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Member You - Buying Property In Greece: Frequently Asked Questions
Your business is booming! You are making money hand over fist and your bank is sending you love letters. Your investors are crawling over each other to tell give you more money. Everything is going great then, seemingly out of the blue, you are blindsided. A faulty product, a bad employee, an overeager salesman; any one of these is enough to suddenly turn feast into famine. However, chances are you have an Early Warning System in place that could have helped you avert catastrophe: your Customer Service department.Too often, Customer Service is treated as a necessary business evil. They are a department that costs money and resources but doesn't actually generate revenue for your business. Most Customer Service departments exist solely to deal with customer complaints, returns or questions. However, with some simple tools you can turn
Public Notary fees and registration charge: The Notary Public fee is between 1% and 2% of the assessed property value
To the above cost of purchasing your property you should make an allowance for either buying furniture or appliances in Greece or transporting your furniture and household effects from the UK.
Do I have to pay a fee for finding a property?
Yes, commission is usually paid by the seller and the buyer in Greece. Fees and are normally 2% - 5%. After sales services are often available and will also incur an additional charge. Fees are generally fixed in accordance to the services that you require.
If something happens to me will the property automatically go to my next of kin?
Yes it will go to next of kin. Death duties are payable on property up to ?100,000. This can be avoided if the property is made a “Parental Gift” to children. If there are no children a will should be made.
Now, enjoy your new home in Greece, you deserve it!
Please Note This information is provided in good faith and believed to be correct at the time of writing. However
The demand for IT professionals is extremely large currently but it may not last forever. The government, military and large corporations are spending a lot on IT right now. Why you might ask?Well, the government is spending due to organizing its agencies to work better together. The military is spending on Net-Centric Warfare to protect the American People. Corporations are spending in order to comply with ridiculous over regulation due to the insanity of brain-dead bureaucrats in regulatory bodies.In the future it is obvious that the pressure of the business community to alleviate some of the this over regulation will take place. The government will have to stop wasting Taxpayers monies some day, this over spending and spend thrift format cannot continue. The military will eventually achieve its objectives for net-centric war
What types of properties are available to buy in Greece?
There are many different types of properties available to buy in Greece: Cottages, villas, village houses, town houses and apartments. There are old properties to renovate or you can buy a plot of land and design and build a new home. There is usually something for everyone’s tastes and budget.
Can I buy a property in the Peloponnese?
Yes, there are no any restrictions for foreigners wishing to buy property in the Peloponnese.
Are foreigners welcome in Greece?
Yes, The Greek people are among the friendliest in Europe. There is now a large number of citizens from all nationalities living in Greece.
Do I have to have my finance in place before my inspection visit?
It’s advisable to have your finance in place before your inspection visit. If you see your dream home you will be able to purchase it without any delays. This way you will not miss out.
I’ve found the house I wish to purchase in Greece – now what happens?
Choose an English-speaking lawyer. The British Consul's provide lists of recommended lawyers. Tel: 0030 210 369 2333.
You can sign a proxy in order that your lawyer can represent you; obtain your tax number (AFM). You need this to complete your purchase; check title deeds and ensure there are no problems; and to sign the contract on your behalf. In this way the property can be signed over to you and it’s not necessary for you to make extra visits. Your lawyer will also deal with the Public Notary on your behalf. The Public Notary is responsible for drawing up your contracts, witnessing the signatures / payments and registering the new ownership of your property. When this process is complete the lawyer will provide you with a copy of the deeds. The original is placed with the land registry department.
All transactions are in Euros. You will need to set up a Greek bank account to pay for your legal advice, transfer money and pay bills. There are foreign exchange brokers that can transfer large amounts to Greece according to the business rate. Payment of utility bills can be set up very easily by direct debit via the bank, and money can be transferred online. The Leki Bank is connected to the HSBC and accounts may be open in the UK.
The ‘PINK SLIP’ for wire transfers of money from abroad. If the buyer cannot justify the amount of money they have spent, the Greek tax authorities will assign it as unreported income and the buyer will be assessed for income tax.
Do I have to pay a deposit?
Yes, it is normal to pay a deposit of 10 / 20 % of the agreed purchase price. This seals the contact between the seller and buyer.
If the seller pulls out (which is unlikely) he must return the money plus the same amount again. If the buyer pulls out the deposit is forfeit. However, if previously known problems are revealed the deposit will automatically be return.
How long does the purchase process take?
