases is not usually a good idea.
Some credit cards come with 0% on new purchases. Here you need to pay the entire balance off before a certain date. If you don't, your credit card provider will apply a standard APR to your outstanding debt and this could mean sometimes up to 17%!
Then there is the long term, low rate credit card. These are a great option for someone with debts they are unable to clear within a short space of time. The advantage of these cards is that they offer borrowers an affordable interest rate for much longer than the average 0% card - in some cases, for as long as it takes an individual to clear their debt in full.
For instance, one of the banks are offering a long term, low rate credit card that comes with an interest rate of 6.8% APR, and if you transfer a balance to it within 60 days of opening your account your debt will remain at this low rate until every penny of it has been paid off.
Finally there is the Cashback Credit Card. These cards allow you to earn back a proportion of what you spend, potentially netting you a lot of money each year, depending on how much you spend. The most important thing to bear in mind when using a Cashback Card is that you must repay whatever you spend on it in full every month or you could end up not only not making money but paying very high interest rates. With these cards be aware that there is often a figure which you must spend annually to ‘qualify’ for your cashback option.
I hope this has been some help, if only to make you aware that there are choices out here and you need to ask about them before just accepting any credit card offered to you by your bank or financial institution.
Bye for now – I’ll chat next week!
Summer smiles,
Carol
http://www.greecebuyingguide.com/
I am so excited to have discovered the Canary Wharf free concerts here in London! Every Thursday evening throughout the summer they have something new: last week I saw a real blast from the past: Georgie Fame – yeah yeah! It was great – a clear, lovely evening, music and a few munchies – what could be better?
Enough about me…You are thinking of moving or buying property abroad, and I have no doubt that for those inspection trips etc you have a credit card. If you are like me, a credit card is a credit card…For years I had only one of these pesky little devils, but these days it pays to know the perfect card to pick. They have very different pros and cons and it could cost you a lot of money if you are using the wrong one.
You need to make sure that you are not making new purchases on cards charging expensive rates, paying huge APRs on old debts and missing out on benefits such as cashback.
Right – firstly, what’s APR?
APR stands for Annual Percentage Rate and, under the Consumer Act 1974, it is required to be published for all regulated loans so consumers can quickly and easily compare products.
This means that when advertising any form of credit, the lender should ensure that the APR is more prominent than any other rate.
APR was introduced because the interest rate a lender charges for credit will not accurately reflect the cost to the borrower. For instance, on top of the interest rate, there are other costs to consider such as administration costs, acceptance fees, broker fees and so on. It would be next to impossible for consumers to compare all these costs for every loan. Because an APR takes in all of these extra costs, it will always be higher than the lender’s actual interest rate, but in effect it calculates all the costs for you.
It is important to bear in mind however that unless the loan is fixed, there is no guarantee that the APR won’t change during the duration of the loan. For example, if the Bank of England raises its interest rates, the APR on your credit card will also go up. On the other hand, you will benefit if the Bank cuts its rates.
Remember that any form of credit on today’s market will come with its own set of restrictions, fees, charges and penalties. As a general rule, if you keep up with repayments and settle the loan in the agreed term these will not be a factor. However, if you miss repayments, want to settle early, or deviate in any way from the original agreement it could end up being very expensive.
The 0% balance transfer card is one of the most useful credit cards out there - this card comes with a 0% balance transfer offer that lasts for a set period – sometimes up to 16 months. This means that for 16 months you will pay no interest but chip away at your debt. However, once your 0% period passes, interest is charged on the whole balance…The thing to remember here is that using one card for both paying off old debts and making new purchases is not usually a good idea.
Some credit cards come with 0% on new purchases. Here you need to pay the entire balance off before a certain date. If you don't, your credit card provider will apply a standard APR to your outstanding debt and this could mean sometimes up to 17%!
Then there is the long term, low rate credit card. These are a great option for someone with debts they are unable to clear within a short space of time. The advantage of these cards is that they offer borrowers an affordable interest rate for much longer than the average 0% card - in some cases, for as long as it takes an individual to clear their debt in full.
For instance, one of the banks are offering a long term, low rate credit card that comes with an interest rate of 6.8% APR, and if you transfer a balance to it within 60 days of opening your account your debt will remain at this low rate until every penny of it has been paid off.
Finally there is the Cashback Credit Card. These cards allow you to earn back a proportion of what you spend, potentially netting you a lot of money each year, depending on how much you spend. The most important thing to bear in mind when using a Cashback Card is that you must repay whatever you spend on it in full every month or you could end up not only not making money but paying very high interest rates. With these cards be aware that there is often a figure which you must spend annually to ‘qualify’ for your cashback option.
I hope this has been some help, if only to make you aware that there are choices out here and you need to ask about them before just accepting any credit card offered to you by your bank or financial institution.
Bye for now – I’ll chat next week!
