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Hello there
How did it suddenly
become February, the month of Love, and what happened to January? How
the days whirl by - when I leave my flat in the morning now the sun
is rising and - if I am lucky - pink streaks stain the blue skies….well,
sometimes…!!
In ancient Greece,
Eros was the name of Cupid and he was the young son of Aphrodite, the
goddess of love and beauty. 14th February was chosen in ancient times
when the Athenian calendar included a period between mid January and
mid February called the Gamelion, a month dedicated to the sacred marriage
of Zeus and Hera, hence associated with love and fertility.
It is really unbelievable
how much of our history and traditions have a Greek basis or connection
isn’t it? Although Valentine’s Day is not celebrated in
Greece as visibly as in some parts of the world, it is a very popular
day for young men to ask the girl of their dreams for their hand in
marriage…
There were many foods and beverages consumed around this time of the
year in ancient Greece that were considered to be aphrodisiacs. And
there again - the name, like much in our English language, is derived
from the Greek – the goddess of love and beauty, Aphrodite.
Hippocrates (c.460-377 B.C.E.), the father of medicine (see…what
did I tell you?!!), is reported to have recommended lentils to keep
a man virile well into old age, a practice followed by the Greek philosopher
Artistotle (384-322 B.C.E.), who cooked them with saffron. Plutarch
(c.46-122 C.E.) suggested fassolatha (a bean soup, the national dish
of Greece) as the way to a strong libido, and others believed that artichokes
were not only aphrodisiacs but also ensured the birth of sons. I am
addicted to them – I guess I had better stop eating them now –
the last thing I need is another son at my ripe ‘old’ age,
dearly though I love my one and only!
From the most ancient of times, garlic was believed to have magical
and therapeutic properties, and was also considered an aphrodisiac –
I find that a little incongruous. I would have thought that it would
have the opposite effect given the smell one gives off…In my home
there was a “one eats garlic, all eat garlic” policy in
place!!
Leeks, mushrooms and onions all were considered beneficial as well as
satirio, a type of wild orchid that was said to be an excellent aphrodisiac
by Dioscorides (c.40-90 C.E.), the 1st century founder of pharmacology,
as well as by Plutarch in his Precepts of Health. I don’t want
any emails with complaints if the above don’t work incidentally
– I am merely passing this information on…!!
Talking of love, what I have found talking to many of the Greece Buying
Guide readers planning on buying in Greece is this: generally speaking,
it is a decision driven by the heart.
I know that there are many folk out there that are relocating because
it is a less expensive lifestyle or perhaps they want a sunnier climate,
but almost everybody talks to me of the warmth with which they have
been welcomed by the Greek people, and their admiration for the incredibly
strong and loving family ties that bind people together.
So…tell me
YOUR Valentine’s day tales. One Greece buying Guide reader told
me that, years later, they were going back to the island that they had
both met and married on to buy their dream home. I would love to hear
your stories about searching for the home of your dreams, where YOU
perhaps met that Greek God or Goddess…
This comes with
warmest Valentine’s Day greetings and a hug. Please do keep in
touch. Your story may just help another Greece Buying Guide reader along
the road to moving to or buying in Greece – email me or, better
still, pick up the phone and have a chat. I am at 0207 898 0549 daily
or an email away at:
mailto:carol@OverseasGuidesCompany.com
Carol Dunning
Greece Buying Guide Advisor
The Overseas Guides Company Limited.
0207 898 0549 (call me!)
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Bank Accounts in Greece
I am often asked
about a bank account in Greece – I know that I covered this quite
recently and that I have gone into it in some detail in the guide –
if you know about this please skip this part, but I have recently had
a rush of questions about this so it bears repeating. This is what I
was told by a Greece Buying Guide recommended estate agent – she
tells me of recent changes. Do let me know if you find out anything
new won’t you as I have been told that change is in the air here.
Do I need a Tax Registry Number (AFM) to open a bank account?
Yes. This tax number (AFM) is mandatory for all buyers, including foreigners
and permanent residents abroad. It is issued on the spot at tax offices,
free of charge. All applicants must present their passport and their
birth certificate. If you have granted your solicitor full Power of
Attorney, he / she can apply for an AFM on your behalf.
Do I need a Greek bank account?
Yes. Money to purchase property in Greece must come directly from a
Greek bank account. Therefore, before a person can actually make a purchase
of property in Greece, they will need to open a bank account. Provided
that the proper documentation is to hand, and provided that a person
has the pink slip to demonstrate the origin of your money, it is not
difficult to open a bank account in Greece.
You can open a bank account in Greece whether you’re a resident
or a non-resident.
