Greek authorities plan to raise the property transfer tax for non‑EU individuals from the current 3 % to 15 %, with the change slated to take effect on 1 July 2027. The measure, announced by Prime Minister Kyriakos Mitsotakis on 6 September 2026 and detailed by Finance Minister Kyriakos Pierrakakis two days later, targets natural‑person purchases only; acquisitions made through Greek or EU‑registered companies are excluded. Ethnic Greeks and long‑term residents will be exempt.
Key elements of the announcement
- Tax rate: 3 % → 15 % for non‑EU natural persons.
- Effective date: 1 July 2027, after the spring 2027 elections.
- Scope: Applies only to purchases by natural persons; corporate structures are exempt.
- Exemptions: Ethnic Greeks and long‑term residents.
- Context: Part of a €2.2 billion housing‑affordability package aimed at easing pressure on Greek citizens in high‑demand areas.
- Unresolved issues: Treatment of the €250 000 conversion and restoration route; detailed legislation is expected to enter public consultation in the coming weeks.
Practical implications for Golden Visa investors
- Cost calculation: The higher transfer tax will increase the upfront cost of the standard residential‑property route. Investors should wait for the final legislation to confirm the exact rate before finalising budgets.
- Timing of transactions: Purchases completed before 1 July 2027 will be subject to the existing 3 % rate, while those after that date will face the 15 % rate. Determining the transaction date is therefore critical.
- Structure of purchase: Using a Greek or EU‑registered company to acquire property can avoid the higher tax, as the measure does not apply to corporate buyers.
- Need for specialist advice: Because the final rules may differ from the announcement, professional guidance is advisable to assess how the tax change interacts with a specific investment structure.
Re‑evaluating the Golden Visa investment routes
The Golden Visa program offers several qualifying pathways beyond direct residential real estate, each with distinct cost structures and risk profiles:
- Standard residential property: Direct purchase of real estate; now subject to the increased transfer tax for non‑EU natural persons.
- Regulated investment funds: Investment in approved funds, which may be less affected by property‑tax changes.
- Commercial conversion projects: Investments in the conversion or restoration of commercial properties, potentially involving the €250 000 conversion route whose treatment remains unclear.
Investors who have not yet committed to a specific route should compare these options in light of the upcoming tax change, considering factors such as total investment cost, liquidity, and alignment with residency objectives.
Source article: www.globalcitizensolutions.com
