NEWSru IsraelPolitics10:45

Greece to Hike Property Tax for Foreign Buyers to 15%

Translated & summarized from NEWSru Israel by baba

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Greece will raise its property purchase tax for foreign buyers from 3% to 15%, with the new rate taking effect on July 1, 2027. The higher tax applies to non-EU/EEA tax residents, including Israelis with European passports living in Israel. The government aims to ease housing market pressure for locals and expects the change to affect "golden visa" program participants. The legislation is expected to pass within the month.

The story in 6 lines · by baba

Greece will increase its property purchase tax for foreign buyers from 3% to 15%.
The new 15% tax rate will apply to non-EU/EEA tax residents starting July 1, 2027.
Israelis with European passports residing in Israel will pay the higher tax rate.
The measure aims to reduce pressure on the housing market for local residents.
The "golden visa" program participants will see a significant tax increase on property purchases.
The tax hike will not affect commercial properties, land, or industrial sites.

The Greek government is set to significantly increase the property purchase tax for foreign buyers from 3% to 15%, following public consultation on the draft legislation. The law is expected to be passed within the next month. The new 15% rate will apply to individuals who are tax residents outside the EU and European Economic Area at the time the tax obligation arises. This means Israelis holding European passports but residing and paying taxes in Israel will be subject to the higher rate. The increased tax will take effect for final purchase agreements signed from July 1, 2027. Including the municipal fee, the total tax burden will rise to 15.45% from the current 3.09%. The hike specifically targets residential properties, with commercial spaces, land, and industrial sites remaining unaffected. Previously, authorities indicated that ethnic Greeks and foreigners with long-term residency permits in Greece would be exempt from the increased rate. Prime Minister Kyriakos Mitsotakis announced the tax increase on September 6 at the Thessaloniki International Fair. The government stated the measure aims to alleviate pressure on the housing market and provide more purchasing opportunities for local residents. The change is anticipated to impact participants in the "golden visa" program, potentially increasing the tax on an 800,000 euro property purchase, the minimum threshold in Athens and Thessaloniki, from approximately 24,000 euros to 120,000 euros.