Golden Visa – New Property Transfer Tax for Residential Purchases in Greece by Third-Country Nationals (Non-EU)

The new increased 15% transfer tax applies to the purchase of residential properties in Greece by third-country nationals (non-EU), including buyers from Turkey, and is set to take effect on July 1, 2027. This measure, which was recently announced at the Thessaloniki International Fair (TIF), quintuples the transfer cost (from the current 3% to 15%) and is expected to impact real estate transactions in the following ways:

When and how will it be implemented?

  • Start date: The measure will be activated on July 1, 2027, providing a grace period to avoid a sudden shock to the market.
  • Who it affects: It applies exclusively to natural persons, citizens of third countries (such as Turkey) purchasing existing residential properties.
  • Who is exempt: EU citizens, expatriates, and foreign investments related to the construction or creation of new residential properties are exempt.

How will it affect property purchases from Turkey?

  • A "brake" on Turkish Golden Visas: Turkish buyers traditionally form one of the largest investor groups in the Greek real estate market for obtaining a Golden Visa. Quintupling the tax dramatically increases the total cost of investment. For example, for a property purchase worth €500,000, the tax will skyrocket from €15,000 to €75,000.
  • Short-term rush to buy: Until the official implementation of the law in the summer of 2027, a sharp vertical increase in purchases is expected from Turkish investors rushing to close deals under the old 3% regime.
  • Shift toward corporate structures: Market experts estimate that many buyers will look for loopholes by establishing companies or legal entities to bypass the tax, as it explicitly targets natural persons.
  • Pressure on property prices: While the measure aims to act as a "buffer" against the continuous rise in prices caused by foreign demand, real estate experts predict that it will reduce transaction volumes but will not necessarily lower property prices, as the domestic housing shortage remains.