Greece's Golden Visa: Property Transfer Tax Set to Surge from 3% to 15%

Greece has announced sweeping changes to its Golden Visa program. Starting July 1, 2027, non-EU buyers purchasing residential property will face a fivefold increase in transfer tax — from 3% to 15%. EU citizens are unaffected.

Source: Hellenic Government / Prime Minister's Office — Address by Prime Minister Kyriakos Mitsotakis at the 90th Thessaloniki International Fair (DETH), September 6, 2026; Ministry of National Economy and Finance official statement, September 7, 2026 (minfin.gov.gr).

The Announcement

On September 5, 2026, Greek Prime Minister Kyriakos Mitsotakis delivered the opening speech at the 90th Thessaloniki International Fair, where he unveiled a policy shift that has captured the attention of international investors worldwide.

Under the proposed reform, non-EU nationals purchasing residential property in Greece will see their property transfer tax quintuple — from the current 3% to a striking 15%. The following day, September 7, Deputy Finance Minister Nikos Papathanasis provided further policy details at a press conference.

One provision stands out and directly affects every non-EU property investor:

Effective July 1, 2027, the property transfer tax for non-EU nationals purchasing residential property in Greece will increase from 3% to 15%.

EU citizens are not affected. The policy was formally announced by the Prime Minister at a national-level event — the direction is clear and official.

What Does This Mean in Numbers?

Under Greece's long-standing tax framework, property purchases incur a 3% base transfer tax plus a municipal surcharge calculated at 3% of the transfer tax. Combined, these bring the effective tax rate for current buyers to approximately 3.09%.

Here's a straightforward projection: if the new policy takes effect and the municipal surcharge mechanism remains linked as before, the effective tax rate for non-EU buyers will soar to 15.45%. For a property valued at €250,000, the additional cost would amount to roughly €30,900 — an increase of about 12%.

Legal Analysis: What the New Tax Means for Different Investment Routes

Based on the Greek government's technical brief and hands-on legal practice experience, the following key takeaways emerge:

First, the new policy exempts only commercial spaces, land, and other non-residential assets. The €400,000 and €800,000 pure residential Golden Visa investment routes will be directly impacted by the tax increase.

Second — and this is a critical point — the €250,000 commercial-to-residential conversion program faces an uphill battle. While these properties originate as commercial real estate, they must undergo a legal change-of-use conversion to residential status before the title transfer to qualify for the Golden Visa. This means that at the point of property conveyance and tax payment, the property's registered classification will already be residential. Whether the tax authority applies the tax based on registration status or actual usage, commercial-to-residential projects have virtually no realistic pathway to avoid the new 15% rate.

Legal recommendation: Given the dramatic cost differential, relying on potential future exemption clauses from the government carries significant uncertainty. For families who have already committed to pursuing a Greek Golden Visa, the most prudent course of action is to accelerate the entire process — from property selection through contract signing — to complete transactions under the current low-rate regime before the new policy takes effect on July 1, 2027.

Our local Greek legal team will continue monitoring official legislative updates and implementing regulations, assessing each client's situation dynamically — including property registration status, conversion plans, and transaction progress — to minimize additional costs wherever possible.

Context: A Targeted Tax, Not a Program Shutdown

Before announcing the tax increase, PM Mitsotakis devoted considerable attention to Greece's housing challenges and support measures for local residents — including tax incentives for renting out vacant properties, deductions for renovation costs, and a €2 billion national housing support program called "My Home 3."

The logic is clear and deliberate: support local residents through positive incentives, while applying taxation to foreign buyers as a countervailing measure.

In his speech, the Prime Minister explicitly named three countries driving foreign investment in Greek real estate: China, Turkey, and Israel. The official stance is measured but unequivocal — Greece remains open to foreign capital, but the undifferentiated, large-scale wave of foreign residential purchases has been crowding out local buyers.

Greece did not close the Golden Visa program. Instead, it is using cost adjustment to filter for higher-quality, longer-term international investment. The channel remains open, but the low-cost, short-term speculative demand will be precisely filtered out.

A Decade of Tightening: The Greek Golden Visa Has Never Gotten Cheaper

Zooming out, this tax increase is not an abrupt or isolated adjustment. It is the natural continuation of more than a decade of progressive policy tightening under Greece's Golden Visa program. Since its inception, the program's threshold has only moved in one direction — upward. The window of low-cost entry has been closing steadily.

● April 2013 — Program Launch

Greece's Golden Visa officially launched with a €250,000 minimum investment threshold, no residency requirement, and family inclusion benefits. It quickly became one of Europe's most competitive investment migration programs. This baseline threshold remained stable for nearly a decade.

● August 2023 — First Major Reform

The first significant policy overhaul took effect. In prime areas — central Athens, Thessaloniki, Santorini, and Mykonos — the minimum threshold doubled from €250,000 to €500,000, ending the era of low-cost property investment in Greece's most sought-after locations. Investors who had hesitated and delayed faced a doubled cost of entry upon re-engaging.

● September 2024 — Second Nationwide Reform

Greece fundamentally restructured its Golden Visa framework nationwide. Core prime areas saw thresholds raised to €800,000, while all other regions were set at €400,000. New restrictions on property size, holding purpose, and usage were introduced. Only the €250,000 commercial-to-residential conversion and historic building restoration programs were preserved as special-category options.

This round of reform significantly narrowed the low-cost entry channel for ordinary investors. The government escalated from simply adjusting investment amounts to comprehensively controlling investment categories, property specifications, and holding rules.

● July 2027 — Third Tightening Cycle (Upcoming)

Rather than raising the investment threshold again, the new tax policy increases transaction costs across all residential property categories — effectively raising the total cost of entry through a different mechanism. The regulatory approach has become more precise and targeted.

The Bottom Line

The policy pathway remains open, but the cost of entry has been climbing consistently. Years of policy iteration have confirmed one fundamental fact: Greece's Golden Visa threshold has only ever gone up.

For investors considering Greece, the message is clear: understand the policy details early and plan accordingly. Those who act before the July 2027 deadline will benefit from the current low-rate regime. Those who wait may find that the cost of entry has risen once again.

The program is not closing — but the low-cost window is on a countdown.