Paying the villa purchase balance?

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PaulaJ
Posts: 19
Joined: Fri Apr 15, 2016 11:49 am

Paying the villa purchase balance?

Postby PaulaJ » Mon Jul 31, 2017 6:57 pm

Hey , Just wanted some reassurance about our villa purchase and paying the balance. We're at the point of signing the final contract this week after we receive the certificate from the Foresty guys to say all is good and above board. We will I expect be paying the balance this week too. The English girls we're buying from live in the UK and we've been assured by our solicitor that paying the balance from our UK a/c to their UK a/c will be absolutely OK since it is going to be mentioned in the deeds and will save us more fees moving the money to our Greek a/c and back to the UK again! It seems to make a lot of sense but I've heard conflicting comments. Could this be because most purchases are usually made from Greek citizens? Any advice or comments appreciated as we're getting a tad nervous!

Kilkis
Posts: 8905
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Paying the villa purchase balance?

Postby Kilkis » Mon Jul 31, 2017 10:13 pm

You might find that if you moved the money to your Greek account you wouldn't be able to send it to the sellers UK account because of capital controls. Paying directly between accounts outside Greece seems to be quite normal but I would check with a good accountant, not a lawyer, that you won't get into tax problems. Tax authority's logic seems to be: you bought a property in Greece for €x, you didn't transfer €x into Greece therefore you must have earned €x in Greece so we will tax you on an income of €x. Make sure that whatever the contract says it will ensure that you don't get caught in this trap.

Warwick

PaulaJ
Posts: 19
Joined: Fri Apr 15, 2016 11:49 am

Re: Paying the villa purchase balance?

Postby PaulaJ » Mon Jul 31, 2017 10:42 pm

Many thanks Warwick, we'll check it out!

Jason64
Posts: 49
Joined: Sun Mar 06, 2016 10:09 am

Re: Paying the villa purchase balance?

Postby Jason64 » Mon Jul 31, 2017 11:14 pm

Just to say, both our lawyer and accountant have said this is fine to do, albeit that must have proof of bank transfer and of course details must be shown on contracts.

PaulaJ
Posts: 19
Joined: Fri Apr 15, 2016 11:49 am

Re: Paying the villa purchase balance?

Postby PaulaJ » Tue Aug 01, 2017 10:31 am

Thanks Jason. My mind is slowly destressing now I've had some positive comments!

Mackie
Posts: 70
Joined: Sat Jul 23, 2016 1:08 pm
Location: Cheshire / Hersonissos

Re: Paying the villa purchase balance?

Postby Mackie » Tue Aug 01, 2017 9:13 pm

Based on recent experience, the Notary has to list within the contract how and where the money was paid.
To be on the safe side, I would suggest to pay by bank cheque and ensure the cheque no & value are listed within the contract?
We had to pay recently via 9 separate bankers cheques (long story and due to sellers tax issues) and the Notary had to list all the cheques and also the deposit. Everything was listed in details.
Give your Notary a call!!

Hope this helps.
Mackie


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