You can’t use inherited property since you have to show that funds came in Greece . You could get it only if you did expenses up to 250,000 euros for the renovation, which is unlikely.
How can I use inherited property to apply for the Greek Golden Visa program?
My father purchased a house near Athens in the 1990s, which I inherited after he passed away. The house is still in good shape and I believe after some renovation, its value could reach or even exceed 250,000 euros. Can I use it to apply for the Golden Visa program? I am now its legal owner.
No, you cannot apply for a Golden Visa. You are entitled to apply only if you buy a house with a purchase price of at least 250,000 euros.
The truth is that you cannot do it. The purchase price has to be 250,000 euros. You should also take into account that there is a specific terminology for the contract in relation to the Golden Visa program.
Given that you are the owner of a property that has been granted to you by inheritance, you may apply for a residence permit as a property owner but on the basis of the price stated in the title of acquisition (acceptance of inheritance), i.e., the objective value of the property that must exceed the limit of the law of 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.