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How does the land purchasing option work in the Greek Golden Visa system?

After a site investigation to Greece, I did not find a property that quite meets my needs. I was satisfied with a plot of land close to the sea, but the market price for it is below the required 250,000 euros. I was told that one can invest in a plot of land and still qualify for the requirements for a Greek Golden Visa, as long as the cumulative value of land purchasing and building construction adds up to 250,000 euros. How does this option work? Who can provide proof that the construction cost will make up the remaining investment? Do I have to wait until the construction is completed to apply?

  • Energopiisi SA Investment Consulting Services
    August 22, 2018

    Regarding your question, please be advised that third-country citizens who purchase plots of land or acreage and erect a building are also eligible for the Greek permanent resident permit for property owners. Your application should be submitted upon the completion of the construction or earlier, if the cumulatively spent amount (plot acquisition and paid-off invoices of the construction) is the minimum 250,000 euros. The following additional documents must be submitted upon your application: contract for the purchase of the plot of land or acreage along with land registration certificate; contract with the construction company for the erection/restoration of the residence, which has been submitted to the tax office according to the law; building permit in the name of the applicant, e.g yours.; invoices by the contractors and the corresponding bank proofs of payment.

  • Papalois & Associates Legal
    August 22, 2018

    Construction costs can be included in the total fee for the Golden Visa requirements, but it needs specific rules for the payment to be followed.