Greece, Cyprus Tighten Real Estate Investment Rules for Foreigners
Translated & summarized from TheMarker by baba
Greece is proposing to raise its foreign real estate purchase tax from 3% to 15%, making it the highest in the EU. Cyprus is also tightening its rules for foreign investors. The proposed changes, which have completed public consultation in Greece, are prompting many investors to rush to finalize deals. The move comes amid a housing crisis affecting Greece and parts of Europe.
The story in 5 lines · by baba
- Greece plans to raise its foreign real estate purchase tax to 15%, the EU's highest.
- Cyprus is also reportedly tightening its real estate investment rules for foreigners.
- The proposed Greek tax hike is from the current rate of around 3%.
- Many investors are trying to complete deals before the new rules take effect.
- The changes are occurring amidst a housing crisis in Greece and Europe.
Greece is proposing a new law that would significantly increase the purchase tax for foreign real estate investors, potentially impacting many Israelis. The proposed legislation aims to raise the tax from approximately 3% to around 15%, which would make it the highest such tax in the European Union. Cyprus is also reportedly hardening its stance on foreign investment in real estate. While the exact details of the Greek law are still being finalized, many investors are reportedly rushing to complete transactions before the changes take effect. The housing crisis in Greece and other parts of Europe is a significant concern for numerous Israeli investors.
