“That a pro bailout government has been elected in Greece should be welcome news for Brits who own property there.”

Says Richard Way, Editor of The Overseas Guides Company (OGC) after the results of the recent landmark election were announced.

“It’s likely the country will remain in the Eurozone, at least for the time being, so they’ll be relieved that their asset will remain in euros and they won’t have to think about re-organising their finances and transferring currencies. Those with euro-mortgages will be especially relieved. Meanwhile, British people put off buying in Greece may now be spurred into making a purchase.”

For anyone who recently acquired or has decided to purchase property in Greece, information provider The Overseas Guides Company has picked out six often overlooked considerations for owners in Greece:

• All owners of a property and/or car and/or boat in Greece, including non-residents, must file an annual tax return. A local accountant will take care of the paperwork for you, for a fee of around £150. If you fail to do this, you could be fined when you sell your property.
• Non-resident owners should ideally make any payment due for the upkeep of their property direct to the service provider or creditor, such as utilities companies, paid from their own account in Greece – as opposed to paying a management company and letting the take care of bills. This is so the Greek tax office sees proof of your own expenditure on your property there.
• If you intend to let your property to holidaymakers on a short term basis, you will need an EOT licence from the local authorities. Properties must meet conditions to be granted one. Renting out your property without an EOT licence could result in a hefty fine.
• The amnesty allowing owners of property with minor planning irregularities, such as a balcony or extension, to declare them to the authorities has been extended from the end of June to September 15 this year.
• It’s a myth that council tax in Greece is expensive – compared with rates in the UK, it’s cheap! As an example, a property in Corfu with a tax valuation of €500,000 would be liable for around €500 – approximately £400 – a year, or £33 a month!
• Get a bi-lingual, independent lawyer to oversee your purchase. Planning regulations can be complicated in Greece, especially on the islands where buildable (or urban) land is often determined by age-old village boundaries and what is allowed on rustic/ agricultural land is tightly restricted.

Search for properties for sale in Greece on Rightmove Overseas. If you’re planning to buy in or move to Greece and need to transfer a large sum of money there, remember to use a currency specialist to exchange your pounds into euros. For more information, visit the Currency Zone.

To understand the full step-by-step process to buying a property in Greece, collect The Overseas Guides Company’s ‘Greece Property Buying Guide’