The news from Greece is not good this week, to say the very least. An estimated 100,000 people took part in the march in central Athens to protest austerity measures being pushed through by the government and sadly three people died in the ensuing mayhem.
The measures were instituted at the insistence of the EU and the IMF (International Monetary Fund). Greece's inability to keep borrowing at exorbitant rates, coupled with the delay in decisive action to remedy the situation, led to the rapid collapse of the Greek bond market. This in turn affected Portugal and Spain, driving the euro lower against the dollar and sterling and prompting losses on all Western European stock markets and Wall Street.
There is a great deal of bitterness in Greece as people feel that the man in the street will have to pay for years of corruption and prevarication by greedy and/or incompetent politicians. Prime Minister George Papandreou talks of the need for ‘decisive’ action as Greece earns an 11th-hour respite with EU-IMF aid package set at 120 billion euros over three ‘harsh’ years - but will he have the guts to push unpopular legislation through? Will the opposition put petty politics aside and put the country first? It remains to be seen…
What we sometimes lose sight of is how the economy is tied up with politics. As an example, close to 1,000 tourists on a cruise ship were stopped from disembarking in Piraeus by Greek unionists, protesting planned legislation that will allow cruise ships with foreign crews to dock in Greek ports. This prompted the cruise company to warn that it may suspend visits to Piraeus.
You don’t have to be Einstein to work out that, if this occurs, at least 1,000 tourists per week will no longer visit Athens as part of their Mediterranean cruise, and that’s just one cruise liner. It means that the alighting passengers will not eat at restaurants, visit museums or buy souvenirs – and bear in mind that tourism forms the backbone of Greece’s economy.
It does seem that there is a singular lack of forethought as to how strike action and protest marches will effect the economy – mind you, I suppose the same could be said about the BA strikes at a time when BA is struggling to keep afloat. Add to this the natural disaster of volcanic ash making tourists wary of travelling to Europe and it really does seem a recipe for financial disaster when Greece relies so heavily on turism.
All this would seem to be unremittingly gloomy, but interestingly enough, if you are in the process of buying property abroad right now it may not be.
On Wednesday sterling hit €1.16/£1 against the euro. If there is one single thing that you can do right now to protect yourself, it is to sign up with a reputable currency company like Smart Currency and consider ‘forward buying’ your currency. As Smart mentioned in an email sent out to all clients, and I quote: ” Even though the European Central Bank and the IMF say they have agreed a debt rescue package for the Greeks the markets remain unconvinced. And problems are spreading to other European countries such as Spain and Portugal, whose debts are much greater than the Greeks.”
You can buy currency at today’s rate for up to a year in the future. This means effectively that you will know in advance exactly how much your currency transfers will cost you. You will not have to be in the hands of whatever financial disaster may arise, and that includes any problems that may hit the UK. Frankly, the wisest course of action would be to pick up the phone and have a chat to a currency expert about this. Right now! Go to www.smartcurrencyexchange.com
Let me know how your plans to visit or buy in Greece are going. I am planning a visit in August and I can’t wait! Any ideas out there – what’s your favourite place? I’m toying with the idea of Hydra, Evia or perhaps Corfu…?
Take care…bye for now!
Carol.
www.greecebuyingguide.com
Showing posts with label Crete. Show all posts
Showing posts with label Crete. Show all posts
Friday, 7 May 2010
Friday, 30 April 2010
Take the ‘luck’ aspect out of renting your home out abroad…
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
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, 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, 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
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