Greece proposes 15% real estate transfer tax for non-EU buyers

Greek Prime Minister Kyriakos Mitsotakis has announced plans to significantly increase the real estate transfer tax for buyers from non-EU and non-EEA countries. The proposed change would raise the tax rate from the current approximately 3% to 15%.

This measure aims to address high demand from foreign buyers in certain regions of Greece, which officials say has driven up property prices and made it difficult for Greek citizens to afford homes. The tax hike is intended to reduce price pressure by discouraging some third-country purchasers.

The new rate would apply to natural persons, while corporate entities are reportedly excluded. Potential exemptions may be introduced for long-term residents and members of the Greek diaspora, though specific criteria for these exemptions have not yet been finalized.

As of the announcement, the formal bill has not been published or passed by parliament, and specific implementation details and transition rules remain unknown. The policy is expected to have a substantial impact on the luxury real estate market, particularly in regions like Attica.