Summer smiles,
Carol
http://www.greecebuyingguide.com/
Friday 30 July 2010
Is Greece Encouraging Tourism?
Hello again.
Have you seen the Grace Kelly exhibition at the V & A recently? I haven’t, but I did go along to a talk by her friend and biographer Donald Spoto. He gave a fascinating insight into the real person behind the iconic image – it was so interesting. There’s always something to do in London isn’t there?
Thinking about my blog for this week, I popped on to Internet, just in case there was something I thought we all really should know about in Greece. There I was struck by the absurdity of it all. In bold headlines, on a news-driven site was the following:
“A new advertising campaign supporting Greek tourism has been created…The three different spots of the campaign first appeared on television on July 20th. There are lyrics about Greece from famous poets such as Odysseus Elytis, Yannis Ritsos and Lorentzos Mavilis. The campaign was presented in a press conference in collaboration with the Ministry of Culture and Tourism on July 26th.”
So they are trying to encourage tourism. And right next to that, in smaller print, was: “Queues at petrol stations”; this as consumers feared petrol shortages as a result of truck owners’ strikes. Then there was “Delays and cancellations of flights”; all about domestic and international flights in and out of Greece facing serious delays because of an air traffic controllers’ 24 hour strike – this despite it being declared illegal by the courts. Those involved said that they are seeking higher wages and the recruitment of more staff and that they will continue with their strike actions. Then there was mention of the dockside workers strikes too…
Now, I am by no means an expert on these matters, but here’s a rather naive question. If people stop visiting Greece altogether, after being endlessly irritated and inconvenienced by disrupted itineraries while on holiday in Greece, will these workers have jobs AT ALL? I mean, the Acropolis was closed recently because the ticket office was on strike…go figure. The Greek Association of Tourism and Travel Agents (HATTA) warned that continuing strikes “would be the nail in the coffin of what is left of the Greek tourism sector this year.” I hope someone is listening out there and that some consideration is given to that money generator, the tourist – i.e. you and me!
I hastily point out that I am talking about a country I really love, one that I would adore to live in and, in fact, have made it my job to encourage people both to work and to buy property in. But…get real. Times are hard, and we all need to get our heads down and work hard to get out of this recession. Is this the right way to go about it? Personally, I think not.
However, I have to say that I am thinking of going over to Greece soon. I will go with a flexible attitude and I will definitely get rebated hotel/B & B prices. I believe Athens is not nearly as crowded as usual and that tours to places on the mainland like Delphi and Sunion are not nearly as fully booked as they usually are this time of the year so that at least is a plus.
Also, if you are planning to view properties I would suggest things have played right into your hands. At this time of the year it is often impossible to get an appointment with an estate agent – I suggest that you may just get lucky this summer! Also it will give you a good idea of accessibility during the hard times – always a good idea. You can suss out how your area has been affected by the recent strikes and upheavals – something that it may be wise to bear in mind for the future.
Do let me know if you plan to go - and if so where. Or if you have been already, how did you find things?
All for this week – talk soon!!
Carol.
Have you seen the Grace Kelly exhibition at the V & A recently? I haven’t, but I did go along to a talk by her friend and biographer Donald Spoto. He gave a fascinating insight into the real person behind the iconic image – it was so interesting. There’s always something to do in London isn’t there?
Thinking about my blog for this week, I popped on to Internet, just in case there was something I thought we all really should know about in Greece. There I was struck by the absurdity of it all. In bold headlines, on a news-driven site was the following:
“A new advertising campaign supporting Greek tourism has been created…The three different spots of the campaign first appeared on television on July 20th. There are lyrics about Greece from famous poets such as Odysseus Elytis, Yannis Ritsos and Lorentzos Mavilis. The campaign was presented in a press conference in collaboration with the Ministry of Culture and Tourism on July 26th.”
So they are trying to encourage tourism. And right next to that, in smaller print, was: “Queues at petrol stations”; this as consumers feared petrol shortages as a result of truck owners’ strikes. Then there was “Delays and cancellations of flights”; all about domestic and international flights in and out of Greece facing serious delays because of an air traffic controllers’ 24 hour strike – this despite it being declared illegal by the courts. Those involved said that they are seeking higher wages and the recruitment of more staff and that they will continue with their strike actions. Then there was mention of the dockside workers strikes too…
Now, I am by no means an expert on these matters, but here’s a rather naive question. If people stop visiting Greece altogether, after being endlessly irritated and inconvenienced by disrupted itineraries while on holiday in Greece, will these workers have jobs AT ALL? I mean, the Acropolis was closed recently because the ticket office was on strike…go figure. The Greek Association of Tourism and Travel Agents (HATTA) warned that continuing strikes “would be the nail in the coffin of what is left of the Greek tourism sector this year.” I hope someone is listening out there and that some consideration is given to that money generator, the tourist – i.e. you and me!
