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Does the Greek government appraise the market value of real estate purchased for the Greek Golden Visa program when adjudicating individual cases?

Two months ago, I bought a house in Athens through a migration agency from my home country for 260,000 euros and submitted my Golden Visa application. Recently, I found out that the agency got a commission of more than 30% of the selling price from the seller and the actual market value of the property is way below 260,000 euros. Although all documentation of my application is in place and my application seems compliant, I am worried that because the house is not worth the minimum price for a Golden Visa, this might ruin my application. Could my application be denied because of this?


Answers
  • Energopiisi SA Investment Consulting Services
    August 29, 2018

    Among the documents to be submitted for residence application are the following: The contract of purchase stating that, “The contract of sell and purchase of the property is not subject to conditions or exemptions, the total price amounts to ….. ………..which has been paid in full with a crossed bank check or bank transaction” and a proof of transfer of the contract by the competent land registry. So, according to the legal framework, the stated value on the contract is that one, which is taken into account in the assessment of the application and not any οther kind of value.

  • Papalois & Associates Legal
    August 29, 2018

    No, it doesn't affect your Golden Visa application. What matters is the purchase contract should say that you paid 260,000 euros for the property.