Before choosing a bank, you should compare the fees charged for international
money transfers and other services. Ask your friends, neighbours or
colleagues for their recommendations and go along to the bank of your
choice and introduce yourself. You must be over 18 years old and provide
proof of identity, e.g. a passport, your local address and papers to
show the funds you have imported and the method used.
A note
here: this is where a currency company like Smart Currency Exchange
is INVALUABLE. It just saves SO much money to have your funds transferred
to Greece by Smart, and without transfer charges too –so please
discuss this option with them.
Phone 0870 285 0364/ 0808 163 0102/ 0207 898 0557 or go to http://www.SmartCurrencyExchange.com
It is no longer be possible with the majority of Greek banks
for clients to proceed in the manner previously adopted, where they
signed a power of attorney authorising their lawyer to open a bank account
for them to in order make deposits/withdrawals for the purposes of paying
deposits, property taxes etc. during a property purchase. In future,
banks wish to meet the clients at least once, and clients must provide
the following paperwork (this is taken directly from Corfu Bank of Cyprus’
instruction)
- Passport for
each person named on the account
- Current home
address information such as a utility bill (not mobile phone bills
or credit card), council tax bill, a residence permit for wherever
they are living, or an itemised tax payment statement showing current
home address plus your P60.
In fact, a P60
provides proof for a multitude of purposes, having the same function
as the Greek 'katharistiko' which residents in Greece have to produce
for virtually any transaction, such as credit agreements etc.
If clients are truly expecting to find a property and think that they
may want to begin the purchase procedure while in Greece on a viewing
trip/ holiday then this is the basic paperwork they MUST have with them
in order to do this. These papers must be originals - the banks will
take copies for their records and return the originals. If clients are
not able to provide this paperwork in order to open bank accounts they
will have to return at the time of purchase of the property. At present,
probably about 70% of purchases are completed via power of attorney
with lawyers.
If clients are considering a mortgage purchase they should facilitate
this by bringing information with them - again passport, utility bill
for current residence, and 3 year’s worth of P60's or the equivalent.
They will be unable to get a commitment from a bank for a loan or loan
repayment rate without this.
Cheques in Greece
are not widely used and unless you run a business you will not need
a chequebook. Cheques are not generally accepted in shops and supermarkets.
Credit cards are now widely available in Greece and they are accepted
in supermarkets, stores, petrol stations and tavernas in town, but not
in many smaller shops and village tavernas.
To obtain a credit card from your Greek bank you will require a copy
of your passport, copy of your last tax return, and foreign residents
may also be asked to produce a residence permit and proof of income.
Credit limits usually start off low, around 300 Euros.
Most Greek banks provide a debit and cash withdrawal (ATM) card with
current and savings accounts. Greek debit cards can also be used for
purchases outside Greece. If you require a credit card, you should request
one, but the bank may ask to see a recommendation from your bank in
your home country before issuing one. Greek banks don’t generally
give loans (other than mortgages) to non-residents.
Withdrawals
You will need your ID when making withdrawals in person. Watch out for
ATM charges - if you withdraw from a bank other than your own, commission
charges will be levied on each transaction.
Interest rates
Interest rates vary from one bank to another. Interest is normally credited
to your account twice a year.
Paying bills
Your bank account can be used to pay most household bills directly,
either through the Internet or at an A TM without charges being levied.
However, most bills carry a fee if you pay them at the teller's desk.
Waiting times
State-owned banks such as the National Bank of Greece tend to have longer
waiting times, but queues can also be long in private banks such as
Alpha Bank and EFG Eurobank. Take a book at peak times or try and go
at 8am if you want to avoid a wait.
Bank opening hours are Monday to Thursday 8am to 2.30pm, Friday 8am
to 2.00pm
It isn’t wise to close your bank accounts in the UK when you’re
living permanently in Greece, unless you’re absolutely certain
that you won’t need them in future. Even when you’re resident
in Greece, it’s cheaper to keep some money in an account in a
country that you visit regularly rather than to pay commission to convert
foreign currency. Many foreigners living in Greece maintain at least
two accounts, a foreign bank account for their international transactions
and a local account for day-to-day business.
Greek banks have come a long way in the last few years and offer the
majority of services one would expect from any European Union country
including user-friendly ATMs, Internet and Telephone banking, credit
cards, loans and mortgage services. Needless to say transactions are
easier since the introduction of the euro in 2002
Information on individual banks
The Hellenic Bank Association is a non-profit organisation which represents
banks and other financial institutions operating in Greece (see below).
