Greek Prime Minister Kyriakos Mitsotakis announced on 6 September 2026 at the 90th Thessaloniki International Fair that Greece will raise the property transfer tax for third-country nationals from 3% to 15%, effective 1 January 2027.
Key Details
- Rate change: from 3% (effective 3.09% including municipal surcharge) to 15%.
- Who it applies to: buyers from “third countries” outside the EU.
- Effective date: 1 January 2027.
Mitsotakis said incentives and disincentives should be balanced. He acknowledged that demand from China, Turkey and Israel may be welcome, while also noting concerns about housing affordability for local residents.
Part of a Larger Policy Package
The proposed measure is part of a wider €2.2 billion package that also includes:
- A €2 billion subsidised mortgage programme.
- Phased reductions in electricity costs.
- Abolition of ENFIA in small settlements.
Under the current regime, the tax is charged on the higher of the agreed sale price or the objective value and is paid before the notarial deed is signed. Greece is expected to hold elections in spring 2027; if the measure is legislated, the new rate is intended to start on 1 January 2027.
What This Means for Greece Golden Visa Investors
Every real estate investor under the Greek Golden Visa programme is a third-country national. Unless an exemption is introduced, the new rate would apply to these purchases.
| Investment amount | Current transfer tax (3.09%) | From 2027 (15%) |
|---|---|---|
| €800,000 (Athens/Thessaloniki high-demand zones) | About €24,000 | About €120,000 |
| €400,000 (elsewhere) | About €12,000 | About €60,000 |
| €250,000 (commercial-to-residential / listed-building restoration) | About €7,500 | About €37,500 |
A separate cliff edge is also approaching: the current 24% VAT suspension on new builds is scheduled to lapse at the end of 2026 unless it is extended. Open questions include whether existing permit holders, Greek or EU companies, and transactions already in progress will receive transitional protection.
Industry Pushback: “A Convenient Explanation” for a Supply Problem
Alexander Risvas of Risvas & Associates told IMI that the measure may be aimed at the wrong target. IMF data indicates that roughly 35% of Greece’s housing stock is not a primary residence, with vacant, unrenovated homes and inheritance disputes contributing to the shortage. Greece’s investment level is also around 60% of the EU average.
Bank of Greece data shows apartment prices rose 8.1% in 2025 and 5.7% year on year in the first quarter of 2026. Eurostat’s gap moved from about 8% below the EU average in 2010 to approximately 29% below it in 2024. Risvas argues that blaming the Golden Visa oversimplifies the problem: €250,000 conversions may add housing supply, while a 15% tax could choke this channel.
A Measure That May Face Legal Challenges
Applying a 3% or 15% tax to the same property, at the same price and on the same date, solely because of the buyer’s citizenship could raise questions about equal treatment, tax equality and proportionality. Commentators have referred to Article 4(5) of the Greek Constitution and relevant European human-rights case law. A definitive assessment must wait for the bill, exemptions and official justification.
Alternative policy options could include incentives for vacant homes, faster renovation and change-of-use approvals, resolving inheritance deadlocks, and building more homes.
FAQ
Will investors who already hold a Greek Golden Visa be affected?
It is not clear until the bill is published. Investors should monitor the legislation and any transitional provisions.
Should I complete my purchase before 2027?
Completing the property purchase and signing the notarial deed within 2026 may retain the current 3.09% rate, but the final rules are pending official announcement. Consult a professional familiar with Greek property and tax requirements.
For other EU options, see our Europe immigration programs overview.
Outcomes vary by applicant background, case specifics, documentation completeness, and official approval requirements. The legal debate is third-party commentary, not a conclusive judgment by JHM. Reference only; not a guarantee, tax advice, or legal advice.
John Hu Migration Consulting helps families plan overseas identity and asset allocation and monitors European golden visa developments.
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