Greece Proposes Drastic Property Tax Hike for Non-EU Buyers
The Greek government is proposing a significant increase in property transfer tax for non-EU buyers, which could impact investors using the Golden Visa programme. The proposed rate would rise from 3% to 15%, effective July 1, 2027. This change would affect residential properties purchased by third-country nationals who do not qualify for specified exemptions.
The increase in transfer tax could result in a substantial additional cost for investors, depending on the price of the property. For example, on an €800,000 property, the current 3% transfer tax amounts to €24,000, while a 15% rate would be €120,000. This represents a potential difference of €96,000 before considering municipal levies and other transaction costs.
Idil Hamzadi, Greece Partner at The Get Golden Visa & Founder of Paladin Investment Aegenestate, emphasized the importance of considering the expected title transfer date, property nature, and conditions under which the current tax regime may remain available. He suggested that investors assess properties not only on price but also on location, rental potential, and transaction timeline.
The Greek Ministry of National Economy and Finance has provided further details on the proposal, including how reservations, deposits, preliminary agreements, and transactions already underway would be treated. However, the final legislation will need to clarify these transitional rules.