You cannot do that. You can only buy a property valued 250,000 euros.
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Are any exceptions made to the minimum land purchase requirement for a Greek Golden Visa?
I am wondering if it is possible to buy some empty land below 250,000 euros, improve it with some homes or a home, and have it re-appraised to be it over the minimum? What might be the guidelines regarding this type of process?
Answers
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The cost of the land is what matters and not the condition or the possibilities of improvement or have it re-appraised. The crucial time is the time of transaction of the property, not anytime afterward.
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Please be aware that according to ongoing legislation, there should be a purchase worth at least 250,000 euros of one or more properties at the moment of the purchase agreement.
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According to the legislation in force, beneficiaries of the right of permanent resident permit, which shall be renewed every five years, are: third-country citizens who purchase a plot of land or acreage and proceed to erect a building, provided that the cumulative value of the land purchase and the contract with the construction company is at minimum 250,000 euros. In this case, the application for the resident permit should be submitted after the completion of the construction, and among the documents needed to be included are the contract with the construction company and the paid related invoices.
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In the event that you purchase land below the value of 250,000 euros, you will not be eligible for a visa. After conducting the works or construction in the said property and upon reevaluation, if it is found to be worth more the required amount, then you can apply accordingly. Mind that the authority may not be easy to accept your reevaluation by default and additional actions will be required to prove the added value reaching or exceeding 250,000 euros.
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Please note that is not a matter of exception. You are eligible for a Golden Visa application, provided that the total value of the land purchased and the contract with the construction company is at least 250,000 euros.
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