I hastily point out that I am talking about a country I really love, one that I would adore to live in and, in fact, have made it my job to encourage people both to work and to buy property in. But…get real. Times are hard, and we all need to get our heads down and work hard to get out of this recession. Is this the right way to go about it? Personally, I think not.
However, I have to say that I am thinking of going over to Greece soon. I will go with a flexible attitude and I will definitely get rebated hotel/B & B prices. I believe Athens is not nearly as crowded as usual and that tours to places on the mainland like Delphi and Sunion are not nearly as fully booked as they usually are this time of the year so that at least is a plus.
Also, if you are planning to view properties I would suggest things have played right into your hands. At this time of the year it is often impossible to get an appointment with an estate agent – I suggest that you may just get lucky this summer! Also it will give you a good idea of accessibility during the hard times – always a good idea. You can suss out how your area has been affected by the recent strikes and upheavals – something that it may be wise to bear in mind for the future.
Do let me know if you plan to go - and if so where. Or if you have been already, how did you find things?
All for this week – talk soon!!
Carol.
Friday 23 July 2010
Make Sure You Use An Independent Lawyer
Hello again.
My daughter was in town last week so that was really exciting…and the best thing of all was that we went to a Will Young concert at Kenwood House!
Well, I thought it was the best thing – my cool kids were a trifle disconcerted at first but to their enormous embarrassment they LOVED Will! Evidently he’s not considered particularly cool but the great music and his relaxed charm won them over, as I knew it would. It was a warm, clear evening and my daughter had put together a picnic of all my favourite things – smoked salmon, prawns, a few glasses of wine…it was great sitting on the lawn just soaking up the lovely summer evening and the listening to Will’s dulcet tones, surrounded by like-minded people.
On to more serious matters. In my years with the OGC, I have spoken to lots of people buying abroad, most of whom were thrilled with the outcome, but sadly there have been a few that have had tragic tales to tell.
One such couple had bought the holiday home of their dreams, with lovely views of the sea, and were excitedly planning regular visits accompanied by their children and grandchildren. You can imagine their horror when they visited their property as it neared completion only to discover that a block of flats had been erected which totally obscured their sea view. I must say I was utterly heartbroken on their behalf. Here is another tale, as emailed to me:
“…none of our documents were translated by our English speaking lawyer, introduced by the agent! (I know - classic mistake and one we are paying for in stress and also money!). We thought we had bought a house complete with the land, but our documents tell a different story which is that we bought the land for one price. We then bought the shell of the building and employed the builder to complete the house (he still hasn't). This contract also states that if the builder does not get his money then he can sell the house and take everything in it (about £30,000’s worth of furniture and fittings).”
Why am I telling you all this?
If there is one ‘classic mistake’ that I have identified more than once, it is that people do not use the services of an independent lawyer, thoroughly conversant in English. This really is absolutely vital: retain your own lawyer and do not, under any circumstances, use one recommended by the seller or developer unless you can get personal recommendations from other people who have used him/her successfully. If you do, you may well find that such a lawyer will have conflicting loyalties. You don’t have to be a rocket scientist to know who they will ultimately look after - you, with your one-of purchase, or the estate agent/developer, with whom they do business on a regular basis. It’s a no-brainer.
Suffice it to say that if both these buyers had used good, thorough lawyers both the above set of circumstances could and indeed should have been avoided.
You also need to make very sure that you understand every word on the contract and that you’re paying as building stages are reached if you are buying off plan. That way you can’t be forced to pay by a certain time. I have heard of people paying almost the full price on a property before the builder has even started the build – it’s a very old con and one that still catches people out.
Please don’t neglect to do the things that you as a buyer would routinely do in the UK…as mentioned, retain your own lawyer, and also make sure you have all documents translated so that you can read and fully understand them and that you get personal references on all builders and developers that you use. A survey would also be on my ‘to-do- list.
I would love to hear how your plans to buy property are coming along. Also, there is masses on really detailed information in the OGC Buying Guides – I have put them all in case you may know someone interested in buying elsewhere! Just go to:
http://www.GreeceBuyingGuide.com/guide.htm
http://www.ItalyBuyingGuide.com/guide.htm
http://www.FranceBuyingGuide.com/guide.htm
http://www.PortugalBuyingGuide.com/guide.htm
http://www.EmigrationGuide.com/guide.htm
Best regards and a sunny smile from me – I am off boating down the canals in my friend’s longboat again!
Carol.
http://www.greecebuyingguide.com
My daughter was in town last week so that was really exciting…and the best thing of all was that we went to a Will Young concert at Kenwood House!
