Concept
Greece is a rare European market where entry is cheap for a foreigner and all the difficulty sits in the title and in the form of ownership. There are almost no restrictions, purchase tax is 3.09%, VAT on new builds is suspended, and capital gains tax on sale is frozen. That is where the simple part ends. A Greek property lives inside a system of "objective values," the cadastre took thirty years to build, title insurance in the Anglo-Saxon sense does not exist here, and an opaque holding structure over a house pays 15% of its value every year.
The second feature is the calendar. Both headline reliefs are pegged to 31 December 2026, and planning a transaction today means planning it around that date.
Who Can Buy and What Is Needed Before the Deal
Citizenship is irrelevant — with one exception. Law 1892/1990 designates "border zones" (παραμεθόριες περιοχές): the entire Dodecanese, Lesvos, Chios, Samos, Limnos, Samothraki, Santorini, Skyros, the Diapontia islands, and on the mainland Evros, Xanthi, Rodopi, Kilkis, Kastoria, Florina, Thesprotia, Preveza and specific districts of Drama, Ioannina, Pella and Serres. A non-EU/EEA buyer needs a permit from a special committee at the Decentralised Administration, where the Defence Ministry representative's vote is mandatory. Refusals are rare, but the procedure runs for months and requires an apostilled package including a criminal record certificate. Practical takeaway: Santorini is a border zone, and for a non-EU buyer that is a separate line in the deal timetable.
Then the mechanics. An AFM (ΑΦΜ, tax number) is mandatory: without it you cannot sign the notarial deed, pay transfer tax, or register title. It is obtained in person at the Athens tax office for non-residents, remotely through myAADElive, or — the standard route for a foreign buyer — by power of attorney through a Greek lawyer in one to two weeks. Holding an AFM does not by itself make you a Greek tax resident.
A Greek bank account is not formally required for the purchase but is needed in practice: ENFIA, utilities and municipal levies are paid through it, and for the Golden Visa a cashless, documented payment route is a statutory condition. The source of funds package is assembled before the deposit — the notary and the bank check it independently of each other.
The deal is executed by a notary (συμβολαιογράφος), who drafts the deed, collects the certificates, and will not sign while the seller's obligations are open. Registration goes to the Κτηματολόγιο (Hellenic Cadastre), which by 2026 has replaced the old mortgage registries across almost the whole country. Since 2014 a buyer's lawyer is not legally required — and that is precisely the economy that costs the most.
Entry and Ownership: The Rates
| Item | Rate | Comment |
|---|---|---|
| Transfer tax (φόρος μεταβίβασης) | 3.09% | 3% plus a 3% municipal surcharge on the tax; base is the higher of price and objective value |
| VAT on new builds | 24% — suspended to 31.12.2026 | developer's election; transfer tax applies instead |
| Notary | 0.65–0.80% + VAT | regressive scale on value |
| Registration of title | ~0.5% | cadastre 0.5%; mortgage registry 0.475% + VAT |
| Lawyer / agent | 0.4–1% / ~2% + VAT | agent commission usually charged to each side |
| ENFIA (ΕΝΦΙΑ) | €2.00–16.20 per sq m + surcharge up to 1% | annual, assessed on 1 January; surcharge above a €500,000 portfolio |
| TAP (ΤΑΠ) | 0.025–0.035% | municipal levy, collected via the electricity bill |
| Rental income (individual) | 15 / 25 / 35 / 45% | from 2026; thresholds €12,000 / €24,000 / €36,000 |
| SRET (ΕΦΑ) on corporate owners | 15% per year | of objective value; exemption only on beneficial owner disclosure |
| Capital gains on sale | 15% — suspended to 31.12.2026 | for individuals outside business activity |
Everything is computed on the higher of two figures: the contract price and the objective value (αντικειμενική αξία), an administrative zonal assessment. The last revaluation was in 2021, values are frozen through the end of 2026, and the next one is not expected before 2028. In central Athens and on tourist islands the gap to the market is wide: that lowers tax today and creates a deferred risk.
New builds are formally subject to 24% VAT. The suspension introduced in 2020 was extended by Law 5246/2025 to 31 December 2026: the developer elects the regime and the buyer pays the same 3.09%. On a €300,000 apartment the difference is €63,000. The government is discussing an extension into 2027 and outright abolition, but this is a developer's option rather than an automatic regime — the status is verified property by property.
What the Purchase Grants: Golden Visa
Greece is one of the few EU states where real estate still converts into residency. The 2024 reform (art. 64 of Law 5100/2024, amending art. 100 of the Migration Code — Law 5038/2023) made the programme expensive and strict:
- €800,000 — all of Attica, Thessaloniki, Mykonos, Santorini and islands with populations above 3,100;
- €400,000 — the rest of Greece;
- €250,000 — conversion of a non-residential building into housing and restoration of a listed building (works completed before the application).
Three further constraints apply: the investment must be in a single property, a minimum of 120 sq m of main premises, and an outright ban on short-term letting and subletting — breach means revocation of the permit plus a €50,000 fine. That last point kills the popular "buy for Airbnb and get status along the way" model: the two scenarios are now mutually exclusive. Thresholds and procedure are covered in the Greek golden visa breakdown; comparison with other programmes is on the golden visa map.
