Hi all, new member here, I am living in the UK but considering buying a cheap property in Crete to live in for a year or so and then rent out for some or all of the year.
This wouldn’t only be my first house abroad, it’d be my first house full stop! So I do not intend to rush into anything and really I’m just trying to get my head around all the in’s and out’s of it all.
The problem on some properties I’m interested in is that they don’t come with an EOT licence, and I am told some will never be able to have one as they are part of a complex of other houses without them. The estate agent advised me that many people just rent them out anyway during the summer, bending the rules by saying they are friends/family? I wondered if this really is the case and is accepted even though not strictly legal, or whether it is not worth the risk and strictly monitored. I certainly have no intentions of causing problems over there but it would be nice to think I could rent out my own house if I wanted to for a few months in the year. I know you can rent for 3 or more months at a time legally, but obviously the holiday market would be more attractive to me.
Whats the general feeling about all this over there? Are there any signs the whole status might change one day and be more relaxed with regards to rentals? Or is this likely to never change in the future?
Any thoughts on this matter are really appreciated and I hope I don’t come across on the wrong foot asking a question like this. I love Crete and fully intend to integrate and contribute to society there.
It was a lot easier to just let out without an E.O.T. in the past. But from this year all let propertys have to (or should ) put there E.O.T number on all adverts, so this will in the future make it easier to trace none E.O.T. propertys.
A lot have done it in the past but would not recommend for the future.
Cant see it changing much for the future if anything will get tighter. I know of one owner who had three apartments that was caught without a licence, accessed for tax as if ALL had been fully let for three years and then a 10000 Euro fine on top ended selling up just to pay the costs and left Crete.
You are correct that you can let as long as its three months or longer no problem. Estate agents will always tell you its not a problem. my advice DONT.
If i can be of more help please ask.
Many thanks for your reply, Stalos. It sounds like a big no-no then to me! I shall only look for properties with a licence, or at least the possibility to licence. I have no doubt I’ll have loads more questions soon, I am visiting Crete this week.