Its website contains easy links to all the Greek banks in a drop-down
A-Z format. Evresi, a business directory which lists Greek companies
with websites (see below) also provides basic information and links
to banking and insurance sites. Interhellas banks, although the site
is not as regularly updated as it could be, so do explore the range
of sites given below.
List of main banks (A-Z order)
ABN AMRO Bank, Agricultural Bank, Alpha Bank, Aspis Bank, Bank of Attica,
Bank of Cyprus, Citibank, Emporiki Bank (formerly the Commercial Bank
of Greece) EFG Eurobank - Ergasias, Egnatia Bank, General Bank of Greece,
HSBC Bank, ING Bank, National Bank of Greece, Nova Bank, Piraeus Bank
and Win Bank, the latter's electronic banking subsidiary.
Banking ombudsman
A banking ombudsman deals with complaints about banking services provided
by banks that are members of the banking ombudsman scheme, which includes
all of those given in the list above.
Banking ombudsman: http://www.bank-omb.gr,
email contact@bank-omb.gr
Useful contacts
The Hellenic Bank Association: 1 Massalias Street, 106 80 Athens, tel
210 338 6500, fax 210 361 5324, website http://www.hba.gr
Evresi: A Greek business directory, http://www.evresi.gr
Intemellas: A business
directory and holiday bookings service, http://www.interhellas.com
gives quite a comprehensive guide to the range of services offered by
Greek banks.
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How
much will your Euros cost you?
by Smart Currency’s
Charles Purdy.
Sterling was holding the
middle ground until our beloved government decided to nationalise Northern
Rock. Not a great outcome but it will hopefully draw a line under an
event that proved very damaging to the UK’s reputation. Sterling
has lost significantly against most, if not all, currencies since the
problems at Northern Rock were made public.
Last week, the Governor
of the Bank of England highlighted the problem of rising costs and a
faltering UK economy. UK inflation could be as high as 3% by year end
whereas the target was 2%. As a result, the market has tempered its
expectations as to the speed and extent of UK interest rate reductions.
I still believe sterling is oversold: by this I mean that sterling should
strengthen over the medium term but the reality could be a lot different.
Also beware of another major shock like Northern Rock as we would then
see sterling slide rapidly.
The € sits
at €1.324/£1 inter bank. Euro land cannot defy gravity and
be an economic wonderland as all around is failing. It cannot be the
only economy that bucks the trend as it is very dependent on the US
and UK as trading partners and, as they suffer, Euro land will begin
to suffer too. Interest rates were held at the current level by the
European Central Bank. Germany saw a rebound in business confidence
albeit this was from historic lows. The € has the feeling of a
safe haven currency at the moment and is offering a reasonable yield
but I continue to wonder how long this will last.
As you can see from
the above, although I think sterling should strengthen given its fall
from grace following the Northern Rock debacle, there is no certainty
in this happening in the short to medium term. Just as possible is sterling
losing further ground as the problems in the finance sector throughout
the world have a greater affect on the UK economy than most. That
is why we highlight the importance of developing a currency strategy
so as to ensure your financial planning is done efficiently and effectively
– by people who really know what they are doing.
To get a Better-than-Bank
go to: http://www.smartCurrencyExchange.com/smartsquotation.htm
or call Carl on 08081 630 102 freephone.
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Valentine's Day Present
Now here
is a REALLY great Valentine’s Day present to the person of your
dreams – she (or he!!) is worth it!!
Need
I say more…..?!!
The area around
Agios Nikolaos in eastern Crete has long been seen as one of the more
sophisticated and cosmopolitan centres in the Greek islands. While in
no way comparable to the jet-set glamour of Mykonos, Agios has attracted
visitors who appreciate the good things in life but prefer to be a little
more low-key about the way in which they experience them. The dramatic
beauty of the lagoon, the marina and the up-market luxury hotels and
spas of nearby Elounda have rightly given the area a reputation for
being a quality holiday destination. And many Brits have made the area
their permanent home.
But shrewd operators
are now viewing the area as the next place in which to invest in the
steadily strengthening Greek real estate market. They see the government
continuing to invest in infrastructure projects like the ‘National
Road’ (which will cut the travelling time to Agios from the international
airport at the island’s capital of Heraklion from one hour to
about 35 minutes when it opens next year) and a new international airport
at Siteia to the east of the island. They see the stunning beauty of
the Gulf of Mirabello and the dramatic mountainous backdrops. And they
see the opportunities which exist in locations such as Istron, 15 minutes
to the east of Agios Nikolaos. Here the exclusive Istron Estates development
will be launched into the market in May 2008 when journalists from the
quality UK press will be visiting.
