A Room – or home – with a View!

I don’t know whether you have seen the furore that has erupted in Corfu over Strictly Come Dancing winner and news reader Natasha Kaplinsky's £1.5m villa in the north-east of Corfu? Evidently she and her husband bought a resort property off-plan in 2008 which is now being completed in a way that utterly blocks her neighbour’s sea view.

They have complained to the local council and the Greek ombudsman about this, insisting that the section blocking their view should have been restricted to one storey. According to reports they are considering court action to reduce the size of what they call ‘the
‘monstrosity’. The developer evidently has told other residents in the area the property is ‘totally legal’ and in accord with all planning procedures.

Short of a miracle, or an enormous act of kindness on Miss Kaplinsky's part, this looks set to become a real issue, one that may well include a long drawn out legal battle, costing an arm and a leg and perhaps achieving little or nothing for the unfortunate complainants.

It reminds me all too clearly of an unhappy case that was brought to my attention a number of years ago now. This time the offending property was in Crete but was much the same problem. An older couple had bought a delightful apartment on the island and were planning on spending time there with their children and grandchildren. Soon after buying it they returned to Crete to find that a block of flats had been erected, totally obscuring their sea view.

Let’s face it, when you buy a property such as this the view is probably 90 % of the attraction and to lose that makes a nonsense of your purchase. So…how do you avoid this?

There are cases when people have done their due diligence but have been given the wrong information or perhaps money has crossed palms or some such, but the point is you really do need to do your homework on this one.

Possibly I have mentioned this before, but someone phoned me before my last visit to Crete. He asked me if I could possibly find out whether his intended purchase seemed wise: as it happened I found myself outside the afore-mentioned property with an estate agent/developer. When I asked for his opinion, he replied that they were building a set of apartments between it and the sea, totally obscuring their sea view…’nuff said and disaster averted!

You need to retain a lawyer when buying property in Greece, one that is totally independent of the vendor. You can see why it is crucial here – it would not be in the best interests of the vendor if it was pointed out to you that you are about to lose the view that you are buying the property for!

Make sure that your lawyer (or you) looks at the planning regulations and finds out (and obtains in writing if possible) exactly what is permitted in terms of building on that empty plot between you and the sea. Even if there is an old, dilapidated building on it, you may want to make sure a developer can’t buy the property and replace the old building with a block of flats.

Speaking personally, if building started on a plot that would affect my view I would be inclined to tackle the builder immediately (via your lawyer preferably) to ensure that the building regulations were being adhered to. Far better to try and get your lawyer to intervene at this point than to leave it until it is a fait accompli would be my thinking…

I have had a very interesting email from Haydn which I will be addressing shortly. It deals with estate agent’s commission…

‘Til then, bye for now and have a happy week!

Carol
The Overseas Guides Company
http://www.Greecebuyingguide.com

Your favourite place in Greece

No doubt the reason that you are reading this blog means that you love Greece but what I have found in chatting to fellow Grecophyles is that each one of us has their favourite place. In a country that has some of the worlds most ancient and wonderful archaeological sites, spectacular beaches, great walks and more islands than one could see in a lifetime, I find that most of us keep going back to the same places time after time. Why is this, I wonder?

I can only speak for myself. For me it probably comes down to two things: firstly, I chose what interests me and, if I have got it right (and generally l I have), I find that my chosen spot has all that I want and more. And secondly, it’s the people I meet on the spot and become friendly with. I can honestly say that I have never spoken to someone who, after spending time in Greece, doesn’t feel that they have made a new friend.

My visit to the island of Sifnos, a few years ago now, summarises all that is kind and generous-spirited about the Greek people in a place that heaven surely can’t beat!

I travelled alone to the island some years ago, over Easter. I stayed in the village of Apollonia - it stands along the slopes of a hill surrounded by white Cycladic homes and churches – there are 365 on the island if my guide book is to be believed!

It was spring and the hillside was a mass of poppies and other lovely wild flowers. I walked over the hills, along lovely pebbled pathways from one end of the island to the other. I was sometimes quite alone, only passing the occasional man making deliveries to a nearby restaurant on his donkey, who would greet me enthusiastically and offer me delicious nibbles to chew on. The delightful thing was that the bus service was great so I’d walk to my destination and then bus back – after, of course, a truly wonderful meal, usually taken at a restaurant practically IN the sea!

I ate breakfast and dinner in the same restaurant in Appolionia. On my first visit there, the family dog came and sat companionable next to me – he was clearly worried that I may have felt a little lonely. Next time, the child of the family joined me, colouring book and crayons in hand. Fast forward a few days to me, the dog, the child and the grandparents all sitting happily grinning at each other – language difficulties stopped us from actually conversing, but hey – who needs words? We smiled a lot. They would peer at my guide book and point out pictures of what I simply HAD to see…anything majorly important was translated by their son behind the counter.

