Corfu Real Estate - Frequently Asked Questions:

•  Can anyone buy in Greece ?

Restrictions on property buying in Corfu have been lifted since Greece joined the EU. If you are an EU citizen you can freely purchase property in your own right. Non EU citizens have the option of forming an off-shore company which is generally easy and cheap to do. The property will then be purchased in the name of the company.

•  Do any council rates apply?

There are no council rates. A small charge for rubbish collection, street lighting and so on is added onto the water bill.

•  Do I need a resident's permit to live in Corfu ?

If you work or buy a car, you need a permit. These are obtained from the Aliens Police. It is anyway a good idea to get one.

•  Do I have to pay tax on my property?

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.

•  How do I prove that I brought the money into the country?

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.

•  Can I insure my property in Corfu ?

Of course. Building and contents insurance is widely available and based on value.

•  Am I covered for health insurance?

Your E111 will initially cover you 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. Either provide for medical care and pensions. Otherwise, you will have to take out a private policy.

•  Are any grants available?

A grant may be available under specific EU funded programs for property restorations and extensions. You will need to get advice from a consultant.

•  Are local tradesmen easy to be found and are they expensive?

There are plenty of local skilled labourers and they work for much less than in other European countries. Provided you pay cash on completion you will get preference and priority. Average pay is 30-40 euros a day.

•  What about water supply to the house?

Water is supplied and maintained by the local councils. It is metered and you get the bill every 3 months.

•  Is there a local supply of natural gas?

There is no mains natural gas supply in Corfu . Butane gas for central heating can be supplied from a large tank fin the garden. However this may not possible in densely-built areas.

•  What kind of heating is available?

Central heating is widely available and competition between the supplying firms has brought the price down. Stoves with heating oil are an option. A tank can be fitted outside the property, is readily available and delivered to your door. Electric or gas stoves are a good alternative, though 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 of the rooms.

•  Is there a central sewage system?

Only in Corfu Town and in a few villages. In most areas and in the country a drain-away septic tank is used, which usually takes several years before it needs emptying.

•  I have a Greek citizenship as well as one from another country. Do the same rules apply to me?

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. You should best check with your local embassy.

•  How do I pay if I agree on a purchase?

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.