As well as allowing you to live or own a holiday home within an area of rich outstanding beauty,a property on Corfu also represents a sound financial investment.Unlike the UK ,there is no Capital Gains Tax in Greece, so whatever profit you make on any property is yours to keep. With prices increasing currently by around 15 per cent per year, this could represent a decent return on your money after a period of five to ten years. Property taxes are also non-exsistent on the island, so your regular outgoings are limited to minor things like electricity, water, telephone, insurance and maintenance. There is NO Council Tax. At the same time, local planning laws preclude development of the high denisty housing such as Spain and Portugal. This means that large and mid scale developers have ignored many parts of the island and allowed them to retain a traditional village lifestyle. Most importantly, it means you can buy a plot of land in the knowledge that a Multi –storey hotel will not ruin your seaview or
peace and quite. As Greece is part of the EU the process of buying a property is remarkably similar to most other European Countries. But like any Overseas purchase it is advisable to employ some local specialists to guide you through the process. I.E Places in the Sun who will assist you find an English speaking Lawyer and surveyor. We do have professionals we use regularary and have a very good rapourt with them and have never been let down. This is particlarly vital if you are renovating an old house or building new as they will establish if planning permissions are required with the old houses and help you gain the permissions with building new. The process of purchase is relatively straightforward. It is a simple case of following the procedure and remaining calm. Once the lawyer has completed all his checks on the property they contact the office of the “Notary Public” who will deal with the necessary government paperwork .They are responsible for handling the final purchase and organising financial issues such as Transfer Tax and tax assessed on the value of the property. Overall Purchasers should expect to pay 7.21 per cent Transfer Tax on the first 15000E and 9.21 per cent on the remainder .The Notary will also ask you to pay another 2 per cent of the the tax assessed value, including subsquent registration fees. Once the sale of the property has been completed the Notary registers it with the Land Registry .
for people looking to raise finance for a property in Corfu. We can provide the solution either through a Greek Lender, a UK provider or indeed a combination of both. We are able to offer a range of competitive rates for Greek Morgageswith both Greek and UK lenders alike, through accessing our large choice of Greek lenders and every lender in the UK.This enables us Places in the Sun to offer unique solutions tailor made to your specific requirements. We can provide guidance on the legal and technical aspects of property purchase in Corfu: review and discuss all of the financial options available to ensure that you are fully informed when making such a financial commitment. With our interest rates starting at about 3.90 per cent on a Greek mortgage buyers should considering borrowing from Greek mortgage lenders
There are several laws and conventions in Corfu which can make a Corfu property purchase a little daunting At Places in the Sun we want to assure you that this process can be simplified as much as possible as our team of experienced advisors who have extensive knowledge of both the domestic and Greek Mortgage systems. Often a Corfiot property can be financed by releasing equity from your UK property and that is where our combination of experience of both markets come into there own. We have put together a list of the most asked questions relating to obtaining a Mortgage in Corfu and answered them for you
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