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Wed, Oct

Golden Visa: New Blow as Greece Raises Property Transfer Tax

Golden Visa: New Blow as Greece Raises Property Transfer Tax

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he Golden Visa program is losing steam as the government moves ahead with a major change to how foreign property purchases are taxed. Finance Minister and Eurogroup President Kyriakos Pierrakakis announced that starting July 1, 2027, the property transfer tax will rise from 3% to 15% for third country nationals, meaning citizens of countries outside the European Union and European Economic Area.

Pierrakakis said that the increase is designed to act as a strong brake on large scale property purchases by investors from outside the EU, citing Turkey, China and Israel among the countries driving demand.

Currently, the property transfer tax is 3% of a property’s taxable value. That rises to an effective 3.09% once a municipal surcharge, set at 3% of the tax itself, is added.

Who is exempt

Greece already exempts first home purchases from the transfer tax entirely, but only for a defined set of buyers: Greek citizens, members of the Greek diaspora from Albania, Turkey and former Soviet countries, citizens of EU and EEA member states, recognized

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