Recently, Greek Prime Minister Kyriakos Mitsotakis made a major announcement at the 90th Thessaloniki International Fair. Greece is raising the property transfer tax for non-EU citizens from 3% to 15%. This new rate takes effect on January 1, 2027.
Buying property in Greece will soon cost 5 times more in transfer tax for non-EU buyers!
This change directly impacts every foreign investor in the Greece Golden Visa program.
⚠ Disclaimer
Immigration laws and financial requirements change frequently. This article is for informational purposes only and does not constitute legal or financial advice. Before making any decisions, please consult a qualified professional or reach out to the High Net Worth Immigration team for a free, up-to-date consultation.
Why Did Greece Make This Sudden Decision?
Prime Minister Mitsotakis clearly stated the reason. Many Non-EU investors and wealthy families are aggressively buying property in Greece. These buyers are mainly from China, Turkey, and Israel. It makes housing unaffordable for local citizens in many areas.
Therefore, Prime Minister Mitsotakis called this tax increase a "disincentive" to discourage foreign buyers.
However, this is not just a tax change. It is part of a larger €2.2 billion housing and cost-of-living package, which includes:
- A €2 billion subsidized mortgage program ("My Home III")
- Phased discounts on electricity bills
- Cancellation of the annual ENFIA property tax in small settlements
On the other hand, this announcement also carries strong political significance. National elections in Greece are scheduled for the spring of 2027, making this Mitsotakis's final Thessaloniki speech before the vote.
How Will This Decision Affect Golden Visa Investors?
Every real estate investor in the Greece Golden Visa program is a non-EU citizen.
This 15% rate will apply to all Golden Visa property buyers, unless the final law includes specific exemptions. Let's look at the numbers:
| Property Value | Current Tax (3%) | New Tax (15%) | Extra Cost |
|---|---|---|---|
| €250,000 | €7,500 | €37,500 | +€30,000 |
| €400,000 | €12,000 | €60,000 | +€48,000 |
| €800,000 | €24,000 | €120,000 | +€96,000 |
In high-demand areas like Athens, Thessaloniki, Mykonos, and Santorini, the minimum Golden Visa investment is currently €800,000.
This means buyers will pay an extra €96,000 just in transfer tax. This cost does not include legal, notary, or transactional fees. It is no longer a small closing expense, but a major factor in any investment decision.
But, here's what's still unresolved…
Even though the announcement has been made, the final law hasn't been published yet.
Several important questions remain hanging for investors:
- Will the new rate apply based on the purchase agreement date, the tax payment date, or the date the notarial deed is executed?
- Will transactions already in progress, advance deposits, or preliminary agreements get any exemption?
- What rules will apply to joint purchases, family members of EU citizens, dual citizenship holders, or foreigners already living in Greece?
What happens if the property is bought through a Greek or EU-based company?
Legal community is already questioning its validity
Several lawyers in Athens have already raised questions about the constitutional legitimacy of this move.
Their argument is: two buyers purchasing the same property, at the same price, on the same date, paying 3% versus 15% tax purely based on nationality, could conflict with the Greek Constitution's principles of equal treatment and tax fairness.
Under the European Convention on Human Rights as well, differential treatment based solely on nationality requires "very weighty reasons."
They also believe Greece's housing crisis is fundamentally a structural problem. Nearly 35% of the housing stock isn't used as primary residences. Blaming foreign buyers alone won't solve this problem.
What Should Investors Do Now?
For those currently in the Greek Golden Visa process, or planning to start, here's some advice:
Be mindful of timing: If a transaction can be completed by 2026, there may be an opportunity to lock in the 3% rate. However, what exactly the trigger point will be isn't confirmed until the law is published.
Get legal advice: Don't panic based on headlines. Consult an expert lawyer instead.
Calculate the total cost: Don't just look at the minimum investment amount. Consider the total cost of acquisition, holding, and future resale. Do a comparative analysis against programs in Portugal, Malta, UAE, or the Caribbean.
Track updates: Follow updates regularly until the final law and transitional provisions are published.
Finally I must say - Greece's move is part of a larger global trend among investment migration programs. Governments are increasingly tightening investment conditions and aligning them with domestic housing politics. Greece isn't shutting the residency by investment program's door for foreign capital entirely, it's just restructuring the terms.
Vicky Katsarova is an internationally recognized advisor in residency and citizenship by investment, with more than 15 years of experience helping investors, entrepreneurs, and families secure strategic residency and citizenship solutions.
Since founding High Net Worth Immigration in 2010, she has advised clients across more than 20 jurisdictions, helping them enhance global mobility, protect family wealth, diversify geopolitical risk, and unlock international opportunities through carefully selected investment migration programs.
Having lived in Bulgaria, the UAE, and Canada, Vicky combines professional expertise with personal international experience. Her boutique advisory is built on discretion, integrity, and long-term client relationships, delivering tailored solutions aligned with each client’s unique objectives.
Member of the Uglobal Writers Council | Contributor to UNIQUE Private Jet Magazine | Featured in CIVITAS POST's “Leading Women” & Women's Journal