Well, I thought it was the best thing – my cool kids were a trifle disconcerted at first but to their enormous embarrassment they LOVED Will! Evidently he’s not considered particularly cool but the great music and his relaxed charm won them over, as I knew it would. It was a warm, clear evening and my daughter had put together a picnic of all my favourite things – smoked salmon, prawns, a few glasses of wine…it was great sitting on the lawn just soaking up the lovely summer evening and the listening to Will’s dulcet tones, surrounded by like-minded people.
On to more serious matters. In my years with the OGC, I have spoken to lots of people buying abroad, most of whom were thrilled with the outcome, but sadly there have been a few that have had tragic tales to tell.
One such couple had bought the holiday home of their dreams, with lovely views of the sea, and were excitedly planning regular visits accompanied by their children and grandchildren. You can imagine their horror when they visited their property as it neared completion only to discover that a block of flats had been erected which totally obscured their sea view. I must say I was utterly heartbroken on their behalf. Here is another tale, as emailed to me:
“…none of our documents were translated by our English speaking lawyer, introduced by the agent! (I know - classic mistake and one we are paying for in stress and also money!). We thought we had bought a house complete with the land, but our documents tell a different story which is that we bought the land for one price. We then bought the shell of the building and employed the builder to complete the house (he still hasn't). This contract also states that if the builder does not get his money then he can sell the house and take everything in it (about £30,000’s worth of furniture and fittings).”
Why am I telling you all this?
If there is one ‘classic mistake’ that I have identified more than once, it is that people do not use the services of an independent lawyer, thoroughly conversant in English. This really is absolutely vital: retain your own lawyer and do not, under any circumstances, use one recommended by the seller or developer unless you can get personal recommendations from other people who have used him/her successfully. If you do, you may well find that such a lawyer will have conflicting loyalties. You don’t have to be a rocket scientist to know who they will ultimately look after - you, with your one-of purchase, or the estate agent/developer, with whom they do business on a regular basis. It’s a no-brainer.
Suffice it to say that if both these buyers had used good, thorough lawyers both the above set of circumstances could and indeed should have been avoided.
You also need to make very sure that you understand every word on the contract and that you’re paying as building stages are reached if you are buying off plan. That way you can’t be forced to pay by a certain time. I have heard of people paying almost the full price on a property before the builder has even started the build – it’s a very old con and one that still catches people out.
Please don’t neglect to do the things that you as a buyer would routinely do in the UK…as mentioned, retain your own lawyer, and also make sure you have all documents translated so that you can read and fully understand them and that you get personal references on all builders and developers that you use. A survey would also be on my ‘to-do- list.
I would love to hear how your plans to buy property are coming along. Also, there is masses on really detailed information in the OGC Buying Guides – I have put them all in case you may know someone interested in buying elsewhere! Just go to:
http://www.GreeceBuyingGuide.com/guide.htm
http://www.ItalyBuyingGuide.com/guide.htm
http://www.FranceBuyingGuide.com/guide.htm
http://www.PortugalBuyingGuide.com/guide.htm
http://www.EmigrationGuide.com/guide.htm
Best regards and a sunny smile from me – I am off boating down the canals in my friend’s longboat again!
Carol.
http://www.greecebuyingguide.com
Friday 16 July 2010
Why Still Holiday in Greece?
Hello – how are you? This is a happy week for me as my daughter is in town. She lives in Dubai and is here to complete a course module for her studies. She arrived in London hoping to escape the heat in Dubai, only to be met with uncharacteristically hot weather here! I did warn her in advance – but do kids ever listen to their mothers? Thank heavens it’s cooling down a little now, for both our sakes!
Are you off to Greece this summer? A number of people have asked me whether I think it’s a good idea to go, given the strikes that seem to have become a regular occurrence…
Frankly, my answer is yes. For a start, there are far fewer tourists in town – it reminds me of when there was a Gadafi-related problem years ago and there was barely a tourist in the whole country. I am sure they were sorely missed by local hotel and restaurant owners but it certainly made visiting the Acropolis bliss! Tourism numbers have definitely dropped so queues are shorter and doing all the wonderful touristy things are just so much easier.
Then there is the Greek government’s offer to compensate tourists affected by industrial action. They have committed to pay up to €70 (£58) a day to cover costs incurred because of strikes, a sign of just how seriously they are taking the threat to the tourist industry.
And for good reason: tourism accounts for one in five jobs in Greece and nearly 20% of its GDP. The Brits are second only to the Germans here and are being especially courted, with the tourism ministry going so far as to create a Greek beach on the bank of the river Thames recently! They used 350 tons of real Greek sand to build a real Greek beach beside the River Thames in June at London’s South Bank’s riverside walkway by Gabriel’s Wharf, along with Greek food and entertainment. There’s no doubt in my mind that everything that can be done to help tourists will be done.
My suggestion is to perhaps stick to mainland Greece instead of the islands: ferries and local flights are particularly badly affected when there are strikes. You may want to try the Peloponnese for example - there are some wonderful seaside resorts along the coast. I personally love Monemvassia, not for beaches but for pure historical charm. And another of my wonderful discoveries is Xylokastro, right on the Corinthian Bay in the Peloponnese, on the way from Athens or Corinth to Patras.
