Unfortunately, you cannot. 250,000 euros is the absolute condition.
How can I use the property I purchased 2 years ago to apply for a Greek Golden Visa?
I attended a Greek college two years ago and my parents purchased a house in Athens for me. The purchasing price was 220,000 euros and the property is under my name. I recently had a professional appraise its current market value and, according to him, it is worth more than 250,000 euros now. Can I use this property to apply for the Greek Golden Visa? What supplementary documents do I need to provide?
You cannot apply for a golden visa. Greek law states that you should buy a property worth 250,000 euros. (Meaning that you pay 250m,000.) You bought a property and you paid 220,000. If you want to apply for a residency permit, you should buy another property of 30,000 in order to have the amount of 250,000.
According to the related provisions of Greek immigration law in force, every third-country national who has invested in one or more properties worth a minimum of 250,000 euros could apply for the permanent residency permit for the property’s owners. The basic prerequisite is that the minimum investment amount should be 250,000 euros. It is clarified that the price of the property or properties, for the purposes of law 4251/2014, is the amount explicitly stated in the contract paid for the sale and purchase. The objective or the market value of the property is not taken into consideration. So in your case, since the purchase amount on the existing contract is 220,000 euros, and under the condition that the purchase contract meets the legal requirements (e.g. no cash payments etc.), you could proceed to an additional purchase at minimum 30,000 euros and afterwards apply for the relevant residency permit. Documents to be submitted are the following: three recent color photos; and a validated copy of a valid passport or travel document recognized by our country with the applicable valid entry visa; government fee of 500 euros. Note that after Sept. 12, 2018, this fee rises to 2,000 euros. You will also need purchase contracts, proof of registration from the competent land registry, and certification of an insurance institution to cover hospital and medical expenses.
In order to determine if you are eligible for the Golden Visa based on the property you bought two years ago, it is essential to know the way the money for the purchase was transferred to the seller. This is why you will have to visit an attorney who is going to thoroughly check the purchase contract in order to verify if you are eligible or not.