The Greek government will raise the property transfer tax for third‑country (non‑EU) buyers from the current 3.09 % to 15 % effective 1 January 2027. The increase applies only to residential real estate; commercial, office, retail, hotel, warehouse and development land transactions will remain at the 3.09 % rate. The measure is part of a €2.2 billion housing package announced by Prime Minister Kyriakos Mitsotakis at the 90th Thessaloniki International Fair.
Impact on Golden Visa entry routes
| Property value (typical tier) | Transfer tax now (3.09 %) | Transfer tax from 2027 (15 %) | Tax increase |
|---|---|---|---|
| €250 000 (conversion) | €7 725 | €37 500 | €29 775 |
| €300 000 (typical ticket) | €9 270 | €45 000 | €35 730 |
| €400 000 (residence) | €12 360 | €60 000 | €47 640 |
| €800 000 (residence) | €24 720 | €120 000 | €95 280 |
Total cash required for the cheapest tier rises from €257 725 to €287 500; the most expensive tier moves from €824 720 to €920 000.
Conversions remain the cheapest Golden Visa route
- The €250 000 tier covers commercial‑to‑residential conversions and the restoration of listed buildings. Under the current wording, once the conversion is completed the property is classified as residential and therefore subject to the 15 % tax.
- No other aspect of the conversion route changes; it stays the most affordable way to obtain a residence permit in greater Athens, but the tax cost rises by €29 775.
- The exact classification of a converted property at the moment of transfer will be determined by the final statutory language; this single line decides whether the tax payable is €7 725 or €37 500.
Supply constraints
- Convertible units in Athens typically trade between €250 000 and €320 000. The pool of suitable commercial floors and listed structures is limited and does not replenish.
- Estimates suggest that converting idle commercial buildings could create 3 000–5 000 new homes across the Athens metropolitan area by 2027. Those figures represent the entire forward pipeline.
- As the stock of convertible buildings shrinks, the number of affordable Golden Visa options narrows while the tax burden on the remaining units rises.
Timing of payment
- Transfer tax is due before the notary signs the deed. To benefit from the 3.09 % rate, the deed must be signed before the measure takes effect (currently set for 1 January 2027).
- Preliminary agreements, reservations, or deposits do not lock in the lower rate. Buyers unable to travel will need a power of attorney for the signing.
Non‑residential assets
- Offices, retail units, warehouses, hotels and development land retain the 3.09 % transfer tax for third‑country buyers.
- Eligibility for the Golden Visa under these categories follows separate program rules; the tax change does not affect that determination.
- Non‑property investment routes (e.g., securities, bank deposits) are outside the scope of the transfer‑tax reform.
Legislative uncertainty
- The announced start date is 1 January 2027, though a 1 July 2027 date has also been mentioned. The measure will not take effect until parliament votes and the law is promulgated.
- National elections are scheduled for spring 2027; the composition of the new parliament could influence the final outcome. Until the law is enacted, the transfer tax remains at 3.09 %.
Key considerations for prospective Golden Visa applicants
- Timing: Secure the deed before the effective date to lock in the lower tax rate.
- Property type: Focus on non‑residential assets if the tax increase is a primary concern, as they retain the 3.09 % rate.
- Supply risk: The limited number of convertible buildings means competition for the €250 000 tier may intensify as the tax rises.
- Legislative watch: Monitor parliamentary progress and election results, as they could delay or modify the tax increase.
Source article: www.imidaily.com
