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Why Invest in Greece

Crete is the largest and most Southern of the Greek islands, stretching for 256 km across the Mediterranean. It is the most popular island for those wishing to purchase a property yet has half the population density of the European Union. This beautiful and unspoilt island is blessed with 330 days of sunshine every year and a mild winter temperature. The landscape is both varied and drastic, ranging from a mountainous interior, snow capped until May, to kilometre after kilometre of long white sandy beaches with turquoise seas.

Crete is one of 13 regions of Greece. It is the largest island in Greece and the second largest in the East Mediterranean. The island itself has a beautiful coastline which is just over 1045 kms long and lies approximately 160km south of the Greek mainland.

The island’s population is 650,000 and straddles two climatic zones, the Mediterranean and the North African. Crete is extremely mountainous and is defined by a high mountain range crossing from the East to the West formed by three breathtaking mountains. These are the White Mountains (2452m high), the Idi range (2456m high) and the Dikti Mountains (2148m high). These mountains have gifted Crete with fertile flat terrains such as Lasithi, Omalos and Nidha, caves like Diktaion and Idaion and gorges, the most famous being the Gorge of Sarmaria.

The climate in Crete is primarily temperate. Although the atmosphere can be quite humid, depending on the proximity to the sea. The winters on the island are fairly mild and snowfall is practically unknown on the plans but quite frequent in the mountains. The summer months are truly beautiful and temperatures are often in the 30’s. One of the best times to visit the island is in the spring and the Autumn when the flora and fauna are seen at their very best.

Drenched in 300 days of glorious sunshine every year, Crete is an island blanketed with lush green vineyards and bountiful olive groves. And thanks to the absence of heavy industry, the waters that lap the island’s shores are a beautiful crystal clear turquoise blue.

With a rich history that encompasses the birth of European civilisation through to later periods of Ottoman and Venetian rule, Crete is a treasure trove of ancient ruins and a modern cosmopolitan melting pot. Today the island thrives. Tourism brings a wealth of visitors every year. And as the property market continues to grow year on year, a traditional Cretan home is popular investment for many Britons.

The capital of Crete is Heraklion and is a very popular holiday destination. Within the last 5 years Crete tourism has increased by 53% and is now established as a booming investment destination. The island is easily accessible with three significant airports, located in Heraklion, Chania and Sitia.

The North West of Crete is an area of outstanding beauty and is the greenest part of the island, lush vegetation meets the coast where a scattering of villages and fishing harbours appear untouched by time. It is no wonder that with two major airports allowing easy accessibility via a 3 and a half hour flight, inexpensive property, unspoilt scenery, and a cost of living 40% less expensive than in the UK, that Crete is emerging as the island of choice for purchasing a holiday or second home abroad.

Cuisine

Crete’s delicious cuisine is considered by many leading nutritionists to be amongst the healthiest in the world. In fact, studies of the Cretan diet have proved the people of this island enjoy a remarkable life expectancy. Delicious local produce is in abundance and it’s not only the shimmering sun that will leave you with a healthy glow.

Harvest authentic Mediterranean culinary delights

A visit to one of Crete’s local markets is an experience in its own right. With a bountiful supply of fresh fish, fruit and vegetables, the rich colours alone are enough to set your mouth watering. Rustle up a little home cooked treat and you’ll soon marvel as the vibrant flavours enrich your favourite Mediterranean meals.

Traditional Cretan food includes many of the signature Greek dishes. Moussaka, calamari, yoghurt and honey are all big favourites. But Crete has developed unique culinary traditions of its own as well. If you have an adventurous palette you may want to try a particular delicacy – herb-fed snails. If not you’ll be delighted to tuck into succulent free-grazing mountain lamb or hearty vegetable pie.

Spice things up with ideas from around the world

From time to time, you may fancy a change from the local flavours. Happily, you’ll find Crete’s larger towns boast a full hand of international restaurants. Italian, North African and Oriental food is becoming increasingly popular and gives you a choice of menus to suit any taste.

Driving and transport

Crete is a fantastic island to travel around. With so much to see and such breathtaking scenery, whether you head off under your own steam or make use of public transport, you’ll be glad to know that navigating your way is rather simple.

If you’re aged 65 years or over, you will need to apply for an extension to your driving licence. But the great thing is if you hold a full UK driving licence, it can be transferred to Crete without the need for taking a test.

Here are the rules of the road you should keep in mind:

You must be over the age of 18 to drive
Vehicles drive on the right hand side of the road
It is compulsory that you wear a seatbelt
If you are taking your own car abroad you must display a country of origin sticker

Speed limits are measured in Kilometres per Hour:

Finding your way

The National Highway, Crete’s main road, makes finding your way around Crete easy. It runs east to west along the north coast of the island and links many of Crete’s major sites of interest.

