Why invest in Greece, why invest in Crete?

When looking for a summer home in Europe, Greece is one of the top destinations that come to mind. Warm smiles and warmer weather are amongst the first things one will encounter upon their arrival to Greece. Not to mention the plethora of choices one has. From the Mountain of Gods to a European Metropolis, to the most secluded little beaches, there is something for every taste.

Crete:

According to Trip Advisor’s “Best of the Best” Travelers’ Awards, the one destination in Greece that captivates people on a global scale is Crete. Crete is the largest island in the country and truly an astounding one. It combines wild natural beauty, some of the most significant archaeological sites, awe-inspiring cuisine, and very welcoming locals.

Real Estate ROI:

Looking at the country’s real estate value curve throughout the years, the effects of the economic recession in 2008 are visible. Real estate prices reached an all-time high in 2008 and by 2017 there was a huge decrease of about 40%. In recent years, however, things are looking better than before in the sector, yet the values are far from what they used to be in 2008. More specifically, in Crete real estate is still at the lowest since 2011, making it a brilliant time to invest.

Tax Benefits:

In the past years since the change of the Government, there has been remodeling in the laws to make Greece a luring destination for foreigners. In 2020, a new tax regulation was applied, which, in short, allows non-Greek pensioners to benefit from a 7% flat tax rate of their income acquired abroad, provided they become tax residents of the country and spend more than half the year in Greece. In a similar manner, in 2021, the Greek government issued a new law, allowing digital nomads to earn 50% of tax break, for up to seven years, as long as they live at least six months in the county.

To sum up:

Crete’s infamous climate and beaches are a great attraction to many. The riches of the island are, without question, countless and with great diversity. The latest foreign-friendly tax laws of the country are a great incentive to consider spending more than 183 days in a warm climate. Adding to that the great timing, in terms of Real Estate values in Crete and return of the investment, there are no obvious reasons why not to buy a summer house in, what essentially is, a paradise on earth.