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What happens if the value of the purchased property depreciates after 5 years?

I purchased a property and got my Greek Golden Visa recently. The purchasing price met the requirements of the program. I understand that after five years, my current resident permit will expire and I will need to extend it. What if the value of my property declines below the required amount? Will the government request proof for the current value of the property when adjudicating my extension application?


Answers
  • Papalois & Associates Legal
    August 24, 2018

    No, it doesn't matter. After five years, you should prove only that you still own the property.

  • Energopiisi SA Investment Consulting Services
    August 24, 2018

    The residency permit shall be renewed every five years. To renew the residency permit for property owners, only the following condition must be met: The real estate property must remain in the full ownership of the applicant. This could be proved by the related certificate issued by the competent land registration office. The market value of the properties is not a prerequisite taken into consideration for renewal of the above mentioned residency permit.