| Frequently Asked Questions |
Q: Are any grants available?
A: A grant may be available under specific EU programmes for restorations and extensions aimed at agro-tourism projects. You will need to get advice from a consultant.
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Q: Are there any council rates?
A: There are no rates. A small charge for rubbish collection, street lighting and so on is added to the water bill.
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Q: Can anyone buy in Greece?
A: Restrictions on property buying in Corfu have been lifted since Greece joined the EU and if you are an EU citizen you can freely purchase property in your own right. If you are not an EU citizen, you will have to form a legal partnership with a citizen from the EU. The property will then be purchased in the name of the company.
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Q: Can I insure my property in Corfu?
A: Of course. Building and contents insurance is widely available and is based on value.
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Q: Can we negotiate on price?
A: Many potential buyers are under the impression that the property market in Corfu operates in the style of an Eastern bazaar, and that owners are ready to haggle on price. Often, buyers interested in village houses are misled by the appearance of the vendors - dressed in old-fashioned clothing, lacking a good shave and driving a battered car - and assume they are peasants desperate for the money and happy to grab what is offered. Do not be taken in! Many have more money stashed in the bank than you will see in a lifetime. Remember that an old village house is usually an auxiliary property, and the owner, occupying a modern home and not being in need of the money, will want to hold out until he gets the asking price. This will have been decided in consultation with one of our associates, and in accordance with the price of comparable properties in the vicinity.
Please ask our associates whether an offer would be considered - they will know whether it would be appropriate or not.
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Q: Can you find a tradesman easily and are they expensive?
A: Skilled tradesmen work for substantially less money than in the UK. If you pay cash on completion you will get preference. Labourers work for around 30-40 euros a day.
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Q: Do I need a resident’s permit to live in Corfu?
A: If you work or buy a car, you need a permit. These are obtained from the Aliens Police at Alikes. It is anyway a good idea to get one.
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Q: Do I pay tax on my property?
A: There is no annual property tax in Greece. However, as a property owner you will have to fill in an annual tax return (an accountant will do this on your behalf). As long as you have proof that the purchase was made with funds coming from abroad, and you are not working or otherwise receiving an income locally (for example, renting your property), you will not pay any tax.
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Q: Do local people object to foreigners moving in?
A: Far from it. On the contrary, they love having new people around, and feel proud that a foreigner has chosen their village! Local families always make provision for the future property requirements of their children, and only sell if a house is superfluous to requirements, or because they want to raise money to build elsewhere, so you are not taking away property the locals.
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Q: How about health insurance?
A: Your E111 will cover you initially for emergency hospital treatment. If you are working, your employer is legally obliged to pay national insurance. If you are self-employed, you have to make your own contributions. Both provide for medical care and pensions. Otherwise, you will have to take out a private policy.
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Q: How about water supply to the house? Is there a water board?
A: here is no island-wide water board. The water is supplied and maintained by the local councils. It is metered and you get the bill every 3 months.
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Q: How do I prove that I brought the money into the country?
A: Your bank in Corfu will issue you with a ‘pink slip’, or some other verification that the money for the purchase was brought in from abroad. Your accountant will use this when filling in the tax return.
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Q: How do we pay if we agree on a purchase?
A: A deposit of 10% is required to hold the property until the contract is ready go through. The deposit is kept in a trust account and is only released on the solicitor’s advice.
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Q: How long has the property been on the market?
A: We presume this question is based on the assumption - possibly valid in the UK - that if the property has been on the market for a long time there must be something wrong with it.
People in the UK have been used to a buoyant market, in which properties can move within hours of coming up for sale. However, the housing market is quite different in Corfu.
Firstly, the local population is much less mobile geographically. Corfiots tend not to move house, and the concept of the ‘property ladder’ does not exist. This means the market is relatively static compared with the UK.
Secondly, there are literally thousands of houses standing empty in villages. Since 2001, when we directed our efforts into creating a market for these old properties, many hundreds have been put up for sale, resulting in a glut - which of course is good for the buyer.
Thirdly, the nature of the old houses means that every one is different, and each one’s characteristics may only appeal to one buyer, who has not come along yet! Some of our best properties have been for sale for years simply because the right person has not yet appeared. We strongly believe that one day the new owner will contact us, however long it takes!
Buyers should be assured that we only take on properties that we personally think are attractive and logically priced.
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Q: I have a Greek citizenship and one from another country. Do the same rules apply to me?
A: No. The government is trying to lure Greek emigrants back so Greeks with dual citizenship with proof that they earn a living outside Greece are entitled to concessions and tax breaks. Check with your local embassy.
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Q: Is there a central sewage system?
A: Only in Corfu Town and in a few villages. In most areas and in the country a drain-away septic tank is used. It may take several years before it needs emptying.
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Q: Is there a natural gas supply?
A: There is no mains natural gas supply in Corfu. Butane gas for central heating can be supplied from a large tank fin the garden. This is not possible in densely-built areas.
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Q: What kinds of heating are available?
A: Stoves with heating oil is one choice. A tank can be fitted outside the property and is readily available and delivered to your door. Central heating is widely available now and competition between many firms has brought the price down. Electric or gas stoves are a good alternative, but electricity is more expensive. Open fireplaces for country homes offer a much better alternative. With new systems you can now have the heat from the fireplace directed to all rooms. Very effective and very stylish. Cast iron woodburners are very efficient, and you can cook on them too.
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