On 5 September, speaking at the Thessaloniki International Fair, Prime Minister Kyriakos Mitsotakis announced that buyers who are not nationals of an EU member state will pay property transfer tax in Greece at 15%. Everyone pays 3.09% today, regardless of where they hold a passport. The new rate is scheduled to start on 1 January 2027.
This is what I think matters, and what I think does not.
What was actually announced
As presented by the Ministry of National Economy and Finance, the higher rate would apply to residential property only. Offices, retail units, warehouses, hotels and development land would stay at 3.09%.
No bill has been published. This was an announcement, not a vote in parliament. Nothing is binding until the text exists and passes.
What it would cost
Here is the new math across the typical category ticket sizes.
| Acquisition | Transfer tax today | From 2027 | Difference |
|---|---|---|---|
| €250,000 conversion project | €7,725 | €37,500 | €29,775 |
| €400,000 low density unit | €12,360 | €60,000 | €47,640 |
| €800,000 high density unit | €24,720 | €120,000 | €95,280 |
The applicable rate is fixed when the notarial deed is signed. Not when you reserve. Not when you pay a deposit. A signed preliminary agreement does not lock in 3.09%.
Why Greece became the benchmark
For several years Greece has been the gold standard for a real estate Golden Visa in Europe, at least for the investor whose objective is residence rather than a passport. It earned that position on a combination nothing else in Europe matched.
- A €250,000 entry point at the lower tier, competitive against the region.
- No minimum physical presence. Zero days on the ground to hold the status.
- Low government processing fees, which matters specially for large families.
- An asset class most investors already understand and can value on their own.
Look at what happened to the alternatives while Greece held that position.
Portugal removed its real estate route, and the government processing fees on the ARI remain materially higher, particularly for larger families. Spain withdrew its programme entirely. Latvia has just removed its real estate route. Malta retains a solid property based route, but with government contributions in the region of €97,000.
Greece has been the only European option where the great majority of what you spend stays inside the asset itself.
My read
I have been saying for a long time that European programmes do not get cheaper or easier with time. Thresholds rise. Conditions tighten. Routes close. This was a question of when, not whether, and anyone who has watched Portugal and Spain over the last three years should not be surprised.
The programme is not finished. I want to be clear about that, because the industry reaction to any announcement like this is to declare the sky falling.
What changes is the relative position. On a cost to value basis Greece now sits closer to its European peers. If your objective is a passive, long term residence solution in the EU held through real estate, the underlying proposition is still sound.
On timing, and on pressure
Given the news, and the proximity of the deadline, I expect the pattern this industry has seen before. A concentration of decisions in the final months, as investors who had been deliberating for a year move to complete under the existing rules.
I do not regard that as a reason to accelerate a decision, but it is a variable to weigh.
If you were already close to proceeding and the budget is broadly in place, then the difference between signing before and after the effective date is material.
If Greece was not right for you in August, a tax change does not make it right in September.
But if the decision is already made, might be worth to push things forward.
What happens next
The text of the bill is the thing to watch. Until it is published we do not know the treatment of EEA nationals, we do not know how conversions will be classified, and we do not know whether the start date holds. I will write again when there is an actual document to read.
Book a call
Want to know where this leaves your situation?
If you are weighing Greece against the other European routes, or you are already mid process and want to understand your timeline, book a time with me directly. Thirty minutes, no obligation, and an honest answer on whether this is still the right programme for you.
Frequently asked questions
No. The programme continues. What has been announced is an increase in property transfer tax for buyers who are not EU nationals, from 3.09% to 15%, scheduled for 1 January 2027. The residence permit itself, the investment thresholds and the zero day presence requirement are unchanged by this announcement.
The announced date is 1 January 2027. No bill has been published yet, so the date is not final until parliament legislates.
As presented by the Ministry of National Economy and Finance, it would apply to residential property only. Offices, retail units, warehouses, hotels and development land would remain at 3.09%.
No. The applicable rate is set when the notarial deed is signed. A reservation agreement or a paid deposit does not preserve the current rate.
No. As announced, the higher rate targets buyers who are not nationals of an EU member state. The treatment of EEA nationals has not been clarified.
For a residence focused investor, in my view yes, though the margin has narrowed. Greece moves from being clearly ahead of the other European programmes on a cost to value basis to sitting closer to them. It remains the European route where the largest share of your outlay stays inside the asset.
This article is for information only and does not constitute legal, tax or investment advice. The measure described has been announced but not enacted, and its scope, effective date and exemptions may change.