Public transport

If you don’t drive, Crete has a reliable bus and train service that’s always on hand to take you from place to place. Along the major routes services run frequently, linking the major towns of Chania, Rethymnon and Heraklion. And in the summer months a pleasant way to travel Crete’s south coast is by ferry.

Healthcare

You can move to Crete and rely on the same and even better levels of healthcare you’d expect here in the UK. Greece maintains an excellent health service. It was ranked 14th out of 191 in a recent World Health Organisation study.

In Greece, physicians and surgeons cover all fields of medicine and Crete is served by two of the most advanced research hospitals in the country. Whatever your health concerns, you can be sure you’ll be well looked after.

Free healthcare

As Greece is a full EU member, you’re eligible to receive free emergency medical care in Crete. With both doctors and dentists, your European Health Insurance Card (replacement for the E111) entitles you to free consultation and treatment, so if you do suffer an illness there’s no need to hold back from seeking a check-up.

If you need additional care such as physiotherapy you are required to pay, but using your European Health Insurance Card you pay only 25% of a standard medical prescription.

Claiming Sickness Benefit

If you claim Sickness Benefit here in the UK, you may be able to transfer your payment to Crete. Ask at your Social Security office to find out whether this applies to you.

Education

If you need to consider your children’s education before making the move to Crete, you’ll be delighted to know that Greek education is of a high standard at all levels. What’s more, from kindergarten to university, education is free, including tuition and textbooks. Something your children will no doubt relish are the school hours that run from around 8am to 2pm, when the sun reaches its peak!

As a British parent entering a child into Greek education, you have two main choices. Either your child can study within the Greek system or you could decide to send them to an international school in Athens. There it is possible to follow the UK’s national curriculum.

Whilst Crete may not provide the facilities of an international school, 70% of the population is English speaking. That’s why, if you choose to enter your child into a school in Crete, you can feel reassured their transition will be relatively straight forward. Here’s an at a glance look at the structure of education on the island:

Throughout Greece, compulsory education begins at the age of 6 and children are required to attend to school until they’re 15. In lower secondary education, all pupils follow the same curriculum:

Upper Secondary education isn’t compulsory and students entering this stage must have a school-leaving certificate. If your children choose to attend higher education, they can do so at one of 17 university level institutions and 11 technical colleges in Greece, including the University of Crete.

You may find it necessary to translate your UK qualifications into a qualification recognised in Greece. For a small fee, you can obtain a direct comparison from the National Academic Recognition Information Centre (NARIC). Simply contact the NARIC office in Greece by writing to:

The Hellenic Republic - DIKATSA
Inter-University Centre for the recognition of Foreign Academic Titles
223 Messogion Ave
11525 Athens
Greece
Telephone: 00 30 210 675 6362 / 6368 / 6464 / 6494
Email: dikatsa@otenet.gr

Pets

Your four-legged friend is a much-loved member of the family. So, if you choose to move to Crete you need to understand what you need to do to ensure they’ll be happy by your side.

What you need to do

Start preparing at least seven months before your date of departure. As an EU national you, so long as your pet is at least three months old, you can take them with you to Crete, but first you should register for The Pet Travel Scheme (PETS).

Here’s how you’ll qualify:

Ask your vet to fit your pet with an ISO standard micro-chip – this is their passport

Vaccinate your pet against rabies and make sure your vet records the following details on your pet’s vaccination certificate:

  1. Date of birth/age, if known
  2. The microchip number
  3. The date of vaccination
  4. The vaccine product name
  5. The batch number
  6. The date the booster vaccination is due

Have your pet blood tested. The test must show the vaccine has given your pet satisfactory protection against rabies. If your pet fails this test, they will need to be revaccinated and retested. It’s recommended the blood test is carried out 30 days after vaccination

Be issued with an official ‘PETS Certificate’ by a government-authorised vet. Most small veterinary practices in the UK will do this for you

When entering Crete you’ll need an Official Export Health Certificate and again you’ll get this from a government-authorised vet

BUYING GUIDE

Buying a property in Greece can be one of life's most exciting experiences - and one of the most challenging, so have you really thought about what's involved? Have you done your homework, research and planning? A little forward preparation will help you achieve your goal of successfully living in Greece. It's much better than leaving the purchase of your Greek property to chance.
One of the most common mistake people make when buying a property in Greece is to presume that the laws and property purchase procedures are the same in Greece as they are in their own country. They most certainly are not! Many people, who would like to buy a property in Greece, find that the Greek property market appears to be a daunting experience. At first the Greek property purchasing process seems to be a very complicated one, but, approaching the undertaking of buying a property in Greece step by step shows that it is easily achievable.

Purchasing property in Greece is generally safe, although it is wise to obtain legal advice and follow the rules provided for your protection. People that choose to ignore such procedures often do so at a financial cost.
If you have decided to buy a property in Greece there are a few fact you should know about before you buy your own property in Greece.

