Greek Property Investment and Pensions

Greek Property Investment And Pensions

For many people, retiring to Greece is the only logical choice, a just reward for a lifetime of work and toil. Thousands of retirees look to Greek property investment as the chance to relax after long career. Greece offers the best quality of life in Europe, and the country has a wonderful laid-back attitude, perfect for enjoying the best years of your life.

Buying property in Greece is easy, if you know the system, but that is only the first part of this life-change. To sample the delights of Greek cuisine, and drink ouzo by the beach, you need money. For most of you, this means transferring a pension from abroad, whether from the state or from your occupation.

If you are an EU citizen, the process is easy and the bureaucracy painless. Having a pension also makes the whole residency process easier, as you have a proof of income, so will have no worries with the authorities. For UK citizens, you may even be able to draw a Greek pension, more generous than in Britain. Occupational pensions and personal pensions will need to be paid into a UK bank account, although you should be able to avoid paying tax in Greece. It is certainly worth seeking independent financial advice to make sure that you do not receive a double whammy.

If your pension is very small, you may need to transfer money regularly. If it is big enough for you to survive on and leave some savings, it is a good idea to let it accumulate in the bank in your own country. Exchanging currency, and paying bank charges every time, can add up to a hefty sum. Britain’s parasitic banks, for example, charge between £10 and £20 per transaction. The banks have already lost enough of our money, so try not to give them any more!

It is worth shopping around and looking for one of the many foreign exchange specialists, who offer a much cheaper deal than the banks. In addition, outside the Eurozone, you can play the currency game a little, and wait until the right moment to transfer money. It will not make you rich, but even a couple of nice meals is a good return. Internet banking is essential for this, and makes the whole process much easier.

Photograph courtest of Steve Woods,