Istron Estates is
a gated community of twenty top-of-the-range villas set on an 80,000m2
site on a promontory which juts out into the Gulf of Mirabello. The
properties are aimed primarily at High Net Worth buyers who wish to
combine ownership of a superbly designed and finished property in a
breathtaking location with the prospect of a substantial capital gain
opportunity. All the villas are sited so as to have unobstructed panoramic
sea and mountain views: all have expansive terraces and balconies; all
have private infinity pools; and all have maximum privacy. There are
a limited number of 280m2 villas having five bedrooms and five bedrooms,
with the rest being 140m2 villas of three bedrooms and two bathrooms.
The larger properties are available at €1,600,000 (approx £1,194,100)
while those with three bedrooms cost €800,000 (approx. £597,000).
A visit from the
UK quality press will take place in May 2008 following which the profile
of the project is expected to rise sharply as all of the visiting journalists
have received commissions from their publications to write about Istron
Estates. Substantial public interest is confidently expected to follow
while the developer will be looking at raising prices to reflect this
increased demand so prospective buyers would be well-advised to invest
sooner rather than later.
The Overseas Buyers
Guide is in contact with the selling agent who has exclusive UK rights
to market Istron Estates. If you are interested in learning more about
this fabulous opportunity, please contact me at;
mailto:carol@OverseasGuidesCompany.com
Phone
0845 017 8771/ 0207 898 0549 to receive a brochure.
Or...if
you'd like my help in finding a property anywhere in Greece, please
fill out my property form at:
http://www.GreeceBuyingGuide.com/property.htm
I rest my case!
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Love
your Financial Planner
In the spirit of
Valentine’s Day, Sharon Hollinger, who is with the company that
helps all our Greece Buying Guide readers to effectively and efficiently
PLAN their purchase, investments and their future life in Greece has
provided a bit on love…
What’s love
got to do with a financial planner?
Everything actually!
You need to find a financial partner who will love you enough to allow
you to realise your financial freedom. They will educate you and enable
you to make great investment choices whilst building on a strong, permanent
relationship.
The very best partnerships
are based on trust, integrity and long-term goal setting. Building on
these values provides the perfect marriage for a life-long partnership
where outstanding success is achieved in every area of life. The key
credentials you need to look for when selecting your financial partner
are:
Trust - Do you,
hand on heart, trust their advice and expertise? Do they have your best
interests at heart?
Integrity - They
must be honest and straightforward from the outset and not lead you
on by making false promises. Unlike the majority of partners, they will
not spend your money, rather invest it and make it work for you so that
you can start to build success into your future plans.
Long-term goal setting
– Like any protective partner, they must promise to keep a watchful
eye over your assets to ensure that they receive adequate protection
and see the fruits of your labour increase.
Sharon’s information
holds true for anyone that you decide to work with regarding your plans
to buy in Greece. Regardless as to whether you need an agent, a currency
exchange company, a removals company or someone to help you with your
financial planning, you MUST make sure that they’re a reliable
company with good people that want to LOOK AFTER YOUR INTERESTS!
There are many good
companies out there so never settle for anyone that doesn’t really
appeal to you…If you’d like me to get our financial planning
partners to email/call you to introduce themselves, please fill out
my resource form at: http://www.greecebuyingguide.com/resources.htm
All the resources
that I recommend are people that I have personally met with and feel
to have the best interests of Greece Buying Guide readers at heart,
so drop me an email or phone and I can introduce you to some wonderful
people.
I am at 0207 898
0549 daily or an email away at:
mailto:carol@OverseasGuidesCompany.com
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Legal
Corner
"We need advice
on when and how to complete annual tax form."
This is a question
that I get asked a lot. There are changes happening in the Greek laws,
but when I spoke to our recommended lawyer in Greece today, this was
what he had to say:
In so far as the tax forms are concerned we normally file these for
the clients for whom we have purchased property for and can file these
on behalf of anyone concerned. The fee for simple returns is €150
and for slightly more complicated returns €200.
However, you should make it clear to your clients that not everyone
is obliged to complete and send an annual tax return each year. Normally
for non residents who have acquired property in Greece their obligation
to complete a tax return only applies in the year following their acquisition
of property. Thereafter and as long as they have no income which is
generated in Greece, either from private employment or from property
rental, then no income tax return is necessarily filed.
If they sell the property then, again a tax return should be filed to
close their tax dealings in Greece. If, however, either the property
is rented or they have income which is generated in Greece then of course
they are liable for to file an annual tax form.