Ownership and Rental
ENFIA is assessed on the owner as at 1 January. The main tax depends on the zonal price and the property's characteristics; an individual whose total objective value exceeds €500,000 pays a progressive surcharge of up to 1% a year on top. A legal entity pays an additional tax on the whole portfolio value. A 20% discount applies where the property is insured against earthquake, fire and flood (10% for higher-value properties) — a rare case where an insurance premium pays for itself in tax.
The annual E9 declaration is generated automatically from the transfer tax return filed through myPROPERTY at purchase, but any subsequent change must be declared separately by 31 March of the following year.
Rental income of an individual is taxed on a separate scale that changed in 2026: a new 25% band on €12,000–24,000 replaced the former 35%. For a typical apartment on a long lease that is a meaningful easing. A separate incentive is a three-year income exemption for long-term residential leases of property that previously stood empty or was let short-term. If the purchase comes with relocation, see also Greece's preferential tax regimes.
Short-Term Rental: The Rules Tightened
Every property let on a short-term basis must be registered in the AADE registry and carry an AMA number, which must appear on every platform listing; operating without one draws a fine from €5,000. A lease up to 59 days is short-term; from 60 days it is an ordinary residential lease.
Since 2025 a Climate Crisis Resilience Fee (TAKK) applies: €8 per night in high season and €2 in low season for an apartment, €15 and €4 for a house above 80 sq m. The host collects it from the guest and remits monthly; it is not deductible against rental income.
The main constraint is geographic. Since 2025 the issue of new AMAs has been frozen in the 1st, 2nd and 3rd municipal districts of Athens (Plaka, Kolonaki, Exarcheia, Koukaki, Pagrati, Petralona, Metaxourgeio, Gazi); the moratorium was extended into 2026 and from 1 March 2026 covers the first municipal community of Thessaloniki, with expansion to Santorini, Chania, Paros and Halkidiki under discussion. Inside moratorium zones the registration no longer transfers with the property on a sale or inheritance — which feeds directly into price, and a buyer needs to understand exactly what is being acquired.
Finally, a tax threshold: an individual letting three or more properties short-term is treated as carrying on a business — activity registration, 13% VAT and taxation as business income.
Ownership Structure: The Main Trap
Here Greece cuts against holding-planning intuition. The Special Real Estate Tax ΕΦΑ (Law 3091/2002, rate raised to 15% by Law 3943/2011) is charged annually at 15% of objective value on legal entities owning Greek real estate. An exemption exists but is not automatic: a company from the EU or from a country with an operative exchange of tax information must disclose the individual shareholders to the end of the chain, and each must hold a Greek AFM. A structure from a jurisdiction without exchange is not exempt at all; a trust in the chain requires separate analysis and disclosure of the beneficiary.
Practical conclusion: an opaque holding over a Greek villa costs 15% of its value per year — not optimisation, but one of the most expensive ways to own property in Europe. A Greek or Cypriot company is justified where there is a genuine operating purpose, such as a rental portfolio. For a single house the default is personal ownership; for two or three properties the choice is made by pricing ΕΦΑ, corporate ENFIA and the cost of disclosure — not by "confidentiality."
Exit and Inheritance
Capital gains tax on real estate is 15%, but its application is suspended until 31 December 2026 (art. 90 of Law 5162/2024). A sale by an individual inside that window is not taxed at all; an extension into 2027 is discussed but not enacted. Selling costs are modest, yet no notarial deed will be issued without a certificate of ENFIA payment for five years and confirmation that no debts are outstanding — that, in practice, is the real deal timeline.
Inheritance follows Greek inheritance tax regardless of the deceased's residence. Category A (spouse, children, grandchildren, parents) — €150,000 tax-free, then 1%, 5% and 10%; Category B (siblings, grandparents, great-grandchildren) — €30,000 tax-free, then 5%, 10% and 20%; Category C (everyone else) — €6,000 tax-free, then 20%, 30% and 40%. In the direct line that is one of the mildest scales in Europe: a €600,000 villa costs a child roughly €7,500 in tax. Regulation 650/2012 allows a will to elect the law of nationality instead of the law of habitual residence, but the tax stays Greek and the forced share under Greek law is one half of the intestate entitlement.
Traps
Objective value versus market value
The base has been frozen since 2021 and on popular islands lags the market by a multiple. That lowers tax now and creates risk on revaluation: ENFIA, transfer tax and inheritance tax all reprice upwards without any transaction taking place.
No title insurance
The Greek market does not know title insurance. The only protection is a chain-of-title review going back at least twenty years, performed by the buyer's lawyer, not the notary. Skipping the lawyer to save 0.5% is the most expensive mistake on this market.
Unauthorised construction (αυθαίρετα)
An enclosed balcony, an added terrace, a converted basement — these are widespread. The notary must attach an engineer's certificate confirming the property matches its building permit; where it does not, the works are legalised and the penalty paid before the deal, otherwise the deed is not signed.
Energy performance certificate (ΠΕΑ)
Required both for a sale and for registering a lease. Its absence is not fatal, but it costs days at the least convenient moment.
Previous owner's debts
Utility arrears and building maintenance contributions follow the property. The electricity provider, the water utility and the building manager are checked separately from the tax certificates.
The cadastre is not clean title
Κτηματολόγιο is nearly complete nationwide, but first registrations contain errors and correction windows are still running in a number of areas. A cadastral entry is not a guarantee: the old mortgage registries are checked in parallel.
This material is for reference purposes and does not constitute individual legal advice. Deal parameters, including the VAT regime and the property's border-zone status, are verified as at the signing date. The cross-country framework is in the hub on purchasing real estate abroad.