Greece Raises Real Estate Tax for Non-EU Residents from 3% to 15%

The Greek government has announced a sweeping reform: the property transfer tax for buyers from countries outside the EU and EEA will rise from the current 3% to 15% (or, including the municipal levy, the effective rate will increase from 3.09% to 15.45%).

The news has sparked a wave of discontent among real estate agents, investors, and lawyers.

Here is a detailed breakdown of who is affected, what will be the additional costs, and why the law is already being described as controversial.

How will the financial burden change?

If you purchase a home as an individual (non-EU citizen):

• Property priced at €250,000 (Golden Visa via commercial-to-residential conversion):
  • Currently: ~€7,725 in tax
  • From 2027: ~€38,625 (+€30,900)
• Property priced at €400,000 (Golden Visa: Chalkidiki, Kavala):
  • Currently: ~€12,360 in tax
  • From 2027: ~€61,800 (+€49,440)

Who will NOT be affected by the increase?

The tax increase does NOT apply to:

• Citizens of Greece, the EU, and the EEA, as well as ethnic Greeks (the diaspora)
• Foreigners with long-term residency in Greece
• Commercial real estate, land plots, and industrial properties

What is the goal of the reform?

The Prime Minister Mitsotakis stated that the measure is aimed to protect the local real estate market.

The state's aim is to stop the rise in housing prices and rents for ordinary Greeks and to decrease Greek property demand from non-EU buyers.

Why is there protest against new law and huge skepticism in the market?

1. It negatively affects the Golden Visa program: "Golden Visa" investors are the citizens of those from non-EU countries (China, Israel, the USA, Turkey, CIS nations). The new additional tax makes the Greek program significantly less attractive compared to other European alternatives.
2. There are Questions regarding legitimacy and the Constitution: Greek legal experts point out that a situation where two people buy the same property at the same price—but one pays 3% tax while the other pays 15% solely based on citizenship—violates the principles of equal taxation and proportionality.

Official entry into force

The new taxation system has been scheduled for the year 2027; however, the debate surrounding it is just beginning, and exceptions or transitional periods could still be introduced into the final text.

Summary for buyers

If you were planning a residential real estate transaction in Greece—whether for personal residence or a Golden Visa—timing is crucial.

There is a window of opportunity to close the deal at the current low rate of 3.09% before the changes come into effect.