Everybody who had a change in property status in 2007 be it buying,
selling or inheriting, should file a tax form, specifically the E9 portion,
by 31/03/2008. Usually the date is June of the following year so please
note this date.
Please go to:
http://www.greecebuyingguide.com/resources.htm
if you would like
me to put you in touch with our recommended lawyer. This is what a fellow
reader had to say about him:
Dear Carol,
Kim and I would like to say thanks so much for introducing us to your
lawyer. He was absolutely brilliant, making the whole buying process
so easy and understandable. You can quote us if you like and I would
recommend him to anyone and everyone thinking of buying in Greece. We
didn't even have to be there for the paperwork/completion since we gave
him Power of Attorney.
Kind regards
Nigel Balchin
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| Closing
If you are going
to Greece this spring or summer, just a small tip here. Driving in Greece
traditionally has been kinda fun and required a watchful eye and a strong
constitution…!! However, it seems that the authorities are at
last trying to do something about making the roads safer, so mind you
are not caught out – it will cost you quite a bit now.
The new regulations
were instituted in 2007: tougher penalties for drivers caught breaching
traffic regulations have come into effect with fines increasing by as
much as 400%.
According to the
new rules, drivers caught running a red light will be fined €700
versus the old €167 penalty. Those found not wearing a seat belt
will be hit with €350 penalty – the old fine was €83.
The Transport Ministry has said it is targeting driving offences considered
to be more dangerous, while the penalty increase for other offences,
such as illegal parking, will not be as steep. The tougher regulations
have provoked mixed reactions from professional road users, but many
agree that it is simply a revenue-raising measure by the government.
The new regulations
will also toughen the penalty points system, the implementation of which
has so far proved totally ineffective. The lack of an appropriate computer
system and poor communication between government departments has meant
that some 2.5 million drivers who should have lost their licenses over
the last four years have not.
Finally, please
do remember the new Greece Buying Guide if you don’t yet have
it. I have been thrilled with the response I have been getting about
it – here is what one reader had to say:
Hi Carol
I found your guide to be very insightful. I have learnt so much from
it. The list of questions to ask developers is great as you can print
out several. The money aspect and losing out on the exchange rate
was not something I had even considered. This guide is what everyone
should have and read BEFORE buying property abroad. I also find your
updates very useful. It’s nice to know there is someone that
you will tell you the good and bad. Thanks for a great read.
Jasmin Brown
Scotland
This is what I tell
people when I discuss the new guide:
“When
I tell you that the old guide was 25 pages long with 6 pages of tick-lists
and worksheets, compared to the new, revised Greece Buying Guide,
which is 124 pages of detailed, researched information – well,
you can understand why we are so excited! Add to that the free bonus
20 pages of invaluable tick-lists and worksheets plus 51 pages of
Your Questions Answered…you can see how invaluable this would
be to you.
We have used
a similar format, laying the whole process out in a logical, chronological
way that is easy to follow and ensures that you remember every important
step. We KNOW you are going about purchasing your Greece property
in a logical way, but this is such an important decision that you
are taking, with so much to think about – we are not leaving
anything to chance!!
Here you will
find the steps to the buying process, starting with Getting Ready
to Buy in Greece, then Getting to Greece, the Greece Property Buying
& Completion Process, Building a Property in Greece, Buying Greece
Property for Investment, Where to Buy and finally Top Tips on Buying
in Greece.
There is a full discussion on how to fund your new property, an indication
of the cost of living for an average household in Greece – there
is even a list of Associations that you can check your Estate Agent
against to ensure that they are reputable – what price for peace
of mind?
Building,
buying, renovating, investing…it’s all here, in an easy
to read guide that I predict you will not be able to do without.”
Please go to:
http://www.greecebuyingguide.com/guide.htm
if you are interested in getting the new guide.
The sun has been
shining and the skies blue over the last few days – summer is
almost here …that’s what I am telling myself. Will there
be another cold snap before summer finally arrives? This ex-South African
sure hopes not…!!
All best wishes
and, as they say in Afrikaans,”Totsiens”…until I see
you….
Carol
Carol Dunning
Greece Buying Guide Advisor
The Overseas Guides Company Limited.
mailto:carol@OverseasGuidesCompany.com
Phone 0845 017 8771/ 0207 898 0549 (call me!)
1, Hammersmith Grove,
London W6 0NB
We can put you in touch with:
• Experienced overseas property developers, investors and agents
• Overseas mortgage brokers
• Independent financial advisors
• Property lawyers and solicitors
• Foreign exchange brokers
• Removal experts
• Property insurers
Educating Overseas Property Buyers on How to Avoid Pitfalls and Minimise
Risks.
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