Zagdim reported on November 9 that a looming tax deadline was fuelling a buying rush on the Athens Riviera. That deadline now has a formal legislative home: Greece’s proposed increase in the property transfer tax from 3% to 15%, first announced by Prime Minister Kyriakos Mitsotakis, has been written into Article 16 of a government bill submitted to Parliament on November 3, according to Get Golden Visa.
Under the bill, the higher 15% rate would apply to residential property purchases by individuals who are tax residents outside the European Union and European Economic Area, for final purchase contracts signed from July 1, 2027. The measure is based on tax residency rather than nationality — an EU citizen who is tax resident outside the EU/EEA could fall within its scope, while a non-EU citizen who is tax resident in Greece would not. The higher rate would apply only to residential property, not commercial premises or land.
The cost difference is substantial: an €800,000 residential purchase would incur roughly €120,000 in transfer tax at 15%, versus €24,000 at the current 3% rate — an additional €96,000, assuming the full purchase price is taxable. The bill remains under parliamentary review and has not yet become law; final provisions, exemptions and the treatment of transactions already underway still need to be confirmed. For Golden Visa investors in particular, the timing of a property’s title transfer — not just the reservation date — will determine whether a purchase falls under the current or higher rate, a distinction Get Golden Visa’s Greece team has flagged as especially relevant for development projects where transfer can lag behind reservation.
References
Get Golden Visa – Greece’s Proposed 15% Property Transfer Tax Reaches Parliament
