Hello there!
What a week I have had! One of the things I did was to go on an arranged walk to Belgravia, here in London, which promised to visit Chester Square among other places.
The reason I wanted to see Chester Square comes down to what I thought was a rather amusing experience I once had. Very many years ago now, my husband and I had befriended a young English chap, Nick. He had popped in for dinner at our home in South Africa and stayed for 6 months!
Anyway, fast forward to a number of years later in London and his rather pompous brother, whom I had not met, was to collect me for a lunch with Nick. He phoned to get directions from me and I could hear by his voice that he thought I was a rather common-place ex-Colonial type. I happened to be staying with a friend of my Dad’s - an ex-Air Force friend - who had ‘made good’ and lived in one of the best addresses in London, where Roman Abramovich now lives and where houses are among the most expensive anywhere in the world, costing up to £125 million.
“Chester Square, Belgravia” I said; “Do you know where that is?”
There was a long pause…and then he answered “Yes, I know where THAT is.” It was a very satisfying moment…I must admit I had a bit of a giggle!
Back to buying abroad.
Watching the news and reading the newspapers, there is a very definite sense that the economic stresses of the past while are still with us. Many people are foregoing those expensive cruises or hotel holidays in favour of renting a home abroad for the family. If you have either bought a home abroad or are planning to do so, and you are thinking of renting it out, then you need to be aware of a number of things if you want it to rent out quickly and easily.
Location is of major importance, but a close second is how your holiday home abroad is presented - people are strongly influenced by their immediate impression of your home. I don’t know whether you watch those TV programmes like ‘House Doctor’, but I found myself thinking that there is a great deal of truth to what they reveal. Plus there are a few extra touches that can make all the difference and keep people coming back to your home year after year. Here are a few ideas to get you started:
- When buying, be aware that people do not want to spend hours getting to a place. It must be easily accessible if renting it out is your main objective
- Think clearly about why people are coming to the country. If it’s for sunny weather and beaches, then you must be near the beach. Also, the expense of a pool may well pay dividends
- It needs to be near shops, restaurants and transport. You may like seclusion but most people require facilities relatively close to hand
- You need someone reliable locally to clean and change bedding etc. and to assist with any problems that may occur: burst geysers and so on cannot be dealt with from the UK!
- Before you think about renting your home out, stay there for at least a week or two. Test out what it would be like for a guest, what they require and how you could make it more pleasant so that they want to return time after time
- Before they set off, send them an email or pack with directions as to how to get to your home plus names of car rental companies or how to get there via local transport
- Make up a welcome pack to greet them on arrival: pop in things like transport amenities and timetables, flyers for local pubs and restaurants, a list of annual festivities or fairs and emergency phone numbers. Plus perhaps the name and phone number of a cleaner should they want to use one. Always have milk and a bottle of wine waiting in the fridge to welcome your guests…it’s amazing how these small things will give the impression that your guests are important to you
- Leave a form asking for feedback. This is essential as it will give you a clear indication if you are getting it right
- Decorate your home in a simple yet welcoming way. It should be as relaxing and stylish as a hotel. Neutral colours are cool and inoffensive – you can introduce splashes of colour with pictures. Ikea is King when it comes to decorating touches, but good, sturdy furniture will last longest and give fewer problems in the long run.
- Remember too that the very last thing guests will want to do is to be constantly cleaning. There must be a hardy dishwasher and a washing machine. Hard floor surfaces are best, where a quick sweep will do the trick. Guests are often wet from the pool or the beach and greasy from sun lotion, so sofas and chairs need to be easily laundered and robust – perhaps throws may be a good idea? Simple shutters could be a great idea rather than curtains that need to be laundered. I personally now have blinds at home: I love the sleek look and I became very tired of bulky, grubby curtains.
I would say “Good luck”, but that is the point. You need to take the ‘luck’ aspect out of the whole process and work towards a recipe that ensures certain rentals and repeat business on an ongoing basis.
Bye for now and I hope this has been helpful!
Carol
http://www.greecebuyingguide.com
Friday 30 April 2010
Friday 23 April 2010
Wills and Inheritance Taxes...
Hello there.
A deathly hush fell over my flat recently. Yes, you’ve guessed it: I live in Fulham, directly on the flight path to Heathrow Airport! It really drew attention to the volume of noise that we have subconsciously adapted to and no longer consciously hear. I must confess to feeling a little guilty, enjoying the quiet so much as millions of passengers suffered. As I write, the sky is again filled with vapour tails – which I love – and noise, which I don’t!!
