Greece has announced that it will multiply the tax on buying a home by five for most buyers from outside the European Union. In his speech at the 90th Thessaloniki International Fair, published by his office on 6 September, Prime Minister Kyriakos Mitsotakis said:
"Πήραμε την απόφαση να αυξήσουμε τον φόρο μεταβίβασης από 3% σε 15% όταν οι αγοραστές προέρχονται από τρίτες χώρες εκτός Ευρωπαϊκής Ένωσης." (Our translation: "We took the decision to raise the transfer tax from 3% to 15% when the buyers come from third countries outside the European Union.")
Today, Monday 7 September, the Ministry of National Economy and Finance filled in the first details at its press conference on the Thessaloniki package. The short version: the higher rate is meant to apply from 1 July 2027, to individuals rather than companies, and to homes, with exemptions for people of Greek descent and for long-term residents.
It is important to be precise about the status of all this. This is an announcement, not a law. No bill has been published and nothing has passed Parliament. The measures announced in Thessaloniki still have to be written into legislation, and details can change on the way.
What Was Announced, and Why
The Prime Minister placed the measure in his section on housing, after the existing rent rebates, tax relief for empty homes brought back onto the market, renovation incentives and limits on short-term rentals, and alongside a new €2 billion "Spiti mou III" programme for first-time buyers. He called the transfer tax increase a disincentive aimed at a trend that keeps prices high. The reason he gave is that interest from countries such as China, Turkey and Israel, while welcome to a degree, has created an environment that in several areas of the country has made it much harder for Greeks to buy a home of their own.
That framing matters for foreign buyers. The measure is a housing policy, not a revenue measure, and it is aimed at demand from outside the EU.
What the Ministers Added on 7 September
Three members of the finance ministry's leadership spoke about the measure, and their published statements add the detail that the speech left out.
Start date: 1 July 2027. Finance Minister Kyriakos Pierrakakis said the measure will apply from 1 July 2027 because the government's aim is not to take the market by surprise. Deputy Minister Dimitris Markopoulos described the period until then as a margin to complete a cycle of transfers already under way.
Individuals only. Pierrakakis specified that the measure will concern natural persons, not legal persons.
Homes, not all property. Both the minister and Alternate Minister Nikos Papathanasis described it as a transfer tax on the purchase of a home (κατοικία), raised from 3% to 15%.
Who is covered. Markopoulos described the target group as citizens of third countries outside the EU who are not long-term residents, and stressed two exemptions: ομογενείς, people of Greek descent living abroad, and long-term residents. Papathanasis added that the rule does not apply to citizens of the European Union.
Markopoulos also explained where the idea came from: concerns heard in border regions such as Thrace during the ministry's regional consultations, particularly about purchases by individuals rather than companies.
Why Britons and Americans Are Now "Non-EU Buyers"
For decades, British buyers in Greece were EU citizens. That ended with Brexit. A British citizen buying a home in Greece today is a third-country national, just as an American, a Canadian or an Australian is. On the government's description, all of them would pay 15% from July 2027 unless an exemption applies.
The exemptions are where the detail will matter most for these buyers.
Long-term residents. The ministers exempted long-term residents but did not say how the term will be defined in the bill. Many British citizens who moved to Greece before 1 January 2021 hold a residence document confirming their rights under the Withdrawal Agreement, as the UK government's guidance for Britons in Greece explains. Whether that document, a Golden Visa permit or a certain number of years on another permit will count as long-term residence is not addressed in anything published so far.
People of Greek descent. The exemption for ομογενείς could matter to a large number of Americans, Canadians and Australians with Greek roots. How descent will have to be proved is, again, a matter for the bill.
Companies. The ministers limited the measure to individuals. Buying through a company is an obvious question that legislation usually anticipates, and any anti-avoidance rule will only be visible once a text is published.
