To be entitled to the Golden Visa you must pay 250,000 euros with funds coming from abroad and credited to a bank account. No loan is possible.
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Can Golden Visas be acquired on a property that is partially bought?
I want to buy a property in Greece but don’t have enough to pay for it in cash. Can I use a Greek bank to finance a two-thirds of the property, and use another third as a down payment? Or does the law require paying for the properties in cash?
Answers
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You can use a bank.
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The purchase of a property should be made with money from the country of origin of the buyer, which will be transferred to a bank account in Greece.
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According to the relevant provisions οf Greek immigration law in force, the investor must have full ownership and possession of the property at the time of submitting the permanent resident application, and the existence of a mortgage constitutes an obstacle to this condition. The submitted documents from Land Registry have to prove that the property has no encumbrances, mortgage, etc. After the issuance of a resident permit, the investor may obtain a loan in Greece or anywhere else, with a mortgage on the acquired property, under the related terms and conditions of each bank. In all cases, the price of the real estate has to be paid via a crossed bank check or through a banking transaction from the Greek bank account of the buyer to the Greek bank account of the seller. So a loan can be taken from your domestic bank, provided that no encumbrances, hypothecs, etc., are on the property. If your domestic bank could provide you a loan with securities beyond the under purchase property, there is no obstacle for the Golden Visa procedure.
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According to the pertinent provisions of Greek law, the amount of the purchase contract is paid by a crossed check, with a deposit of a bank transfer in the bank account of the recipient kept at a bank in Greece, or in a credit institution under the supervision of the Bank of Greece, the particular details of which should be declared by the contracting parties before the notary public drafting the contract and be included therein. The aforementioned amount must have been fully paid at the day of the signing of the purchase contract.
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