Lying in my bed a few nights ago, I suddenly remembered something that I just must share with you. It’s kinda dreary – it’s not meant to be but hey…we cannot be ostriches with our heads in the sand forever! It’s this: if you are buying property in Greece you need to make sure that it is covered in your will. Speaking to a Greek lawyer a while back, he recommended that you lodge a will with a Greek lawyer concerning your Greek property. This even if you are still a UK citizen, just to ensure that there are no problems – you can also have another will lodged in the UK. Remember however to make note of this in your British will and not to contradict anything in either will!
It was this same lawyer who sorted out years of inheritance problems for someone I had been chatting to. It can all get very long-winded and very costly so the clearer you set out everything in your will the easier it will be for your beneficiaries. It’s also great to have someone on the spot in Greece who knows the terms of the will and who is conversant with Greek law plus who knows the property so that they can help.
I am not going to go into all the legal details - a lawyer can do that so much better than I can. Suffice it to say that, in terms of inheritance tax, citizenship is immaterial if you inherit property in Greece - you pay inheritance taxes on the property according to the rates which pertain in Greece. The law says that if the deceased was a British citizen and has a legal will in the UK then it's UK law which will determine what beneficiaries will receive according to the will, but the inheritance tax on property in Greece will be decided in Greece.
There have been enormous changes made in inheritance tax if someone dies after 19th January 2010.
The tax office in about 90% of cases uses the "objective" value of a property, which is the value determined by the tax office and it is usually less than the market value. The surviving spouse, married to the deceased for at least five years, now does not pay tax for inherited property worth up to 400,000 euros tax value. Tax is then introduced on a sliding scale. This also applies to the minor children of the deceased (children below 18 years old) – let me not bore you with the whole slew of figures that then come into play…suffice it to say that you need to make sure you have all this tied up in advance!
On to more cheerful matters…the weather is heating up, and I am already planning my next trip to Greece! I am thinking August – not so swamped in tourists – and I cannot decide between Corfu, Evia or Aegina – any suggestions? My friend of a zillion years that hitch-hiked around Europe with me years ago is coming over to stay with me then and it has always been our dream to return together. We have decided that this is the year…
I am now off to plan my trip! See you next week…bye for now.
Carol Dunning
http://www.greecebuyingguide.com
A deathly hush fell over my flat recently. Yes, you’ve guessed it: I live in Fulham, directly on the flight path to Heathrow Airport! It really drew attention to the volume of noise that we have subconsciously adapted to and no longer consciously hear. I must confess to feeling a little guilty, enjoying the quiet so much as millions of passengers suffered. As I write, the sky is again filled with vapour tails – which I love – and noise, which I don’t!!
Lying in my bed a few nights ago, I suddenly remembered something that I just must share with you. It’s kinda dreary – it’s not meant to be but hey…we cannot be ostriches with our heads in the sand forever! It’s this: if you are buying property in Greece you need to make sure that it is covered in your will. Speaking to a Greek lawyer a while back, he recommended that you lodge a will with a Greek lawyer concerning your Greek property. This even if you are still a UK citizen, just to ensure that there are no problems – you can also have another will lodged in the UK. Remember however to make note of this in your British will and not to contradict anything in either will!
It was this same lawyer who sorted out years of inheritance problems for someone I had been chatting to. It can all get very long-winded and very costly so the clearer you set out everything in your will the easier it will be for your beneficiaries. It’s also great to have someone on the spot in Greece who knows the terms of the will and who is conversant with Greek law plus who knows the property so that they can help.
I am not going to go into all the legal details - a lawyer can do that so much better than I can. Suffice it to say that, in terms of inheritance tax, citizenship is immaterial if you inherit property in Greece - you pay inheritance taxes on the property according to the rates which pertain in Greece. The law says that if the deceased was a British citizen and has a legal will in the UK then it's UK law which will determine what beneficiaries will receive according to the will, but the inheritance tax on property in Greece will be decided in Greece.
There have been enormous changes made in inheritance tax if someone dies after 19th January 2010.
The tax office in about 90% of cases uses the "objective" value of a property, which is the value determined by the tax office and it is usually less than the market value. The surviving spouse, married to the deceased for at least five years, now does not pay tax for inherited property worth up to 400,000 euros tax value. Tax is then introduced on a sliding scale. This also applies to the minor children of the deceased (children below 18 years old) – let me not bore you with the whole slew of figures that then come into play…suffice it to say that you need to make sure you have all this tied up in advance!
On to more cheerful matters…the weather is heating up, and I am already planning my next trip to Greece! I am thinking August – not so swamped in tourists – and I cannot decide between Corfu, Evia or Aegina – any suggestions? My friend of a zillion years that hitch-hiked around Europe with me years ago is coming over to stay with me then and it has always been our dream to return together. We have decided that this is the year…
I am now off to plan my trip! See you next week…bye for now.
Carol Dunning
http://www.greecebuyingguide.com
Friday 16 April 2010
Planning...Before Rather Than After Your Move!
Hello there.