Property purchase is generally completed in a short period. It can take as little as 48 hour to 2 weeks. However, if the seller has not collected all the necessary documents for the transaction, it can take up to 3 months.
Will I have to pay tax on the property that I purchase?
Yes. The custom in Greece is to keep down the declared value of the property to reduce legal fees and property taxes. The one time purchase tax (which is the Greek equivalent of our stamp duty) is calculated at between 9% and 11% of the assessed property value for plots of land. For apartments and houses the charge is between 11% and 13%. The Inland Revenue will base their assessment on special tables issued by the Greek Ministry of Finance. The tables help determine the value of the property according to its merits, i.e. location, nature, quality of construction etc. The assessed value will usually amount to around two thirds of the true purchase price.
What other costs can I expect?
Other costs include the following:
Union fees: 1% of the taxable price of the property up to ?44,000 and then 0.5% on the remaining taxable property price.
Lawyer’s fees: Lawyers charge between 1% and 2% of the assessed value as recorded on the contract of sale.
Public Notary fees and registration charge: The Notary Public fee is between 1% and 2% of the assessed property value
To the above cost of purchasing your property you should make an allowance for either buying furniture or appliances in Greece or transporting your furniture and household effects from the UK.
Do I have to pay a fee for finding a property?
Yes, commission is usually paid by the seller and the buyer in Greece. Fees and are normally 2% - 5%. After sales services are often available and will also incur an additional charge. Fees are generally fixed in accordance to the services that you require.
If something happens to me will the property automatically go to my next of kin?
Yes it will go to next of kin. Death duties are payable on property up to ?100,000. This can be avoided if the property is made a “Parental Gift” to children. If there are no children a will should be made.
Now, enjoy your new home in Greece, you deserve it!
Please Note This information is provided in good faith and believed to be correct at the time of writing. However,
What follows is a bold statement, but sometimes it takes a bold statement to get people’s attention.One of the most important and yet overlooked skills in business today is follow-up.This applies to many parts of our business: Customer service and care, marketing, leadership, networking, branding, and more. It is a habit and a discipline that, when used effectively and regularly, will change your results and your life.Here are seven ways to incorporate more follow-up into your practices – and therefore seven ways to increase your results.1. Say thank you. First and foremost, the must-do follow-up habit is to say thank you. Send an email, make a call, or best of all, send a hand written note. Tell the Customer thanks for the new order. Tell the employee how much you appreciate their extra effort (or th
I’ve found the house I wish to purchase in Greece – now what happens?
Choose an English-speaking lawyer. The British Consul's provide lists of recommended lawyers. Tel: 0030 210 369 2333.
You can sign a proxy in order that your lawyer can represent you; obtain your tax number (AFM). You need this to complete your purchase; check title deeds and ensure there are no problems; and to sign the contract on your behalf. In this way the property can be signed over to you and it’s not necessary for you to make extra visits. Your lawyer will also deal with the Public Notary on your behalf. The Public Notary is responsible for drawing up your contracts, witnessing the signatures / payments and registering the new ownership of your property. When this process is complete the lawyer will provide you with a copy of the deeds. The original is placed with the land registry department.
All transactions are in Euros. You will need to set up a Greek bank account to pay for your legal advice, transfer money and pay bills. There are foreign exchange brokers that can transfer large amounts to Greece according to the business rate. Payment of utility bills can be set up very easily by direct debit via the bank, and money can be transferred online. The Leki Bank is connected to the HSBC and accounts may be open in the UK.
The ‘PINK SLIP’ for wire transfers of money from abroad. If the buyer cannot justify the amount of money they have spent, the Greek tax authorities will assign it as unreported income and the buyer will be assessed for income tax.
Do I have to pay a deposit?
Yes, it is normal to pay a deposit of 10 / 20 % of the agreed purchase price. This seals the contact between the seller and buyer.
If the seller pulls out (which is unlikely) he must return the money plus the same amount again. If the buyer pulls out the deposit is forfeit. However, if previously known problems are revealed the deposit will automatically be return.
How long does the purchase process take?
Property purchase is generally completed in a short period. It can take as little as 48 hour to 2 weeks. However, if the seller has not collected all the necessary documents for the transaction, it can take up to 3 months.
Will I have to pay tax on the property that I purchase?