Come Easter and I was taken by the hand and led to the church to celebrate with the family. Then back to the restaurant, where I was presented with dyed red eggs and a wonderful plate of the special Easter lamb dish. When it came time for me to leave, Granddad – playing with his komboloi, muttered a few words to his son behind the counter. Turns out that the car was to be taken off blocks and I was to be driven to the port of Kamares to catch my ferry. So off we set, dog barking, child and entire restaurant waving. Once there I was plied with Greek cookies and sweets, both cheeks were firmly kissed and I was waved off on my ferry!

Suffice it to say that when I wanted to introduce my children to the delights of Greece, I took them to Sifnos…

As you read this are you remembering similar acts of friendship and kindness? That is what makes Greece so wonderful to visit – and to live in. Do let me know if you have a similar story to tell – I am going to be collecting accounts of what it is like to visit and to live there from a number of people that I will be meeting in May and will report back you with their tales!

Carol

The Overseas Guides Company

http://www.greecebuyingguide.com/

Coping with those VIPs – your kids!

So…you’ve decided to follow your dreams – or that great job offer – and move to Greece! And if you have children, the good news is that they generally adjust far quicker to a move than most adults.

The younger the child, the easier it is for them to adapt. It is generally acknowledged that children up to the age of seven are able to absorb what goes on around them very easily and language is usually something that they can pick up without too much effort. That is not to say that older children will not be able to cope, merely that it may require more effort on their part.

The essential thing is that you are enthusiastic about the move and that you include them in the preparations. If they think that you as a family are undertaking a huge adventure together, this will go a long way to making the move seem like something to look forward to rather than to dread.

Discuss the move with them and talk about what they can expect to find on arrival. Highlight the advantages of the move and point out that family and friends will be keen to visit them in their new home, where it will be up to them to show them around their new country …

Leaving friends behind is never easy but today, with the Internet, Facebook and emails, it is a whole lot easier. Just make very sure incidentally that when you decide to rent or to buy a property that you have access to the Internet.

A few points that are worth remembering:

- Encourage children to learn about Greece in advance. Perhaps get an atlas and have a look at a map, read them a book about the country or you could perhaps take them to a Greek restaurant
- Take photos of their new home and area if they have not yet seen it yet so that it looks familiar on arrival
- I am a digital online photo album addict. Give your child a cheap digital camera and tell them to make an album of their journey from the UK to their new home…This comes with a warning – it’s addictive!
- Greek lessons before you leave the UK will mean that they will have a good idea as to what is going on once they attend school
- Arrange to visit new schools and meet teachers before the first day of school. When my daughter was young, her new school always appointed a ‘mentor’ for each new child – someone in the class who had been at the school for a while and could show her the ropes. You may suggest this…?
- Provide children of all ages with a notebook that they can write down all their friend’s email addresses and contact details to take with them. You may find that the computer, with all these vital details, gets damaged in the move
- There is nothing as comforting as a pet for younger children. Failing that, a favourite toy at hand at all times!

For older children it may be a little bit more difficult. Apart from just the language, there are the social aspects. Teenagers need backup from their peers and have usually formed a close group of friends from whom they get this. Leaving their friends and changing schools will be challenging – I can vouch for this personally as I did it many times and can still remember the feeling of isolation. BUT – given time - it all settles down and, with your support and over time, they will adjust and be happy.

I hope that has given you a few ideas. Remember, kids really do adjust very quickly – I know that the only problem my Swedish friend now residing in the States has is to make sure his five year old kids remember their mother tongue!

Happy week to you and we’ll chat soon,

Carol.

The Overseas Guides Company
http://www.Greecebuyingguide.com

Altered Homes Solution – or not?

After months of discussions, the Greek government finally revealed its plans to introduce a scheme that will allow homeowners to pay a penalty to protect illegally converted parts of their homes from demolition and channel the proceeds toward the creation of more green spaces. You have no doubt heard the horror stories coming out of Spain…?

Environment Minister Tina Birbili presented the details of the program; it means that those parts of a home that were originally planned as balconies, garages or basements but have since been turned into living space (known as “imyipaithroi” or semi-open in Greek) can now be legalised. The homeowner, in return for paying a penalty, will be given documents that officially allow the use of this space in its current state for the next 40 years without threat of demolition or further fines. Note to self: one does wonder what happens in year 41?

