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How can I show the value of a previous purchased and renovated property and use it to apply for the Greek Golden Visa program?

I purchased a house in Athens in the 1980s and have been holding it since then. I learned that it is possible to use previously purchased property to apply for the Golden Visa program, as long as the current value of it is at least 250,000 euros. Can I renovate the property to bring its value up and receive a Golden Visa? If so, how can I show the current market value of it after the renovation?

  • Right Target Estate
    October 04, 2018

    You need to provide official receipts of the expenses you made to the authorities. But before doing so, you might try and ask to your notary what the existing fiscal value of the property is in case it reaches the limit needed.

  • Papalois & Associates Legal
    October 04, 2018

    Unfortunately, you cannot do that. The law demands the purchase price of the property to be 250,000 euros. Also, the contract must be made in a certain way and contain some specific terms in order to get the Golden Visa.

  • Synergia Technical and Consulting SA
    October 04, 2018

    Yes, you are right. A third-country citizen who is in full ownership and possession of immovable property in Greece, which he purchased before the entry into force of Law 4146/2013 and its latest amendments, 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. The renovation cost is not included among them.

  • Pantazis & Associates Law Firm
    October 09, 2018

    No, you cannot renovate it. There is no way for you to prove that the funds came in Greece. There is also a specific terminology for the contract in relation to the Golden Visa program. The latter is binding.