Yes. The custom in Greece is to keep down the declared value of the property to reduce legal fees and property taxes. The one time purchase tax (which is the Greek equivalent of our stamp duty) is calculated at between 9% and 11% of the assessed property value for plots of land. For apartments and houses the charge is between 11% and 13%. The Inland Revenue will base their assessment on special tables issued by the Greek Ministry of Finance. The tables help determine the value of the property according to its merits, i.e. location, nature, quality of construction etc. The assessed value will usually amount to around two thirds of the true purchase price.
What other costs can I expect?
Other costs include the following:
Union fees: 1% of the taxable price of the property up to ?44,000 and then 0.5% on the remaining taxable property price.
Lawyer’s fees: Lawyers charge between 1% and 2% of the assessed value as recorded on the contract of sale.
Public Notary fees and registration charge: The Notary Public fee is between 1% and 2% of the assessed property value
To the above cost of purchasing your property you should make an allowance for either buying furniture or appliances in Greece or transporting your furniture and household effects from the UK.
Do I have to pay a fee for finding a property?
Yes, commission is usually paid by the seller and the buyer in Greece. Fees and are normally 2% - 5%. After sales services are often available and will also incur an additional charge. Fees are generally fixed in accordance to the services that you require.
If something happens to me will the property automatically go to my next of kin?
Yes it will go to next of kin. Death duties are payable on property up to ?100,000. This can be avoided if the property is made a “Parental Gift” to children. If there are no children a will should be made.
Now, enjoy your new home in Greece, you deserve it!
Please Note This information is provided in good faith and believed to be correct at the time of writing. However
In the book Alice In Wonderland, there is a scene where Alice comes to a fork in the road, she looks down the right road as far as she can see, and sees nothing. She looks down the left road as far as she can see, and sees nothing. In the center of the fork is a large oak tree with the Cheshire Cat grinning a grin as big as a grin can be. Not knowing which way to take the fork, she asks the Cheshire Cat, “Which road should I go?” his reply; “which road do you want to go?” and Alice says “I do not rightly know which road to go.” The Cheshire Cat’s response to her was, “if you do not know which road you want to go, then it makes no difference which road you go.” The moral of the scene is: If you do not have a Goal set, or a direction to go, it makes no difference which way you go, nor will you know when you get there.Planning a
The ‘PINK SLIP’ for wire transfers of money from abroad. If the buyer cannot justify the amount of money they have spent, the Greek tax authorities will assign it as unreported income and the buyer will be assessed for income tax.
Do I have to pay a deposit?
Yes, it is normal to pay a deposit of 10 / 20 % of the agreed purchase price. This seals the contact between the seller and buyer.
If the seller pulls out (which is unlikely) he must return the money plus the same amount again. If the buyer pulls out the deposit is forfeit. However, if previously known problems are revealed the deposit will automatically be return.
How long does the purchase process take?
Property purchase is generally completed in a short period. It can take as little as 48 hour to 2 weeks. However, if the seller has not collected all the necessary documents for the transaction, it can take up to 3 months.
Will I have to pay tax on the property that I purchase?
Yes. The custom in Greece is to keep down the declared value of the property to reduce legal fees and property taxes. The one time purchase tax (which is the Greek equivalent of our stamp duty) is calculated at between 9% and 11% of the assessed property value for plots of land. For apartments and houses the charge is between 11% and 13%. The Inland Revenue will base their assessment on special tables issued by the Greek Ministry of Finance. The tables help determine the value of the property according to its merits, i.e. location, nature, quality of construction etc. The assessed value will usually amount to around two thirds of the true purchase price.
What other costs can I expect?
Other costs include the following:
Union fees: 1% of the taxable price of the property up to ?44,000 and then 0.5% on the remaining taxable property price.
Lawyer’s fees: Lawyers charge between 1% and 2% of the assessed value as recorded on the contract of sale.
Public Notary fees and registration charge: The Notary Public fee is between 1% and 2% of the assessed property value
To the above cost of purchasing your property you should make an allowance for either buying furniture or appliances in Greece or transporting your furniture and household effects from the UK.
Do I have to pay a fee for finding a property?
Yes, commission is usually paid by the seller and the buyer in Greece. Fees and are normally 2% - 5%. After sales services are often available and will also incur an additional charge. Fees are generally fixed in accordance to the services that you require.
If something happens to me will the property automatically go to my next of kin?
Yes it will go to next of kin. Death duties are payable on property up to ?100,000. This can be avoided if the property is made a “Parental Gift” to children. If there are no children a will should be made.
