Yes, it's acceptable, but we have to eliminate the burden (mortgage, confiscation, etc.) before you apply for a residence permit.
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How can I invest in foreclosed properties and qualify for a Greek Golden Visa?
I am wondering if foreclosed properties are acceptable for the Greek Golden Visa programs. I’ve seen some good properties in the market with great appreciation potentials.
Answers
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Provided that the debtor/owner of the foreclosed property has a court order allowing him to sell for a price which is specified in that court order and you pay that price, you can become the owner of the foreclosed property and qualify for the Golden Visa if that price equals or exceeds 250,000 euros. Alternatively, you may participate in the auction scheduled for the sale of the foreclosed property and bid for it. If you become the preferred bidder and the price offered by you is at least 250,000 euros, you can qualify for the golden visa.
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The only issue also for foreclosed properties is that the price has to be at least 250,000 euros to qualify you for a Greek Golden Visa.
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Every single property that it is free from any objective problem that could prevent its sale, is acceptable for the Golden Visa program. However, foreclosed properties are always a tricky subject regarding the source of the property, its actual condition and the time that a property like that would be available for sale.
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The property and the invest must comply with the law's requirements, meaning the minimum amount of 250,000 euros must be deposited in the bank account of the seller or the debtor. In case of a foreclosure, this rarely applies.
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We sent a request to the competent authorities, and the official's answer is that foreclosed properties are not eligible for the Golden Visa issuance according to the existing legal framework.
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