Greece is preparing to make property purchases significantly more expensive for buyers from outside the European Union.
On 6 September 2026, Prime Minister Kyriakos Mitsotakis announced plans to increase the property transfer tax for third-country buyers from 3% to 15%.
Government officials have subsequently indicated that the higher rate is expected to apply from 1 July 2027 and to transactions involving individual buyers rather than legal entities.
For non-EU investors considering property as part of a Greek Golden Visa strategy, the change could materially increase the cost of acquisition.
The important distinction, however, is this:
The Golden Visa programme is not being abolished. The proposed change affects the tax cost of buying property, not the existence of the residency route itself.
What Is Changing?
At present, Greek property transfer tax is generally charged at 3%, with the effective amount commonly described as approximately 3.09% once the municipal surcharge is included.
Under the announced reform, the transfer tax applicable to certain third-country buyers would rise to 15%.
That is a substantial increase.
For an individual buyer, the difference could look approximately like this:
- €250,000 property: from about €7,500 to €37,500
- €500,000 property: from about €15,000 to €75,000
- €800,000 property: from about €24,000 to €120,000
These figures illustrate only the transfer tax itself and do not include legal fees, notarial costs, registration fees, due diligence expenses or other transaction costs.
Why the Change Matters for Golden Visa Investors
Many Golden Visa applicants are third-country nationals.
That means the proposed tax increase could directly affect investors purchasing real estate as part of their residency planning.
The Golden Visa rules themselves may remain available, but the amount of capital required to complete the property acquisition could rise significantly.
For investors comparing Greece with other European residency options, transaction costs form part of the overall investment decision.
A higher acquisition tax can therefore affect:
- total investment budget;
- expected return;
- choice of property;
- financing strategy;
- timing of purchase; and
- whether the property remains commercially attractive.
This is why the reform matters even though it does not directly abolish or replace the Golden Visa programme.
When Is the 15% Rate Expected to Apply?
The policy was announced in September 2026, with the higher rate currently expected to apply from 1 July 2027.
That gives prospective buyers a potential planning window.
However, final legislation will still need to establish the precise scope, mechanics and transitional provisions.
Until that legislation is enacted, investors should avoid assuming that every transaction completed before a particular stage will automatically fall outside the new rate.
Important questions may include:
- whether signing a preliminary agreement is sufficient;
- whether the final deed must be completed before the effective date;
- how deposits are treated;
- whether transactions already in progress receive transitional protection; and
- whether particular categories of buyer or property are treated differently.
The final statutory wording will determine these points.
Will the New Rate Apply to Companies?
Current government indications suggest that the higher property transfer tax is intended to apply to individual buyers rather than legal entities.
That distinction may become important for investment structuring.
However, investors should not assume that purchasing through a company will automatically provide a straightforward means of avoiding the higher rate.
Corporate ownership can create separate:
- tax consequences;
- governance requirements;
- operating costs;
- financing considerations;
- ownership implications; and
- Golden Visa eligibility issues.
The final legislation will also need to confirm exactly how the distinction between individuals and legal entities will operate.
Transaction structures should therefore be based on proper legal, tax and immigration analysis rather than solely on the headline transfer tax rate.
Does This Change Golden Visa Eligibility?
The announced measure concerns property transfer taxation.
It does not, in itself, abolish Greece’s Golden Visa programme.
That distinction is important.
Golden Visa eligibility depends on the applicable residency rules and the type, location and value of the qualifying investment.
The proposed 15% transfer tax concerns the cost of acquiring the property.
An investor may therefore remain eligible for residency while facing a considerably higher tax bill when completing the acquisition.
The qualifying investment threshold and the transfer tax should consequently be treated as separate calculations.
What About Existing Golden Visa Holders?
The announcement does not yet provide sufficient detail to conclude how every existing residence-permit holder will be treated when purchasing additional property.
The final legislation will need to clarify issues including:
- whether existing residence-permit holders receive different treatment;
- whether immigration status affects application of the rate;
- whether nationality is the determining factor;
- whether exemptions will apply; and
- whether transitional arrangements will protect certain transactions.
Existing residents considering further property acquisitions should therefore avoid assuming that they will automatically fall inside or outside the new regime until the final rules are published.
Should Buyers Accelerate Their Purchase?
For investors already planning a Greek property acquisition, timing has become significantly more important.
If the final legislation confirms the expected 1 July 2027 implementation date and does not introduce unexpected transitional provisions, buyers who complete qualifying transactions before the new regime takes effect may remain subject to the current lower transfer-tax framework.
The potential saving can be substantial.
However, investors should not rush into unsuitable property simply to avoid a higher tax rate.
A proper acquisition should still involve:
- title due diligence;
- planning and zoning checks;
- verification of ownership;
- review of mortgages and other encumbrances;
- Golden Visa eligibility analysis;
- property valuation; and
- appropriate tax structuring.
Avoiding a higher tax rate only makes commercial sense if the underlying investment is sound.
The Golden Visa and Property Tax Are Separate Issues
This distinction is particularly important because international headlines can make tax reforms appear to be changes to the residency programme itself.
They are not necessarily the same thing.
A government can change the taxation of foreign property buyers without removing the immigration pathway available to those buyers.
Likewise, Golden Visa investment thresholds and eligibility requirements can change independently of property transfer taxes.
Investors therefore need to consider at least three separate questions:
- Does the investment qualify for the Golden Visa?
- What taxes and transaction costs apply to the acquisition?
- Is the property itself a commercially appropriate investment?
A successful residency strategy should address all three.
What Golden Visa Investors Should Do Now
Prospective investors have time to assess the potential impact before the expected implementation date.
Those considering a property-based Greek Golden Visa should:
- confirm the current qualifying investment route;
- calculate acquisition costs under both the existing and proposed tax rates;
- determine whether completing before July 2027 is realistically achievable;
- conduct proper legal and property due diligence;
- avoid restructuring through a company solely on the basis of preliminary announcements; and
- monitor the final legislation for exemptions and transitional provisions.
For investors already intending to enter the Greek market, the difference between a 3% and 15% transfer tax may become an important factor in deciding when to complete the transaction.
Conclusion
Greece’s proposed increase in property transfer tax for third-country buyers could materially change the economics of property-based residency investment.
The announced reform would increase the transfer tax from 3% to 15% for qualifying non-EU individual buyers, with implementation currently expected from 1 July 2027.
The Greek Golden Visa programme itself is not being abolished.
But for investors using real estate as part of their residency strategy, acquisition costs could rise considerably.
The practical message is therefore clear:
The residency route may remain available, but the cost of entering it through property could become substantially higher.
Al Kabban & Associates
For businesses seeking guidance, Al Kabban & Associates, with over 30 years of experience in UAE law and recognition by Legal 500, stands ready to help corporations build resilience against legal risks while ensuring compliance with local and international standards. For more information or to schedule a consultation, contact us at +971 4 453 9090 or visit www.alkabban.com. You can also follow us on social media for more updates on everything law related in the UAE: @Alkabban_Law
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