Having decided to make a home in Crete there are many things to think about and do, which in turn raise many questions. As you might expect things are done differently in Greece compared to your home country, and the procedures can initially seem confusing, even daunting.
For most things however the secret is knowing who to contact, what to do or where to go. Here we have collected what we know to be frequently asked questions (FAQs) and provided answers to them. We hope that they assist you, save you time, worry and frustration, and provide a deeper insight into this lovely island.
Can I purchase property in Crete?
You can buy property in Crete (Greece) provided that you are a citizen of the European Union. In certain circumstances it is possible for nationals of other countries to buy property. To establish what the regulations are in these cases you would need to contact the Greek Consulate or Embassy in your home country.
Do I need a lawyer?
Yes you will need a lawyer registered to practice in Crete. As you will see from the answers to questions that follow, a lawyer is needed to deal with much of the necessary administration of your property purchase. You can appoint a lawyer of your choice or our agents will be pleased to recommend a lawyer familiar with property purchase.
What is the first step I need to take to purchase a home in Crete?
Having found the property you wish to buy an Agreement to Purchase form is completed here in Crete that stipulates the agreed property price as well as estimates for the property transfer tax and legal fees. In addition, a deposit amount is specified and agreed.
Do I need to make a deposit?
Purchase Deposit: As specified in the Agreement to Purchase, a deposit of 10% of the agreed selling price is required to commence contract preparation.
How do I transfer funds to purchase the property?
Open a local Bank Account. This takes no more than 15 minutes and we can recommend a bank with great experience of handling foreign customers. All you need is your passport and it is not necessary to deposit funds immediately. Your original passports (or copies) are required. We also offer a good value currency exchange service if you don’t have your funds available in Euros.
Do I have to be present at the signing of the contract?
No, you will need to prepare a Power of Attorney to enable signing of the contract in your absence. Depending on the seller's situation as well as the location of the land, the time from your decision to purchase to the actual signing of the contract can take anywhere from five days to over a month. If you are not in Crete, your Power of Attorney enables the lawyer of your choice here in Greece to sign the land contract on your behalf. It takes but one day to obtain the Power of Attorney here in Crete and we can send you the necessary forms should you decide to do this later in your home country.
Are there any other costs involved in purchasing the property?
In addition to the property purchase price there will be Property Transfer Tax and Legal Expenses which will be in the region of 10% of the purchase price.
Do I need to make a tax return?
If you own property in Crete an annual tax declaration must be filed. Our partners in Crete will guide you through this process. If you are not living in Crete we can collect and retain on your behalf the receipts from your foreign transfers. These are called pink slips, which prove that you are bringing money from outside of Greece to pay for your property, and that no taxes in Greece need to be paid in respect of the land contract.
What if the property that I wish to purchase requires building work?
We will be pleased to assist in the preparation of designs for the completion of your home or restoration project, and to obtain all necessary building permissions. We are able to undertake any building or restoration work required.
How long will it take to buy the property I have chosen?
On average this takes about four weeks from signing the property purchase agreement to completion.
Can you book accommodation and a hire car for me?
Yes we can assist you with this if required.
Do I need to learn to speak Greek?
In our view the answer is yes. Although English is widely spoken in all areas of Crete, local residents appreciate it if you attempt to speak to them in Greek. It will help you to integrate into the community and make friends with local people.
Do I need a license if I want to rent my property (house, villa, apartment)?
Yes you do. For many people buying a home in Crete, being able to rent it when they are not resident is important. In order to do this the property must have a valid license issued by the Greek National Tourist Organization called an EOT license. For a license to be granted specific conditions and standards must be met. Most of the homes that we sell are designed so that EOT license requirements can be included if required. We can organize the license application process for you as part of the build schedule of your home, be it an individual build or a villa in a project. The requirement for you to hold a license applies however you plan to rent your home, be it to friends, clients you have found yourself or through a third party (Agent, Tour Operator etc). If you are receiving an income from the rental of your house, under Greek law, you are required to have a license. This benefits you, the property owner, by ensuring that your house, and swimming pool if you have one, conforms to good safety standards. Our sales consultants will be pleased to discuss the EOT application process with you.
