Renting out your Property in Crete
Info on how to get an EOT License
With the increase of independent-minded tourists looking for tranquil holidays in idyllic locations, the rental potential of villas in Crete has risen sharply. This makes the purchase of a villa in Crete a perfect investment. Whether you intend to cover the cost of the villa and your mortgage, or to actually supplement your income, since managed properly, your villa in Crete can do this for you.
However, it is essential to obtain a license from the Greek National Tourism Organization, known as EOT in Greece, if you intend to rent your villa to various tenants. Greek National Tourism Organization has strict rules with reference to the suitability of each property, which ensures that tourists are not renting second rate accommodation during their stay in Greece. The standards for construction of villas in Crete and their swimming pools’ have to be met before the GNTO will issue a license for the villa to operate as rental accommodation.
The process for EOT license sometimes takes several months and it costs. You have to contact the Organization to get these information. There is also the purchase of certain safety features to be considered, such as fire extinguishers, emergency lights, exit signs, pool depth markers, etc. These added extras ensure that buildings and pools meet safety standards. For rental villas there is a key system in place, similar to the star system for hotels. One key being the basic category for simple rented furnished accommodation, while the highest category is for luxury villas.
The criteria for the approval of the EOT license tend to vary over time and this is why it is necessary to appoint someone familiar with the procedure and fluent in Greek, to do all the essential paperwork for you. Action Constructing cooperates with professionals who can carry out the whole procedure needed always with the assistance of our qualified architects.
Architects in Action can supply you with all the paperwork concerning the plans of your house. These have to be officially stamped and signed and then deposited to EOT. After that, one of EOT’s inspectors will be arranged to visit your villa in Crete and check if the building matches exactly the plans. The next stage has to do with the obtainment of the rest certificates. These include a certificate from the local tax office confirming that the property owner does not have any tax debts and that his criminal record is clear.
It is recommended that the criteria for EOT are taken into consideration from the planning stage of your villa in Crete, but even then, it is essential to remember that EOT often change the criteria without prior notice. This makes pre approval difficult. Some important points include the fact that there is a minimum size allowed for the villa rooms and all properties and pools on a shared plot must be issued with an EOT license, regardless whether all property owners actually intend to rent their villas to holiday makers.
Each application is considered individually and once the EOT license has been issued, the owner is free to rent his villa without any legal repercussions.