THE COST OF BUYING PROPERTY IN GREECE

When buying a property in Greece add at least 15 per cent of the purchase price for fees and taxes, including a property-transfer tax of 7 to 11 per cent. Lawyers fees 1-2%, other expenses approximately 1% for notary fees and land registry. Local municipal tax or community tax is currently calculated at 3% of the property purchase tax and is paid together with the property purchase tax. Annual taxes are payable in Greece on properties owned over the value of 200,000 Euros. The valuation of properties is carried out by the government which provides published values, announced for every type of property. This is known as the government objective price.

SETTING UP A BANK ACCOUNT

All transactions are conducted 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. To open a bank account you will need your passport and a utility bill with you address on it.

THE "PINK SLIP"

The all important 'pink slip' for wire transfers of money from abroad. If the property 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 income tax.

THE AFM NUMBER

All buyers of property in Greece must have a Greek tax roll number (AFM) which is issued by the tax offices. It's free and issued on the spot. Greek and EU citizens must show their ID card. Foreigners living in Greece are required to present their passport or another valid document of identification and their residence permit. Greek and foreigners who permanently reside abroad can also apply for an AFM. They must submit the application to a special tax office located at 18 Lykourgou St, Omonia

LAWYERS ('DIKIGOROS')

It is essential to get an English-speaking lawyer. The British Consul's provides a list of recommended lawyers, Tel 0030 210 369 2333. Beware of buying a property that belongs to more than three family members. And you will need a substantial file as you need to have photocopies of everything. The lawyer conducts the title search at the relevant land registry.

PUBLIC NOTARY (SYMVOLEOGRAPHOS)

The notary public is independent of either the seller or the purchaser. He draws up the contract for transfer of property and the various terms and conditions contained therein. If you do not speak fluent Greek an official translator must be present for the reading and signing of the contracts and a small fee will be paid by you.

REAL ESTATE AGENT

The Real Estate Agent's fees are usually paid by the seller and the buyer. The exact amount of commission is a matter between the agent and the client. All expenses for the conclusion of the final contract, including the tax on property transfer will be borne by the buyer. Each party will pay the fees of their legal representative who must be present at the signing of the contract; this is required by Greek Law.

CIVIL ENGINEER ('POLITIKOS MICHANIKOS')

One may be hired to review a specific plot and to ensure the property's boundaries are within the description in a title document. They can also be consulted regarding specific building restrictions in place in your chosen area.

HOLIDAY HOMES

A common error made by many people is to over estimate rental potential. Do not count on holiday lettings for your property to tourists during the months you are not there. In the last two years there has been a decline in tourism in most parts of Greece, and income from letting property has declined with it. To let out rooms legally, you must have a license from the Greek Tourism Board. You must also fulfil fire and safety regulations, and you must pay tax on this income. Authorities are having a clamp down on illegal lets, and fines are enormous!

INSURANCE

Whether you intend using your property for holidays or as a permanent residence it is wise to make sure your home is properly insured. You can arrange insurance through a reputable UK broker or your Greek Bank.

Mortgages

Greek mortgages are available to foreign buyers via local Greek banks with quotations provided once a property has been selected. Much like English mortgages, the bank will require income verification from the UK and a valuation will be carried out on the property.

Mortgages are readily available for new off-plan property and the valuer will work together with the builder, visiting the site and reviewing plans to establish a property and loan value. We will introduce you to our banking partners and guide and assist through the mortgage application. Listed below are some approximate figures that will help guide you:

Approximate one off fees for the mortgage:

Travel Information

There are three airports in Crete: Heraklion airport (or "Kazantzakis" airport - code: HER) Chania airport (or "Daskalogiannis" - code: CHQ) and the small Sitia airport (code: JSH). Heraklion and Chania are international airports, Sitia airport is currently receiving domestic flights only (charter flights are expected to start in the future).

Justtheflight.co.uk - Flights from the UK and Ireland to Crete
Charterflights.co.uk - Good flight selection.
Cheapestflights.co.uk - Selection is good.
Flymonarch.com or Avro.co.uk - Offering only Monarch flights
ExcelAirways.com - Last minute section and charter flights, from London, as well as from Manchester, Bristol, Birmingham, Exeter and other UK airports.
Flightsavers.co.uk - Availability of seats on range of flights.
www.britishairways.com - flys to Iraklion

Ferries sail to and from Athens (Pireas) daily - the port for ferries from Chania is at Souda, a few kilometres away. Pireas to Rethymno, is also served by ANEK Lines overnight ferries.

Driving on Crete is very varied. The coast roads tend to be fast, although the road surface is not always perfect. Once into the mountains the roads may be much rougher, often turning uexpectadly into loose rocky surfaces. Check your map and car insurance cover. Most of the big car hire companies operate in Crete and have offices at the airports. Local companies are also very competitively priced and offer good value.

www.crete-car-rental.com / www.carrentals.co.uk