Even an old property might be costly enough for a Greek Golden visa. The only concern is the market value to be enough to cover the required amount.
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How can I use old properties for my Golden Visa application?
My friend who is a Greek citizen recently inherited a house from his father. The house was built over 50 years ago but is in good condition. I am wondering if I can purchase this house and apply for a Golden Visa. My only concern is that it is an old property and the market value might not be enough to cover the required amount. My friend is willing to sell me the land in front of the house to make up for the rest, but I don’t know if such an arrangement is acceptable by the immigration authorities.
Answers
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According to the existing legal provisions, every investor is entitled to permanent residence permit benefits if the value stated on the contract of acquisition is at least 250,000 euros. The market prices of the properties are defined according to the market rules, based on the respective offer and demand in the market and are subject of agreement between the seller and the buyer. It's upon the contractual parties' agreement, the final market price and the object of the transaction, not on Greek Authorities for Golden Visa. Of course, you have to be within market frames in order for your acquisition not to be considered abusive and fictitious
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You may proceed to purchase of the following land depending on the value according to the market. There will not be any further control over this by the authorities as well as for the remaining land you will purchase.
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You can also buy property/properties or even land to apply for a Golden Visa. The total purchase price should be 250,000 euros.
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If the sale price is 250,000 euros, then you will not have a problem.
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Due to the provisions of the Greek immigration law (4251/2014), the third country citizen shall buy one or more properties of a total minimum value of 250,000 euros. You can buy a brand new property or a second-hand property, a land or a plot. Any type of them is acceptable by the immigration office. So you can buy both the land and the house and the total investment shall be 250,000 euros.
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