I stayed at Le Convivial Luxury Suites & Spa – it’s near both the sea and the mountains, an hour’s drive from Athens (I took a bus) and within a short distance of some of the most important archaeological sites in Greece. In fact, the hotel’s clientele is often made up of academics, archaeologists and historians who use it as a jumping-off point for ancient sites in the region, including Epidavros, Nemea, Mycenae, ancient Corinth, ancient Olympia and Delphi. Plus Xylokastro has a wonderful small town atmosphere and a lovely beach – the photos show the spa in the hotel and the views from a local restaurant… what more could you want? You can travel either by hired car or by bus, as I did.
And if you are thinking of buying a property in Greece, property experts are looking at a projected drop of 30% in the prices for the next two years. Some sources go as far as to say that property deals decreased by 60% and brokers are not expecting the market situation to improve before the second half of 2012. This means that prices will be down. It also means that you will really need to concentrate on accessibility – always important but never more so than now. I write a monthly Greece Buying Guide newsletter and I am dedicating my end July/ early August one to transport within Greece – you may like to look at it. Just go to: http://www.greecebuyingguide.com/greece_news.htm around about 29th July.
Chat next week – ’bye for now!
Carol.
Are you off to Greece this summer? A number of people have asked me whether I think it’s a good idea to go, given the strikes that seem to have become a regular occurrence…
Frankly, my answer is yes. For a start, there are far fewer tourists in town – it reminds me of when there was a Gadafi-related problem years ago and there was barely a tourist in the whole country. I am sure they were sorely missed by local hotel and restaurant owners but it certainly made visiting the Acropolis bliss! Tourism numbers have definitely dropped so queues are shorter and doing all the wonderful touristy things are just so much easier.
Then there is the Greek government’s offer to compensate tourists affected by industrial action. They have committed to pay up to €70 (£58) a day to cover costs incurred because of strikes, a sign of just how seriously they are taking the threat to the tourist industry.
And for good reason: tourism accounts for one in five jobs in Greece and nearly 20% of its GDP. The Brits are second only to the Germans here and are being especially courted, with the tourism ministry going so far as to create a Greek beach on the bank of the river Thames recently! They used 350 tons of real Greek sand to build a real Greek beach beside the River Thames in June at London’s South Bank’s riverside walkway by Gabriel’s Wharf, along with Greek food and entertainment. There’s no doubt in my mind that everything that can be done to help tourists will be done.
My suggestion is to perhaps stick to mainland Greece instead of the islands: ferries and local flights are particularly badly affected when there are strikes. You may want to try the Peloponnese for example - there are some wonderful seaside resorts along the coast. I personally love Monemvassia, not for beaches but for pure historical charm. And another of my wonderful discoveries is Xylokastro, right on the Corinthian Bay in the Peloponnese, on the way from Athens or Corinth to Patras.
I stayed at Le Convivial Luxury Suites & Spa – it’s near both the sea and the mountains, an hour’s drive from Athens (I took a bus) and within a short distance of some of the most important archaeological sites in Greece. In fact, the hotel’s clientele is often made up of academics, archaeologists and historians who use it as a jumping-off point for ancient sites in the region, including Epidavros, Nemea, Mycenae, ancient Corinth, ancient Olympia and Delphi. Plus Xylokastro has a wonderful small town atmosphere and a lovely beach – the photos show the spa in the hotel and the views from a local restaurant… what more could you want? You can travel either by hired car or by bus, as I did.
And if you are thinking of buying a property in Greece, property experts are looking at a projected drop of 30% in the prices for the next two years. Some sources go as far as to say that property deals decreased by 60% and brokers are not expecting the market situation to improve before the second half of 2012. This means that prices will be down. It also means that you will really need to concentrate on accessibility – always important but never more so than now. I write a monthly Greece Buying Guide newsletter and I am dedicating my end July/ early August one to transport within Greece – you may like to look at it. Just go to: http://www.greecebuyingguide.com/greece_news.htm around about 29th July.
Chat next week – ’bye for now!
Carol.
Friday 9 July 2010
Money Saving Tips Abroad
Hi there – how are you?
I never, in my wildest dreams, imagined that I would be hoping for a cloudy, cool day here in London. While my friends were here and Wimbledon was on, it would have been a tad churlish to wish for overcast skies but this week at last I welcome the cooler weather!
Are you going away this summer? Whether you are looking to buy a property abroad or just joining the steadily declining number of holiday makers overseas, there is no doubt that financial restraints have meant that tourism has dropped. Most of us or having to tighten our belts and count the pennies, to use two clichés in one sentence! Not only is getting out there more costly but accommodation is stretching budgets too, so here are a few of my own tips for saving money next time you are abroad:
Food shopping
Bye for another week – take care!
