The Fleece in Greece

[angie]

This is to show that property problems and scams occur elsewhere too, not just Spain.

Some years ago a group of mainly British investors were buying land on Lefkada Island Greece, which was sub-divided into plots, sold on, and villas built on plots. Most of these went into a rental pool with a travel agent in Kent, Summer weeks sold to clients for a 20 week rental period each year. All taken care of by a Director who lived in Kent in Winter and on Lefkada in Summer.

The sting, ala Ponzi esque. New families were lured into buying plots and building villas after seeing previous builds, monies paid in stage payments for build, but now only partly built with 100’s of 1000’s still needed to finish. Said Director now pleading mental problems as he and Greek associate, maybe other Directors away with the clients’ loot. Now facing expensive Court case in Greece, Company Lefkada Estates’ Financial Statements too old, meaning over 23 months old, and lowest credit risk, meaning likelihood of impending bankruptcy. Families unlikely to get anything back for minimal value plots with building site. 🙁

Oh what a tangled web, it all looked rosy for years but few foresaw this impending scam 🙄

Dealing with Greek or Cypriot Developers, language, Councils (back handers) is possibly worse than some of the happenings in Spain. It’s a minefield 😯

[Anonymous]

Yes, buying overseas is riskier than most people realise, and it always boils down to the people you deal with.

[angie]

Yes, who you deal with is very important anywhere, the Greek language makes things harder I believe than in Spain 🙄

Here’s another aspect though. On Lefkada for certain, there is a strong Masonic connection, to get documents rubber stamped quickly you need to either be a mason or know someone who is but then applies for you, it’s outrageous but a lot gets through that way. Presumably similar on other islands and possibly mainland Greece. (plus of course the obligatory B monies are paid and gratis dinners in ‘friends’ tavernas’)

To what extent has anyone heard that this may be the case in Spain, ie Masonic connection speeding things up or ‘legalising’ documents and planning? 🙄

[katy]

They don’t need the excuse of being Masons in Spain, a brown envelope or being a relative or good friend is all that is needed

[angie]

I see where you’re coming from katy, but have you or anyone come across this masonic thing in Spain irrespective of brown envelopes, which seems prevalent certainly on Lefkada 😉 🙄 ?

[katy]

I haven’t heard of anyone being a mason but I believe there are Masons in Spain. There is an ex-pat lodge on the CDS.

[Author]

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