Greece

Foreign ownership

Property transfer tax

3% to central government plus 0.09% municipal surcharge. Applies to resale properties (built or first sold before 2006). Paid by the buyer at notary signing. This is the LOWEST transfer tax in this entire comparison set — roughly a quarter of Dubai's 4%, and a fraction of Portugal's 7.5% non-resident IMT.

VAT on new-build property

VAT of 24% is legislated on new builds but has been suspended, with the suspension extended through 31 December 2026 under Law 5246/2025. New builds currently pay the 3% transfer tax instead. CRITICAL: this is a temporary suspension that requires periodic renewal. A buyer acquiring a new build must verify the suspension's status at the time of transaction — a lapse would add 24% to the purchase.

Notary, land registry and legal

Notary fees approximately 1.5%; land registry 0.6%; legal fees typically 1%.

Total transaction cost

Assumes the VAT suspension on new builds remains in force. If the 24% VAT were reinstated, the economics of a new-build purchase would change fundamentally.

Gross yield range

Net yield range

Rental income tax

2026 brackets: 15% on the first €12,000; 35% on €12,001–€35,000; 45% above €35,000. Applies to gross rent minus deductible expenses. There is NO tax-free allowance — tax is charged from the first euro of rental income. Repairs and maintenance can be deducted at a flat 5% of gross rental income without itemising.

Capital gains tax

No capital gains tax is currently payable on standard private property sales by individuals. The 15% rate remains on the statute book and the suspension has been repeatedly extended — most recently through 31 December 2026. It could be reactivated. Corporate sellers do NOT benefit: companies pay corporate tax (currently 22%) on real estate gains as ordinary profit, so holding Greek property in a company structure forfeits this shield.

Annual property tax

ENFIA is the principal annual property tax. A supplementary tax applies where total objective property value across all Greek holdings exceeds €400,000 for an individual, at rates from 0.15% to 1.15% on the slice above the threshold. For a Golden Visa investor holding one €800,000 property, the supplementary tax applies to roughly €400,000 of value. Insured residential property may qualify for an ENFIA discount: up to 20% for homes valued at €500,000 or less.

Residency pathway

Three tiers under Law 5100/2024: €800,000 in high-demand zones (Attica/Athens metro, Thessaloniki metro, Mykonos, Santorini, and islands with population above 3,100); €400,000 in all other regions; €250,000 for commercial-to-residential conversions or restoration of listed/heritage buildings (these two categories only — the €250k tier no longer applies to standard residential purchases). The €400k and €800k tiers require a SINGLE property of at least 120 m² — properties cannot be combined to reach the threshold. Grants Schengen access (90 days in any 180), no minimum stay requirement, permanent residency after five years and citizenship eligibility after seven (requiring Greek-language proficiency).

Setup timeline

Market conditions

Bank of Greece data showed broader-market prices up 7.7% year-on-year. Golden Visa applications fell 43% in the first four months of 2026 versus 2025, but approvals rose 11% (3,816 versus 3,429) — the backlog is clearing. Chinese investors remain the dominant nationality, with Turkish investors second and the fastest-growing. Average Greek property prices of €2,300–€2,800/m² remain among the most affordable in Western Europe.