It is a reality that over the years the construction industry has taken advantage of loopholes in the law to build homes with much more living space than was actually permitted. This meant that builders increased their profits while buyers paid less in taxes. Most flats took advantage of a few square meters of "semi-open" space and incorporated it into a bedroom, bathroom or living room and basements or lofts in houses have often been utilised as living rooms.

In order to check on this, inspectors and officials from town planning offices will be sent out to check on buildings and impose fines on anyone not declaring their illegally converted areas. The success of this new law will be determined by whether proper inspections are carried out and, if inspectors find illegally altered areas, owners are actually called to book and made to pay fines.

The amount to be paid will be calculated according to the size of the area in question, whether the home complies with zoning regulations, the value of property and whether the house is the owner’s main residence.

There is, however, a serious underlying problem that could cause the government’s plans to backfire. Much like in Spain, many homeowners feel a deep sense of resentment at having to pay fines for properties they bought in what was considered by all to be a totally legal fashion, after town-planning offices, land registries, lawyers and notaries had signed off on the deal. On top of this, the real culprits, namely the developers and builders, are going unpunished. The majority of the properties were illegally built or altered before being sold, and yet not a single developer or builder is facing penalties or legal action.

Who can blame the property owners for being furious?

"The crucial question concerning these regulations is whether citizens will abide by them in the face of a state that is unreliable and has been pushing illegal construction for years," Yiannis Alavanos, head of the Technical Chamber of Greece, wrote in the Kathimerini newspaper. Harsh words indeed.

The law already appears to have hit problems; it seems that Greece’s highest administrative court has already declared the law unconstitutional so it remains to be seen if anything comes of it. In the meantime, just be aware of this ongoing wrangle.

Have a happy week ahead!

Best wishes to you

Carol
The Overseas Guides Company
http://www.Greecebuyingguide.com

A trip down memory lane…

A few days ago I found my memory wandering back to a trip I took to Crete, some years ago now.

I had a particular interest in visiting a lovely small town called Tzermiado - it is on the plateau of Lassithi, surrounded by windmills. A friend and I stayed a night in a delightful pension there and had a wonderful time, making the acquaintance of the restaurant owner where we had supper.

I had been talking to him about John Pendlebury, the British fighter who had stayed behind to lead the resistance after the British pulled out of Crete during the Second World War. “Blebbery!” the young owner exclaimed – that was the name the Greeks had called him. Off he raced home to collect an old calendar that I just had to have (it had an old wartime photo of Pendlebury) leaving us in charge of the restaurant…only in Greece! I have the calendar still, all these years later…

We also took an absolutely unforgettable drive between Moni-Preveli/ Plakias/ and Frangokastello. Sheep milled about in the road, heads bending with the weight of the bells around their necks that tinkled as they walked.

We saw endless vistas of calm sea below, broken only by the wake of an occasional boat. Olive trees grow right down to the road, with black nets tied under them to gather the falling fruit. It was 25 degrees in early May and we didn't see another tourist all day.

Legend has it that at a certain time of the year ghosts walk the beach of Frangokastello. We had lunch on a painted, upturned wheel right on the sandy beach - but sadly no ghost sightings that day...!

The road from Vouvas is eye-popping: you look down on the road curling beneath you like a snake. As we spun by we noticed that lovely white villages have signs out with rooms to rent - note to self - come back and stay there!

We saw lots of lovely little churches with red Byzantine-looking cupolas, not the usual Greek blue domes - a hangover from when the Turks ruled. To view a really lovely Byzantine church close up we drove down a green, green narrow little lane with just two faint tyre tracks, lined with poppies and blue thistles. So narrow was it that we had to push the car mirror flat against the side of the car to get through to the church.

Cypress trees dotted the landscape like exclamation marks and the air was heavy with the smell of sage and rosemary. There were oleander trees in bloom everywhere, outlined against the blue, blue sea below...We caught glimpses of goats, perched on high mountain crags, gazing down at us from dizzy heights and eagles soared way above our heads. Once we rounded a corner and found three large exclamation marks painted in the middle of the road...someone with a wicked sense of humour!

These are the things one never forgets – are you planning a trip to Crete this summer? I am, and I am like a child again, virtually counting sleeps!

Best wishes with your travel plans – do let me know where and when you are planning to go…

Carol

The Overseas Guides Company
http://www.Greecebuyingguide.com

Land Registry in Greece: do it NOW!

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/

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

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/

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

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

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

• 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

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.

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.

Carol
http://www.GreeceBuyingGuide.com

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:

• 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

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

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.”

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:

• 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.

Carol
http://www.GreeceBuyingGuide.com

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

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

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/

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.