Is it possible to obtain a Golden Visa by acquiring property through
Auction?
Until very
recently, the answer to this question was negative, and this is because the
acquisition of Golden Visa in the legal regulations demands the purchase of
real estate with a notarized acquisition document and not in another way (i.e.
by auction) but also by specific methods of paying off the price (interbank
payment). From the initiation of the legal regulation until today, this has
been the only transaction plausibility for one to obtain a Golden Visa.
However, the
purpose of the above provision of the law is to ensure that the investment is
genuine and not to exclude other ways of acquiring real estate from the
relevant process. The above issue was stated a few days ago before the Legal
Counsel of the State (NSK) after a query that was addressed to it by the
competent immigration service of the Region of Eastern Macedonia & Thrace.
The NSK, which is the legal advisor of the state services, responding to the
above query and through congruent consultation, ruled that it is indeed
possible to grant a Golden Visa if the investor acquires property through an
auction procedure and this practically means that the competent services must
accept the above opinion on this issue.
What should interested investors pay attention to, when they want to obtain
a Golden Visa after the acquisition of an auctioned property?
Here it
should be pointed out that this cannot take place without specific
requirements. In particular, it was deemed permissible to acquire the property
by auction; although the regulations of the relevant law related to the
repayment of the price process continue to apply. This practically means that
the payment of the auction price will have to be handled with an interbank
payment and in accordance with the specific provisions of the law.
How easy is it for a foreigner to acquire a property at auction?
Acquiring
real estate by auction is an easy process, especially if the investor is an
individual. In companies, the whole process requires an additional procedure to
certify their legal representation, which demands more bureaucratic
proceedings. After the issuance of a Greek Tax Identification number, the
investor is able to participate in all auctions that are conducted online and
the whole process is instant and explicit. In any case, the initiation of the
procedures for the Golden Visa procurement follows the completion of the
acquisition of the property.