What an erratic time it has been weather-wise hasn’t it? After a particularly warm day last week I set off for a long day out, only returning in the evening. I optimistically left my coat at home – MISTAKE! I have learnt the ‘umbrella lesson’ (never leave home without one…!) and I am now rapidly learning the coat one!
I was recently reminded of my move abroad in that a really good friend of mine has fallen into a trap that I narrowly avoided - he left South Africa without actually going through the emigration process. His wife has a British passport so there was no problem when it came to entering Britain, but the problem has arisen now that he wants to transfer the balance of his funds to the UK.
If he had officially emigrated this process would have been comparatively easy but since he did not do so it has become highly restricted and complex. Plus of course there is the added problem of trying to get things done from a distance. For myself, it took me a full month of visits and endless phone calls to tax and government offices before I finally had all the papers I needed to formally emigrate – I don’t want to think of the frustration and the cost of trying to do this from abroad. Quite apart from anything else, it was a personal relationship that I forged with one of the people in the tax office that finally ‘cracked the case’ – never lose sight of the personal touch and of being remorselessly pleasant and patient throughout! A few tantrums and ill temper can delay you by weeks as obstructive staff may decide that it’s payback time!
You obviously need to make sure in your own mind that you intend to remain abroad, but once you are absolutely sure of this – as I was – you need to go into all the tax implications of your move in order so that you get the most possible value from your savings.
For instance, British pensions – when paying out – are now deeply unattractive. One of the reasons for this is that the income generated by a pension is restricted by the fund it is invested in. Then only 25% of the fund value is available as a tax-free lump sum, plus of course the annual/monthly amount paid is taxed at source. And sadly the final proceeds on death often disappear back to the insurance company rather than going to loved ones.
Alternatives are available and benefits can be extremely advantageous - this is what you need to look into before rather than after your move. In 2006 new EU legislation opened up opportunities for UK pension holders to move their pension abroad, thus giving greater control to the pension holder. However, the scheme, called Qualifying Recognised Overseas Pension Scheme (QROPS – pronounced Crops) needs to meet certain criteria.
To get you started you can access a short guide that the Overseas Guides Company has put together which details exactly how this works. It's about what can be done about increasing the income you get, eliminating or reducing the tax you will pay and effectively ensuring that beneficiaries get ALL of the funds upon death rather than just a percentage plus lots more. This may be a good way to start the process - if you are interested in getting a copy of this guide, please go to: http://www.overseasguidescompany.com/downloads/OGCQROPSGuide.pdf
Also, Smart Currency has put out a brilliant FREE relocation report. One of the toughest lessons I learned was that I should have used a currency company to transfer my money abroad rather than my high street bank. Why? Well, this report will explain all that and tell you how to save money…always useful! Go to http://www.smartcurrencyexchange.com/emigrationreport.aspx if you want to access this.
Once again, it’s all down to planning and homework but seriously, not a minute of the planning I did was time wasted and, in the end, it allowed me to move seamlessly and with the minimum of trouble.
More next week! Please jump in and add anything that you feel may help or that you would like me to discuss won’t you?
Best,
Carol.
http://www.greecebuyingguide.com
What an erratic time it has been weather-wise hasn’t it? After a particularly warm day last week I set off for a long day out, only returning in the evening. I optimistically left my coat at home – MISTAKE! I have learnt the ‘umbrella lesson’ (never leave home without one…!) and I am now rapidly learning the coat one!
I was recently reminded of my move abroad in that a really good friend of mine has fallen into a trap that I narrowly avoided - he left South Africa without actually going through the emigration process. His wife has a British passport so there was no problem when it came to entering Britain, but the problem has arisen now that he wants to transfer the balance of his funds to the UK.
If he had officially emigrated this process would have been comparatively easy but since he did not do so it has become highly restricted and complex. Plus of course there is the added problem of trying to get things done from a distance. For myself, it took me a full month of visits and endless phone calls to tax and government offices before I finally had all the papers I needed to formally emigrate – I don’t want to think of the frustration and the cost of trying to do this from abroad. Quite apart from anything else, it was a personal relationship that I forged with one of the people in the tax office that finally ‘cracked the case’ – never lose sight of the personal touch and of being remorselessly pleasant and patient throughout! A few tantrums and ill temper can delay you by weeks as obstructive staff may decide that it’s payback time!
You obviously need to make sure in your own mind that you intend to remain abroad, but once you are absolutely sure of this – as I was – you need to go into all the tax implications of your move in order so that you get the most possible value from your savings.
For instance, British pensions – when paying out – are now deeply unattractive. One of the reasons for this is that the income generated by a pension is restricted by the fund it is invested in. Then only 25% of the fund value is available as a tax-free lump sum, plus of course the annual/monthly amount paid is taxed at source. And sadly the final proceeds on death often disappear back to the insurance company rather than going to loved ones.
