If you plan to buy a home in Greece for a Golden Visa, the government wants 5 times more tax from you at closing. Greece's property transfer tax rises from 3% to 15% on July 1, 2027 for buyers from outside the EU, and Americans are on that list.
I think most American investors will buy anyway, because price was never the reason they chose Greece. But the tax is a penalty on foreign capital, and it shows where much of Europe is heading on investors and wealth.
Non-EU Home Buyers Pay 5 Times More from July 2027
- The new rate: Transfer tax on a home goes from 3% to 15% if you're a citizen of a country outside the EU and EEA, which includes the US.
- The start date: The Finance Ministry set July 1, 2027, 6 months later than the January date the Prime Minister first gave.
- Who pays: Individuals buying residential property, so every home bought for a Golden Visa is in scope at all 3 price tiers.
- Who's spared: Commercial property and purchases through a company are outside the measure, along with buyers who already have long-term resident status in Greece.
- Bill pending: The government announced the rate on September 6 and has yet to pass it into law, so the details can change.
A Tax on Foreign Buyers Adds Zero Homes
The government's reasoning is easy to follow. Foreign buyers push prices up, so a tax on them brings prices down for Greeks.
But Greece already tried a version of this. In 2024 it lifted the Golden Visa minimum to €800,000 in Athens, Thessaloniki, Mykonos and Santorini. Since then, applications have dropped 44%, from 4,553 in the first half of 2025 to 2,551 a year later, according to migration ministry figures.
Meanwhile, apartment prices rose 8.1% in 2025 and another 5.7% in the first quarter of 2026, Bank of Greece data shows. So foreign demand fell and prices climbed anyway, which points to a shortage of homes.
Then there's the investor this tax hurts most. Take someone who buys an empty office building for €250,000 and converts it into apartments. That purchase adds homes to the market, but from July 2027 its tax bill goes from €7,500 to €37,500, an extra €30,000.
Greeks who can't afford a home in their own city deserve a fix, and I see why a tax on foreigners sounds like one. The figures above show the fix is more homes, which means faster permits and more renovation of empty buildings.
Greece has company. In 2025 Spain ended its Golden Visa and proposed a 100% tax on non-EU buyers, and Portugal now charges non-resident buyers a flat 7.5%. The direction in Europe is hostile to investors, wealth, entrepreneurs and foreign capital, and we don't love it.
Most Americans Will Buy Anyway and Pay More for It
Price is far down the list for most Americans who talk to me about Greece. They want a home in Europe and residency for the family, and a one-time tax leaves that plan intact.
The buyers hit hardest are the ones purchasing near the program minimums, where every euro is counted. On an €800,000 apartment in Athens, the transfer tax goes from €24,000 to €120,000. That's €96,000 more, above what most new pickup trucks cost, paid before you sign the deed.
In practice, timing decides which rate you pay. Under the plan as announced, purchases completed before July 1, 2027 pay 3%. So if Greece is on your list, a closing date in the first half of 2027 saves you 12% of the purchase price.
If you're weighing a purchase in Greece, contact us for licensed support before you sign anything. This article is general commentary, with no legal or tax advice in it.
Southern Europe Is Moving in the Same Direction
Greece's neighbors have made similar moves since 2025.
| Country | Latest move | Our read |
|---|---|---|
| Greece | 15% transfer tax on non-EU home buyers from July 2027 (details) | A penalty on foreign capital |
| Spain | Golden Visa ended in April 2025, and a 100% tax on non-EU buyers is stalled in parliament (details) | The most hostile market of the 4 |
| Portugal | Flat 7.5% transfer tax on non-resident home buyers in 2026 (details) | Milder, and waived if you become tax resident within 2 years |
| Italy | Flat tax for wealthy new residents raised by half for 2026 (details) | Costlier, but the regime is open |
FAQ
Can Americans Buy Property in Greece in 2027?
Yes. US citizens can buy Greek property, and from July 1, 2027 they pay the 15% transfer tax on homes as non-EU buyers.
Does the 15% Transfer Tax Apply to Greece Golden Visa Purchases?
Yes, as announced. Every Golden Visa property investor is a non-EU national, so home purchases at all 3 price tiers pay 15% unless the final bill adds an exemption.
When Does the Greek Property Transfer Tax Increase Begin?
July 1, 2027, according to the Finance Ministry. Purchases completed before that date pay the current 3%, and the rate has yet to pass parliament.
Is Commercial Property in Greece Taxed at 15%?
No. The announced measure covers homes bought by individuals, while offices and shops remain at 3%.
What Is the Greek Property Transfer Tax Rate for Non-EU Buyers Now?
3% of the higher of the sale price or the state-assessed value, or 3.09% once the municipal surcharge is added.
