Police closed the scene around a luxury villa in Ha Potami on Saturday after the owner reported a theft of more than €72,000 in cash and valuables.
The Chinese man, who is a permanent resident on the island, told police he believed his house was broken into sometime between Friday and Saturday when he was away from home.
Two gold watches, worth €52,000, and €20,000 in cash were taken from a safebox in a bedroom. A mobile phone and a laptop were also stolen, he reported.
Police said the thieves broke in using a blunt object on the main door. Investigations were underway early on Saturday morning while various items were collected as evidence.