Greece is set to introduce a significant increase in property transfer tax for third-country nationals purchasing residential property, with the rate expected to rise from the current 3.09% to 15% from January 1, 2027. The measure was announced by Prime Minister Kyriakos Mitsotakis as part of a broader €2.2 billion housing package, aimed partly at reducing pressure from foreign demand on residential property prices.

However, no legislation has been published yet, meaning the proposed increase is not yet final. The current 3.09% rate remains in place until Parliament approves and the new law is promulgated.

Residential Property Tax to Increase to 15%

Under the proposed measure, buyers who are nationals of countries outside the EU would pay a 15% transfer tax on residential properties, compared with the current 3.09% rate applicable regardless of nationality.

For example, purchasing a €300,000 residential property would currently result in approximately €9,270 in transfer tax. Under the proposed 15% rate, this would increase to €45,000, representing an additional cost of €35,730.

Non-Residential Properties Remain at 3.09%

The proposed increase applies specifically to residential property. Commercial and other non-residential assets—including offices, shops, hotels, warehouses, and plots of land—would remain subject to the 3.09% transfer tax for third-country nationals under the current proposal.

The treatment of European Economic Area (EEA) nationals remains subject to further clarification.

Impact on €250,000 Property Options

The change could significantly affect lower-priced residential investment options, particularly commercial-to-residential conversions and the restoration of listed buildings, which can provide access to properties in the €250,000 range.

At the current rate, a €250,000 property would incur approximately €7,725 in transfer tax. At 15%, the tax would rise to €37,500, increasing the entry cost by €29,775.

The article notes that the legal classification of a converted property at the time of transfer will be important in determining whether the 3.09% or 15% rate applies.

The Transfer Date Determines the Tax Rate

The proposed increase makes the timing of the property transaction particularly important. The transfer tax is due before the notary signs the final deed, meaning a preliminary agreement, reservation, or deposit does not secure the current 3.09% rate.

To benefit from the existing rate, the final property transfer must be completed before the new measure takes effect.

Golden Visa Rules Remain Separate

The proposed transfer tax increase is separate from Greece’s Golden Visa eligibility rules. A property’s eligibility for a residence permit continues to be determined under the Golden Visa framework, while the transfer tax is governed by separate tax legislation.

Therefore, the announcement does not itself change the Golden Visa investment thresholds or eligibility requirements; it primarily increases the acquisition cost of affected residential properties.

Current Status

Although January 1, 2027 has been announced as the expected effective date, the measure is not yet legally binding. July 1, 2027 has also circulated as an alternative date. Until Parliament approves the legislation and it is officially promulgated, the current 3.09% transfer tax remains applicable.

Summary

Greece has announced a proposed increase in the property transfer tax for third-country nationals purchasing residential real estate, from 3.09% to 15%, potentially effective January 1, 2027. The measure would substantially increase the cost of residential property purchases, while non-residential properties would remain subject to the 3.09% rate under the current proposal.

For investors considering Greece, the key point is that the increase is not yet law, and the final transfer date—not the deposit or preliminary agreement—determines the applicable tax rate. Meanwhile, Golden Visa eligibility remains governed by separate rules.