If the property transfer tax for non-European Union buyers increases in January, will acquiring property in countries offering a golden visa become even more expensive? Will the tax apply equally to all properties, or will there be incentives to buy in some areas more than others?
Answers
The new transfer tax will increase the overall acquisition cost for non-EU investors purchasing residential property in Greece, including investors using the Golden Visa real estate route.
Under the measure announced by the Greek government, the property transfer tax for residential purchases by individuals who are citizens of third countries is expected to increase from the current 3% rate (approximately 3.09% including the municipal levy) to 15%, effective from 1 July 2027. The government has specifically provided this transition period to allow transactions already underway to be completed.
For a Golden Visa investor, this is a significant additional cost. For example, on a €800,000 property, the transfer tax would increase from approximately €24,720 to €123,600, an additional cost of almost €99,000. On a €400,000 property, the difference would be approximately €47,500.
It is important, however, to distinguish the transfer tax from the Golden Visa investment threshold itself. The announced measure does not increase the Golden Visa minimum investment requirement; it increases the transaction cost associated with the purchase.
The measure is also not simply a tax applied to every type of property. The government's announcement refers specifically to residential property purchased by individuals who are citizens of third countries outside the EU. The treatment of commercial properties and purchases through legal entities, as well as certain categories of foreign residents, requires careful consideration under the final implementing legislation.
As for geographical incentives, the higher transfer tax is not currently structured as a higher or lower tax depending on the location of the property. However, location remains highly relevant to the Golden Visa itself. Greece already applies different minimum investment thresholds depending on the area: €800,000 in designated high-demand areas such as Attica and Thessaloniki, while €250,000 routes remain available for specific investments such as qualifying conversions to residential use and restoration of listed buildings.
Therefore, the new measure should be viewed primarily as an increase in the transaction cost for certain non-EU residential property buyers, rather than as a change to the Golden Visa programme's investment thresholds. The final legislation and implementing provisions will be important in determining the precise scope and any transitional arrangements.
