The Greek debt crisis is not only plaguing the people living within the borders of the country but also Greeks around the world as well. According to an extensive report by Canadian Business.com, several Greek-Canadians are now facing the dilemma of selling or keeping their homeland properties amidst the harsh taxation and economic and political instability.
The new property tax introduced in 2011, as imposed by the EU/ECB/IMF austerity package, was a severe financial burden on the backs of all Greeks owning even the smallest to the biggest of properties.
The once strong bond between a Greek owner and their property back home is taking some really strong blows. Besides the unpopular taxes, the political instability and the Euro crisis, there are more barriers Greeks abroad must overcome to maintain their properties in Greece, such as the law allowing trespassers to claim property after a certain period of time. This is not only a legal but a personal issue as well, since most trespassers are friends or relatives who take advantage of the absent rightful owners.
As highlighted by the report, it is rather hard for people to let go of their land in Greece. Owning a piece of land back home holds a symbolic meaning to most Greeks living abroad as the link between them and their homeland, their culture and origins.
The Greek crisis has also affected Greek-Canadian businesses. Strikes, cuts in wages and social turmoil are leading many entrepreneurs to abandon their commercial activities in the home country, although that might mean more taxes and bureaucracy.
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