What 15% Means in Numbers
On the government's description, the difference is simple arithmetic on the price. Each figure is the transfer tax alone, before notary, lawyer and registration costs.
| Price of the home | Transfer tax at 3% | Transfer tax at 15% | Extra cost |
|---|---|---|---|
| €200,000 | €6,000 | €30,000 | €24,000 |
| €300,000 | €9,000 | €45,000 | €36,000 |
| €500,000 | €15,000 | €75,000 | €60,000 |
| €800,000 | €24,000 | €120,000 | €96,000 |
For a buyer who plans to hold for ten years, an extra €36,000 on a €300,000 home is not a rounding error. It changes the comparison with renting, and it changes the comparison with other Mediterranean countries.
A transfer tax is also a sunk cost. It is paid once, on the way in, and nothing of it comes back when the home is sold. A buyer who pays 15% needs the property to rise by that much, or to deliver that much value in use, before the purchase breaks even against the old 3% world. For a holiday home used a few weeks a year, that arithmetic is harder than it was a week ago.
How Likely Is It to Become Law?
Two statements in the Prime Minister's own speech are relevant here. He said that the government had implemented all of the measures he announced from the same stage a year earlier, and that the same would happen this year. He also noted that he was speaking a few months before the next national elections, and presented the package as a costed programme set out on a four-year calendar.
Both points cut in the same direction. The government has tied its credibility to delivering the Thessaloniki measures, and a housing measure aimed at foreign demand is unlikely to be the one it drops. But an election also means that the legislative calendar is tight, and that the final shape of the bill may depend on the consultation and on the politics of the months ahead. Buyers should plan for the measure as announced while treating the details as provisional.
What Is Still Open
The bill itself. Everything above rests on a speech and ministerial statements. Until a draft is published, the scope, the definitions and the start date can all change.
The Golden Visa. Greece's residence-by-investment programme is built on property purchases, and many of its investors are non-EU nationals. None of the statements published on 7 September addresses how the higher transfer tax interacts with the Golden Visa. Our guide to the Greece Golden Visa in 2026 sets out the programme as it stood before the announcement; anyone relying on it should treat the cost side as unsettled until the bill is out.
The trigger date. "From 1 July 2027" leaves open whether the relevant moment is a preliminary contract, the final notarial deed or registration. For anyone negotiating a purchase that could straddle the date, that question is worth a written answer from a Greek lawyer.
Mixed couples and families. A home bought jointly by an EU citizen and a non-EU spouse is a common case. How the rate applies to shared ownership is not addressed.
Greece Is Not Alone
Greece would be joining a group of countries that treat foreign home buyers differently, and not the strictest one. Singapore charges foreigners an Additional Buyer's Stamp Duty of 60% on any residential property, on top of the ordinary duty. Canada has gone further and, since 1 January 2023, has prohibited most non-Canadians from buying residential property altogether. Against those, a 15% transfer tax with broad exemptions is a middle path.
The difference is that Greece also actively invites foreign residents, through its Golden Visa programme and special tax regimes for new residents, some of which are covered in Greece: Europe's Secret Tax Haven. The new measure does not withdraw those invitations. It prices the purchase of a home differently for those who come without an EU passport or long-term residence.
What British and American Buyers Should Do Now
Do not rush a purchase to beat a date that is not yet law. The window to 1 July 2027 is long, and the rules may be adjusted. A hurried purchase of the wrong property costs more than the tax difference.
If a purchase is already under way, document it. The ministers linked the start date to completing transfers already in progress. A clear record of when negotiations, preliminary contracts and payments took place will help if transitional rules refer to them.
Check whether an exemption might apply. Greek descent, long residence in Greece or an EU passport held by a family member can all change the answer. Each needs evidence, and gathering it takes time.
Weigh renting against buying. A 15% entry cost shifts the break-even point for ownership by years. For families still testing whether Greece is home, renting first is a stronger option than it was last week, and the ten-year test is a useful way to frame the decision.
Follow the bill. When the draft is published for consultation, the definitions of "third-country buyer", "long-term resident" and "home" will decide who pays. That is the moment to reassess. Our Greece country guide covers the wider tax picture for new residents.
Work with Sebastian
If you are buying, or planning to buy, a home in Greece as a non-EU citizen and want to understand how the announced rule could affect you, book a consultation.
