GLOSSARY OF TERMS
ABP: Confusingly there are two separate methods of assessing property values in Crete. The ABP is the 'Actual Buying Price', which is self explanatory, and the 'OGP' (see below).
AFM or ΑΦΜ: Αριθμός Φορολογικός Μητρώου - Greek Tax Number. The Greek Tax Year runs from 1 Jan to 31 December. Your Accountant must submit a Tax Return each year, irrespective of whether you have earnt income in Greece or not.
Tax Returns must be submitted between 1 Feb and 31 May of the following year.
- An AFM number is required to:
- rent or purchase land and/or buildings,
- purchase a car (or motorcycle),
- open a Greek Bank account
AMKA: Αριθμος Μητρώου Κοινωνικής Ασφάλισης – Greek Social (National) Security Number, all employers, employees and pensioners are required to have an AMKA number.
Cadastre: The Hellenic National Land Registry..
EEC: Energy Efficiency Certificate.
Eforia: The 'local' Greek Tax Office.
ENFIA (ΕΝ.Φ.Ι.Α): A ‘Single Unified Property Tax’ introduced on 1 Jan ‘14 and imposed on each real estate property, payable in 5 monthly instalments commencing September each year (this tax was previously known as EETA, which was an 'Emergency Property Tax’ introduced in 2011, and was included as part of the electricity bill).
EOT: Elliniko Organismo Tourismo, a Licence issued by the Greek National Tourist Organisation (GNTO), and required if you intend to rent out your property in Crete.
FPA: Foros Prostithemenis Aksias (FPA), or VAT, first introduced in 1987 – the current percentage rate is generally 24% on goods and services, and 13% on Utilities.
I.K.A: A mandatory insurance all Employees must receive, and all Employer’s must pay.
KENAK: The Greek Regulations for the Energy Efficiency of Buildings.
NOK: The Greek Building Regulations/Code (2011).
OGP: 'Objective Government Price', or the minimum 'official' value acceptable to the local tax office for taxation purposes, and is based on land and property tables held by the Local Tax Office, and will depend on the land/property location, area/size and available amenities. The OGP is generally about 60% of the ABP, and is payable by the purchaser at a current rate of 10% (see also 'ABP').
‘Pink Slips’: Assuming that Foreign currency must be ‘imported’ to pay for your venture, you should keep accurate records of the origin of such funds (savings, loans etc.).
All transactions involving ‘imported’ funds are recorded on the ubiquitous ‘Pink Slips’.
These will be kept at your Bank in Crete, and handed to you from time to time for safe keeping. Each ‘Pink Slip’ has a unique reference number, and you should keep accurate records of the amount and purpose of each transaction.
Stremma: Land areas in Greece are expressed in ‘Stremmattas’, 1 Stremma being 1,000m2, or 0.247 acres.
Given there are 4,045m2 in 1 Acre, 1 Stremma is about ¼ acre.
Note: Property areas are usually stated in square metres, generally measured to the outside face of external walls. It is worth noting that if you are considering the purchase of an old stone built property for renovation, the outside walls are often over 50cm thick (1’9”) thick, which can have a significant impact on the actual area of internal usable space.
T.E.B(V).E: Compulsory National Health Insurance for self employed workers, now known as EFKA, or ΕΦΚΑ.