There are several ways to obtain financing in order to buy property on Crete. It is now possible for non-Greeks to obtain a mortgage through a Greek bank. Typically, mortgages of between 60 and 70% of the property’s value can be secured, with the purchaser providing proof of income for the previous 2 years. Greek banks will look at providing loans on a case by case basis. Please ask for further details.
More popular is using your existing home to borrow against in order to raise finance to purchase abroad. Depending on your situation it is a relatively straightforward process and has the advantage of repayments being your own currency.
Becoming increasingly popular are international mortgage brokers who can offer mortgages on Greek properties from the UK. This can be on new properties, re-sales or Build to Order projects. Please ask for further details.
Currency Exchange / International Money Transfers. When either exchanging or transferring large sums of money, it is advisable to use a specialist company as they can offer more competitive rates than the High Street banks. There is a wide choice of these companies and recommendations can be made based on the satisfactory experience of previous clients.
Rental income, whether short term holiday lets or long term rentals, is possible. The amount of money you can charge as rent will depend on the property, its location, the duration of the rental period and what extras are provided eg. swimming pool etc. Please bear in mind, if you are intending to earn an income from rental, your property will require an EOT licence granted by the Greek Tourist Board.
If you earn money in Greece you will be required to pay income tax. Concerning local taxes, there is no council tax in Greece but a minimal charge of approximately 10 euros per household for community services is paid directly to the local municipality via your electric bills.
LONG TERM RENTALS
- Chania Houses and Apartments
WEST CRETE PROPERTY
EAST CRETE PROPERTY
SOUTH CRETE PROPERTY