Please be aware that in case a property you are buying is for a value of less than 250,000 euros, you may obtain another property additional up or more than the amount to be entitled to proceed with the petition. In case you will proceed with renovation of the property you described and selling it for the said amount to your son, in that case, your son only will be entitled to proceed with the petition.
How can I use improved land for a Greek Golden Visa?
I found some empty land outside of Athens that I am interested in building a house on. However, it is not quite 250,000 euros. I am wondering how I can develop a home on the property, then sell it for more than 250,000 euros to my son, who will use it toward a Golden Visa for his family and mine. Please advise.
According to the Greek immigration law, 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 a minimum of 250,000 euros, are eligible for Golden Visa benefits. In such cases, the following additional documents must be submitted: a contract for the purchase of the plot of land or acreage; a contract with the construction company for the erection/restoration of the residence, which has been submitted to the tax office according to the law; a building permit in the name of the applicant; invoices by the contractors and the corresponding proofs of payment. Regarding the question about your son, if he is an adult, the best solution is the whole investment (plot and construction) to be on his name from the beginning.
If the price is more than 250,000 euros, then it is functional purchase for obtaining a Greek Golden Visa. You should try to find a new house to avoid extra cost of building it yourself. It is a time-consuming solution.