Carol.
http://www.greecebuyingguide.com
I never, in my wildest dreams, imagined that I would be hoping for a cloudy, cool day here in London. While my friends were here and Wimbledon was on, it would have been a tad churlish to wish for overcast skies but this week at last I welcome the cooler weather!
Are you going away this summer? Whether you are looking to buy a property abroad or just joining the steadily declining number of holiday makers overseas, there is no doubt that financial restraints have meant that tourism has dropped. Most of us or having to tighten our belts and count the pennies, to use two clichés in one sentence! Not only is getting out there more costly but accommodation is stretching budgets too, so here are a few of my own tips for saving money next time you are abroad:
Food shopping
- It’s true that there are usually some lovely specialist stores nearby but prices can be on the high side if there is little competition in rural areas. It may be wise to consider shopping online if you can. This will mean that you can compare pricing and buy cheaper plus you will be less inclined to impulse buy!
- You could also find out if they have something like special offers or ‘double point’s days’ at your local supermarket and make an effort only to shop on those days. Also have a look at the items in the section for ‘nearing sell by date’. I have had lots of success here – things are sometimes quite dramatically reduced and are absolutely fine if you are going to eat them straight away or freeze them
- Last but by no means least, make a point of using your local fresh produce market for the bulk of your general day to day fruit and veggies if there is one in the vicinity. You may have to queue at the popular stalls but produce is usually cheaper and often much better than at the supermarkets
- Once you have your own property, think about growing your own vegetables. Some friends of mine have a small plot and were absolutely delighted this year to be able to pick the most wonderful green beans, potatoes and tomatoes from their own garden. It is tremendous fun to watch something you have planted grow from seed and not difficult to achieve
- Invest in a water butt to catch rainwater for your garden
Car boot and bric-a-brac sales
- Every village or town has one or more. Look out for adverts in your supermarket and patronise these – you will be surprised what you can find.
- Good insulation helps cut heating bills down in winter and air con. Bills in summer. Sealing outside doors also helps here
- A wood burning stove and/or an open fire may well be all you need for many of the winter months instead of more costly central heating
- Remember to turn off your TV, PC and mobile phone charger when not in use – from the wall and not just on the remote! A little goes a long way in saving you money!
- Both petrol and diesel are usually cheaper at supermarkets. Try to avoid motorway service stations if you possibly can, they can be quite a bit more expensive
- This is always worth looking into properly. You need to look at the cover you have as well as any excess and compare to other companies
- This is vital. Communication with your neighbours, local shopkeepers and new friends is vital, not only for your peace of mind and happiness but for helping you to save money on your general living expenses. When I first bought my house abroad a kind neighbour told me where to get the very freshest bread in the morning which also happened to be a little cheaper than the bakery I had been going to. OK, a small point but a good example of how integration can help you in so many ways. So don’t be shy, socialise as much as you can and both you and your pocket are bound to benefit!
Bye for another week – take care!
Carol.
http://www.greecebuyingguide.com
Friday 2 July 2010
Make YOUR financial plan come together….
Hi there.
Well, miracles DO happen! Can you believe the wonderful weather Wimbledon experienced in the run-up to the finals? As I may have mentioned, friends of mine came from South Africa and the USA to watch, and their chief concern was that they didn’t get sunburnt – not a problem usually encountered at Wimbledon! And what a gripping series it is, with the both the men’s and the woman’s favourites out – unbelievable.
I heard recently that they were doing a remake of that classic TV series, The A Team…I know it was ridiculous, but somehow it reminds me of my kid’s childhood, of a less sophisticated era when we all clustered around the TV together to watch instead of the family being spread throughout the house, each at their own computer or laptop.
Remember the catch-phrase – ‘I love it when a plan comes together?’ Well, wouldn’t it be wonderful to jet away to your place in the sun for your summer break, all your plans having come together? If only buying abroad was that easy….or is it? Well, thousands of us Brits do so every year according to the statistics – why not become one of them?
However, has the family agreed on the motive for buying? Is it a heart pounding, emotional fuelled, lifestyle purchase? Or is it a level-headed, pragmatic, money making decision? The majority of people probably want it all - the best of both worlds. However, that peaceful mountain retreat might not rent like the hedonistic beach front apartment…or should it be the city centre apartment which could rent well…but then…do you really want to stay in the business district yourself?
Whatever motivates your purchase, there are certain concerns that you should bear in mind, one of the most important being what financial liability are you taking on and if you can afford it. The papers have been full of property market crashes around the world – indeed mortgages were one of the main factors in many of the bank’s problems.
