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What is the acceptable time period for purchasing Greek properties that makes them eligible for Golden Visas?
I have owned property in Greece for about 15 years, but never received any residency status during that time. I learned that past properties can be eligible. My properties each meet the minimum investment threshold, but am I eligible for Golden Visas through my past property purchases? How far back is acceptable for eligible real estate investments?
Answers
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Τhe law in Greece has no retroactive effect. The purchase of real estate should have taken place after 2005, when the law came into force.
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Yes, you are right. Old property purchases could be eligible under conditions. A third-country citizen who is in full ownership and possession of immovable property in Greece, which was purchased before the entry into force of law 4146/2013 and its latest amendments, e.g., 2013, could be granted for the privileges of permanent residency for property owners, either if the price he had paid at the time of purchase was 250,000 euros or the equivalent, or the current tax official value of his real estate amounts 250,000 euros. The tax value of a property is determined from the tax authorities upon specific factors, e.g., location, floor, age of the building. Also, the notaries are authorized to calculate the tax value of the properties. In any case we could see your contract to define if your case according to the above provisions is eligible or not.
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There is not a limit as to how far back the property purchase must have been completed. Accordingly, you shall not have any problems with your Greek Golden Visa eligibility in this regard. However, depending on the price of the purchased property, a pertinent certification by a notary must be also submitted to the pertinent Greek authority, stating that the fair-market value of the real estate property, as it stands today, is at least 250,000 euros.
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