Greece and Portugal adjust Golden Visa and property tax policies

European nations are adjusting their residence-by-investment programs. In Greece, Finance Minister Kyriakos Pierrakakis announced that starting July 1, 2027, the property transfer tax for third-country nationals—citizens from outside the EU and EEA—will increase from 3% to 15%. This measure aims to curb large-scale property purchases by investors from countries such as Turkey, China, and Israel to cool the housing market.

The new rate will reach an effective 15.45% including municipal surcharges. While certain groups like Greek citizens, EU/EEA nationals, and recognized refugees maintain exemptions for first homes, most third-country nationals without long-term residency will face the higher tax regardless of property value. The tax applies specifically to residential homes rather than commercial properties or land.

In Portugal, the Golden Visa (ARI) remains active in 2026, though the program has shifted away from the property-purchase routes that previously defined it. The current regime allows non-EU/EEA/Swiss investors to obtain residence through alternative qualifying investment activities, offering benefits such as Schengen Area travel and a pathway to permanent residency or nationality.