With 80% of overseas purchases being mortgaged, you need to make sure you choose the correct bank to fund your purchase. This can save you thousands in the long run. Do you need a bank that can facilitate re-finance? What about over-payments, what about off-setting income against mortgage costs? Is there a robust legal process and who should represent you? Cut costs here and you could lose the lot. Also, have you considered what type of property rents well in your chosen area: apartments or villas? Is there a glut of rentable property in the area you are looking at? These and many other factors need serious consideration upfront.
The bottom line is that all of the above involves money and lots of it, so talking to professionals is key. This is a big commitment with big responsibilities. How does it fit into your overall financial plan? Speak to financial advisors who have overseas property experience (not all do), and are familiar with property investment strategies. Understanding the full financial commitment you are taking on, you can then feel confident that you are buying within your budget and not be in for any shocks along the way.
Your plan will only come together only if you actually have one…and then stick to it! Even when buying the holiday home of your dreams the numbers must work… you must understand them, work them out in advance, and then confidently buy, knowing that you have catered for every contingency.
Take care in the week ahead and enjoy the summer sun!
Best,
Carol.
http://www.greecebuyingguide.com
Well, miracles DO happen! Can you believe the wonderful weather Wimbledon experienced in the run-up to the finals? As I may have mentioned, friends of mine came from South Africa and the USA to watch, and their chief concern was that they didn’t get sunburnt – not a problem usually encountered at Wimbledon! And what a gripping series it is, with the both the men’s and the woman’s favourites out – unbelievable.
I heard recently that they were doing a remake of that classic TV series, The A Team…I know it was ridiculous, but somehow it reminds me of my kid’s childhood, of a less sophisticated era when we all clustered around the TV together to watch instead of the family being spread throughout the house, each at their own computer or laptop.
Remember the catch-phrase – ‘I love it when a plan comes together?’ Well, wouldn’t it be wonderful to jet away to your place in the sun for your summer break, all your plans having come together? If only buying abroad was that easy….or is it? Well, thousands of us Brits do so every year according to the statistics – why not become one of them?
However, has the family agreed on the motive for buying? Is it a heart pounding, emotional fuelled, lifestyle purchase? Or is it a level-headed, pragmatic, money making decision? The majority of people probably want it all - the best of both worlds. However, that peaceful mountain retreat might not rent like the hedonistic beach front apartment…or should it be the city centre apartment which could rent well…but then…do you really want to stay in the business district yourself?
Whatever motivates your purchase, there are certain concerns that you should bear in mind, one of the most important being what financial liability are you taking on and if you can afford it. The papers have been full of property market crashes around the world – indeed mortgages were one of the main factors in many of the bank’s problems.
With 80% of overseas purchases being mortgaged, you need to make sure you choose the correct bank to fund your purchase. This can save you thousands in the long run. Do you need a bank that can facilitate re-finance? What about over-payments, what about off-setting income against mortgage costs? Is there a robust legal process and who should represent you? Cut costs here and you could lose the lot. Also, have you considered what type of property rents well in your chosen area: apartments or villas? Is there a glut of rentable property in the area you are looking at? These and many other factors need serious consideration upfront.
The bottom line is that all of the above involves money and lots of it, so talking to professionals is key. This is a big commitment with big responsibilities. How does it fit into your overall financial plan? Speak to financial advisors who have overseas property experience (not all do), and are familiar with property investment strategies. Understanding the full financial commitment you are taking on, you can then feel confident that you are buying within your budget and not be in for any shocks along the way.
Your plan will only come together only if you actually have one…and then stick to it! Even when buying the holiday home of your dreams the numbers must work… you must understand them, work them out in advance, and then confidently buy, knowing that you have catered for every contingency.
Take care in the week ahead and enjoy the summer sun!
Best,
Carol.
http://www.greecebuyingguide.com
Friday 25 June 2010
Renovations
Hey there!
Even I, renowned as I am for a serious allergy to sport, have been caught up in the current sports mania. Okay I don’t actually watch it – that would be going too far – but I have become interested in the fate of Laura Robson, Andy Murray and those vastly overpaid soccer boys. On that subject however, dare I express a wish that Becks was there? It would make watching so much more enjoyable - even I might be tempted to do so…!
Moving on…literally! Chatting to a property expert a few days ago, she was commenting on how enthusiastically the Brits embrace a renovation project. And, in this day and age of concrete monstrosities, sometimes older properties have a very real charm that is hard to resist. This is all reinforced by movies (and I use the word ‘movie’ advisedly - it’s such a Hollywood concept somehow) such as Under the Tuscan Sun that make the whole process one long, romantic adventure…and of course it can be. In Under the Tuscan Sun a series of serendipitous events bring our heroine to a lovely yet dilapidated villa in beautiful Tuscany. Fast forward through a variety of interesting characters - Polish workers, Italian neighbors and an aging British actress - to the inevitable new love in her life…
Sounds great but let’s face it, the whole process usually entails a lot of hard work, more expense than one had at first budgeted for and a number of fraught, stress-inducing experiences along the way.
