Greece to Hike Property Tax for Foreign Buyers, Impacting Israelis
Translated & summarized from Cursorinfo by baba
Greece will raise taxes on foreign residential property buyers from 3.09% to 15.45%, impacting Israelis who frequently invest in the country. Prime Minister Kyriakos Mitsotakis initiated the reform to ease domestic market pressure. The new rates, effective July 1, 2027, will apply based on tax residency, not nationality, and significantly increase costs for "golden visa" applicants.
The story in 6 lines · by baba
- Greece will increase property taxes for foreign buyers from 3.09% to 15.45% starting July 1, 2027.
- The tax hike aims to reduce price pressure in the Greek real estate market for locals.
- Israeli buyers, even with European passports, will face the higher rate if they are Israeli tax residents.
- The new tax applies only to residential properties, not commercial or industrial real estate.
- Purchasing a €800,000 property in Athens will now cost €120,000 in taxes, up from €24,000.
- Ethnic Greeks and long-term residents are exempt from the increased tax.
Greece is set to significantly increase the tax burden on foreign real estate buyers, a move that will notably affect Israelis who frequently purchase property there. The total tax, including a municipal fee, will jump from 3.09% to 15.45% for residential properties. This reform, initiated by Prime Minister Kyriakos Mitsotakis, aims to alleviate price pressures in the domestic market and protect local interests. The Greek parliament is expected to finalize the legislation within the next thirty days. The new property transfer tax rate will rise from the current 3% to 15%, with the municipal fee bringing the total to 15.45%. Crucially, the tax status of the buyer, not their nationality, will determine the applicable rate. For instance, an Israeli citizen with a European passport who remains a tax resident of Israel will face the full 15% rate. The increased taxes will only apply to residential properties, leaving commercial spaces, industrial sites, and development land unaffected. Ethnic Greeks and individuals with valid long-term residency permits are exempt from the new rules. The higher rates will take effect for purchase agreements finalized on or after July 1, 2027. This reform is anticipated to significantly impact participants in Greece's "golden visa" investment program. For example, purchasing a property in Athens or Thessaloniki at the minimum threshold of €800,000 will now incur approximately €120,000 in taxes, compared to the previous €24,000.
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