Alternatives are available and benefits can be extremely advantageous - this is what you need to look into before rather than after your move. In 2006 new EU legislation opened up opportunities for UK pension holders to move their pension abroad, thus giving greater control to the pension holder. However, the scheme, called Qualifying Recognised Overseas Pension Scheme (QROPS – pronounced Crops) needs to meet certain criteria.
To get you started you can access a short guide that the Overseas Guides Company has put together which details exactly how this works. It's about what can be done about increasing the income you get, eliminating or reducing the tax you will pay and effectively ensuring that beneficiaries get ALL of the funds upon death rather than just a percentage plus lots more. This may be a good way to start the process - if you are interested in getting a copy of this guide, please go to: http://www.overseasguidescompany.com/downloads/OGCQROPSGuide.pdf
Also, Smart Currency has put out a brilliant FREE relocation report. One of the toughest lessons I learned was that I should have used a currency company to transfer my money abroad rather than my high street bank. Why? Well, this report will explain all that and tell you how to save money…always useful! Go to http://www.smartcurrencyexchange.com/emigrationreport.aspx if you want to access this.
Once again, it’s all down to planning and homework but seriously, not a minute of the planning I did was time wasted and, in the end, it allowed me to move seamlessly and with the minimum of trouble.
More next week! Please jump in and add anything that you feel may help or that you would like me to discuss won’t you?
Best,
Carol.
http://www.greecebuyingguide.com
Friday 9 April 2010
Living in Greece
Hello there!
My name is Carol. I immigrated to the UK - the land of my birth – in 2006, after spending a lifetime in South Africa. I had a serious health scare and it’s funny how something like makes you reassess your priorities isn’t it? It took me a very short time to realise that I wanted to be nearer both my children and their families in London and so I packed my bags, left behind me a wonderful job and many close friends to move here.
Anyway, as luck would have it, my daughter had a friend who was relocating to New York so I moved into her lovely flat for a while. Another friend of my daughter’s bore my CV off to her child’s school where it was picked up by my present boss’s wife…and here I have happily beavered away at The Overseas Guides Company ever since! My friends in SA were disbelieving at first: could it be true that I had a job that entailed visiting, writing about and endlessly discussing the country that I truly love – Greece? And they call that WORK?
Part of my job has been to travel abroad, to have a look at various property options and to meet all the property professionals that many of the OGC readers have come to use and rely upon. Crete, Corfu, the Peloponnese, Aegina, Athens...those are just a few of the places that I visited and established contacts that could offer OGC readers assistance.
I have talked to literally hundreds of folk who are taking the plunge and moving to Greece. I have also contributed to the Greece Property Buying Guide and it struck me that it may just be useful for me to share with you what I have learnt, both from my own personal experiences and from what I have picked up from listening to the many concerns, experiences and tales shared with me on a daily basis by OGC readers.
So do join me weekly as I chat about various aspects of visiting Greece with a view to buying property or indeed just to share a few thoughts on the country that I have been visiting for well over forty years. You never know, there may just be something that will help you, inspire you or just plain bring a smile to your face!
www.greecebuyingguide.com
My name is Carol. I immigrated to the UK - the land of my birth – in 2006, after spending a lifetime in South Africa. I had a serious health scare and it’s funny how something like makes you reassess your priorities isn’t it? It took me a very short time to realise that I wanted to be nearer both my children and their families in London and so I packed my bags, left behind me a wonderful job and many close friends to move here.
Anyway, as luck would have it, my daughter had a friend who was relocating to New York so I moved into her lovely flat for a while. Another friend of my daughter’s bore my CV off to her child’s school where it was picked up by my present boss’s wife…and here I have happily beavered away at The Overseas Guides Company ever since! My friends in SA were disbelieving at first: could it be true that I had a job that entailed visiting, writing about and endlessly discussing the country that I truly love – Greece? And they call that WORK?
Part of my job has been to travel abroad, to have a look at various property options and to meet all the property professionals that many of the OGC readers have come to use and rely upon. Crete, Corfu, the Peloponnese, Aegina, Athens...those are just a few of the places that I visited and established contacts that could offer OGC readers assistance.
I have talked to literally hundreds of folk who are taking the plunge and moving to Greece. I have also contributed to the Greece Property Buying Guide and it struck me that it may just be useful for me to share with you what I have learnt, both from my own personal experiences and from what I have picked up from listening to the many concerns, experiences and tales shared with me on a daily basis by OGC readers.
So do join me weekly as I chat about various aspects of visiting Greece with a view to buying property or indeed just to share a few thoughts on the country that I have been visiting for well over forty years. You never know, there may just be something that will help you, inspire you or just plain bring a smile to your face!
www.greecebuyingguide.com
Subscribe to:
Posts (Atom)