I have put together a few tips that may just help if you are thinking of going this route:
- One of the reasons often given for buying a renovation project is that it is ‘so much cheaper’ than a home in good condition. Stop right there – is it? And that’s tip 1: always do your sums – before you actually sign on the dotted line. Put together a separate renovation budget and then always factor in additional funding to cover those unexpected costs that almost always raise their ugly heads.
Knowing how much you’re able to spend on the renovation really helps when it comes to choosing a property. If a home needs major structural work and that’s not within your budget, the property may not be right no matter how low the asking price. Always know the full extent of the necessary renovations. Once you know what’s needed, determine the work you can handle and what you’ll need to contract out – then cost it
- Watch out for a suspiciously low priced properties, especially if they have been on the market for a while. There’s usually a reason for that low price…and you need to know what it is
- It is vital that you seek expert local advice. Unless you are able to do all the work yourself, obtain quotes from area professionals
- Check that you are allowed to make the changes that you require. Your idyllic property may just happen to fall within a conservation area that comes with stringent planning restrictions, and even more severe sanctions imposed for breaching them! Or your home might be within an area of significant archaeological interest - which could mean saying goodbye to your plans to built a pool for those scorching summer days
- Factor in to your calculations that renovation permits can add time delays as well as unexpected costs
- Also make sure of the safety aspects of your old property. Is it located in and around an earthquake zone? This could seriously affect your insurance premiums, not to mention the structural considerations and requirements you will need to adhere to when making changes to the building
Let me know if you decide to tackle a renovation project won’t you – I would be fascinated to hear all about it.
All for now: on Wednesday a friend has asked me to join her on a ‘makeover’ two-for - a renovation project of my very own! One paid (by her), one free (for me)! Wish me luck…
Best wishes,
Carol.
http://www.greecebuyingguide.com
Even I, renowned as I am for a serious allergy to sport, have been caught up in the current sports mania. Okay I don’t actually watch it – that would be going too far – but I have become interested in the fate of Laura Robson, Andy Murray and those vastly overpaid soccer boys. On that subject however, dare I express a wish that Becks was there? It would make watching so much more enjoyable - even I might be tempted to do so…!
Moving on…literally! Chatting to a property expert a few days ago, she was commenting on how enthusiastically the Brits embrace a renovation project. And, in this day and age of concrete monstrosities, sometimes older properties have a very real charm that is hard to resist. This is all reinforced by movies (and I use the word ‘movie’ advisedly - it’s such a Hollywood concept somehow) such as Under the Tuscan Sun that make the whole process one long, romantic adventure…and of course it can be. In Under the Tuscan Sun a series of serendipitous events bring our heroine to a lovely yet dilapidated villa in beautiful Tuscany. Fast forward through a variety of interesting characters - Polish workers, Italian neighbors and an aging British actress - to the inevitable new love in her life…
Sounds great but let’s face it, the whole process usually entails a lot of hard work, more expense than one had at first budgeted for and a number of fraught, stress-inducing experiences along the way.
I have put together a few tips that may just help if you are thinking of going this route:
- One of the reasons often given for buying a renovation project is that it is ‘so much cheaper’ than a home in good condition. Stop right there – is it? And that’s tip 1: always do your sums – before you actually sign on the dotted line. Put together a separate renovation budget and then always factor in additional funding to cover those unexpected costs that almost always raise their ugly heads.
Knowing how much you’re able to spend on the renovation really helps when it comes to choosing a property. If a home needs major structural work and that’s not within your budget, the property may not be right no matter how low the asking price. Always know the full extent of the necessary renovations. Once you know what’s needed, determine the work you can handle and what you’ll need to contract out – then cost it
- Watch out for a suspiciously low priced properties, especially if they have been on the market for a while. There’s usually a reason for that low price…and you need to know what it is
- It is vital that you seek expert local advice. Unless you are able to do all the work yourself, obtain quotes from area professionals
- Check that you are allowed to make the changes that you require. Your idyllic property may just happen to fall within a conservation area that comes with stringent planning restrictions, and even more severe sanctions imposed for breaching them! Or your home might be within an area of significant archaeological interest - which could mean saying goodbye to your plans to built a pool for those scorching summer days
- Factor in to your calculations that renovation permits can add time delays as well as unexpected costs
- Also make sure of the safety aspects of your old property. Is it located in and around an earthquake zone? This could seriously affect your insurance premiums, not to mention the structural considerations and requirements you will need to adhere to when making changes to the building
Let me know if you decide to tackle a renovation project won’t you – I would be fascinated to hear all about it.
All for now: on Wednesday a friend has asked me to join her on a ‘makeover’ two-for - a renovation project of my very own! One paid (by her), one free (for me)! Wish me luck…
Best wishes,
Carol.
http://www.greecebuyingguide.com
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