Now, enjoy your new home in Greece, you deserve it!
Please Note This information is provided in good faith and believed to be correct at the time of writing. However
With the cost of just about everything on the rise, it is more critical than ever to get your debt under control. Have you reviewed your credit card statements lately?Recently I did and found some shocking numbers. On almost all of my credit cards the interest rate had risen to what some might call “loan shark” status. That is why it is more important than ever to get your debt consolidation plans going now.I don’t know about your comfort level but 27% and higher on credit card interest is scary.Ok, so we agree, it’s time to get a jump start on this process. But the next logical question is how?Here are a few ideas to get the ball rolling in the right direction:1. Do some research and find out what option you may have. There are many resources out there to help. If you do a search on Debt Consolidatio
Will I have to pay tax on the property that I purchase?
Yes. The custom in Greece is to keep down the declared value of the property to reduce legal fees and property taxes. The one time purchase tax (which is the Greek equivalent of our stamp duty) is calculated at between 9% and 11% of the assessed property value for plots of land. For apartments and houses the charge is between 11% and 13%. The Inland Revenue will base their assessment on special tables issued by the Greek Ministry of Finance. The tables help determine the value of the property according to its merits, i.e. location, nature, quality of construction etc. The assessed value will usually amount to around two thirds of the true purchase price.
What other costs can I expect?
Other costs include the following:
Union fees: 1% of the taxable price of the property up to ?44,000 and then 0.5% on the remaining taxable property price.
Lawyer’s fees: Lawyers charge between 1% and 2% of the assessed value as recorded on the contract of sale.
Public Notary fees and registration charge: The Notary Public fee is between 1% and 2% of the assessed property value
To the above cost of purchasing your property you should make an allowance for either buying furniture or appliances in Greece or transporting your furniture and household effects from the UK.
Do I have to pay a fee for finding a property?
Yes, commission is usually paid by the seller and the buyer in Greece. Fees and are normally 2% - 5%. After sales services are often available and will also incur an additional charge. Fees are generally fixed in accordance to the services that you require.
If something happens to me will the property automatically go to my next of kin?
Yes it will go to next of kin. Death duties are payable on property up to ?100,000. This can be avoided if the property is made a “Parental Gift” to children. If there are no children a will should be made.
Now, enjoy your new home in Greece, you deserve it!
Please Note This information is provided in good faith and believed to be correct at the time of writing. However
The lines are blurring between segments - we've seen fast-casual and full-service restaurants with drive-thrus begin to challenge the competitive advantage traditional quick-serves once had. Taking a diversion from the usual focus of this column on training and service, let’s look at what you can do outside to bring more customers inside.Get online. Make it even easier for customers to get their meal from you. If you can minimize the ordering process at the unit, you save labor and the customer saves time. Yes, you might have to create an express line, but to have orders placed online, instantly print in the kitchen, and be paid directly into your merchant account saves tons of time when the guest arrives. Additionally, no one has to pay attention to the fax machine! The real benefit, however, is the database of information th
Public Notary fees and registration charge: The Notary Public fee is between 1% and 2% of the assessed property value
To the above cost of purchasing your property you should make an allowance for either buying furniture or appliances in Greece or transporting your furniture and household effects from the UK.
Do I have to pay a fee for finding a property?
Yes, commission is usually paid by the seller and the buyer in Greece. Fees and are normally 2% - 5%. After sales services are often available and will also incur an additional charge. Fees are generally fixed in accordance to the services that you require.
If something happens to me will the property automatically go to my next of kin?
Yes it will go to next of kin. Death duties are payable on property up to ?100,000. This can be avoided if the property is made a “Parental Gift” to children. If there are no children a will should be made.
Now, enjoy your new home in Greece, you deserve it!
Please Note This information is provided in good faith and believed to be correct at the time of writing. However, its accuracy cannot be guaranteed.
For further information advice and tips about property in Greece follow this link. http://Blog.r-and-c-pms.biz
About Our Company
R & C Property Management Services offer a full range of property services including: real estate, property management, holiday rental accommodation and advertising, holiday home care services for you and your holiday guests. We can assist with building and designing new property, building maintenance and renovations. We can help you find a property and have a selection of houses and investment property located in the Messini, Kalamata, Methoni, Finikounda, Pylos, and surrounding areas of Messinia, Greece. Also we have established associations with other local companies, professionals and tradesmen. http://r-and-c-pms.biz/property.html
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