Here’s a breakdown of the taxes and fees that come with purchasing an apartment in Greece.
The total cost of acquiring property includes not only the price of the property itself but also various fees associated with the transaction. For an unprepared buyer, some expenses may come as a surprise. To help you avoid this, we’ve put together an overview of all required expenses.
In this guide, we’ll explain how payments are divided, what each party is responsible for covering, and the costs involved in the purchasing process.
Purchasing property in Greece involves signing a notarized sale agreement between the buyer and seller (or their representatives). How long does this process take? On average, the full transaction can take up to one and a half months.
The exact timeline depends on the complexity of the deal and how quickly the required documents are gathered. Ultimately, it’s the readiness of both parties to cooperate—responding promptly to requests and providing necessary paperwork—that determines the final timeline.
The primary expenses during the transaction fall on the buyer. Key costs include:
Notary services cover the review of documents provided by the seller, preparation of the sale contract and payment act, and submission of necessary filings to the Land Registry and tax authorities after signing the contract. Notary fees are standard, totaling 2% of the property’s purchase price, plus VAT (a total of 2.24%).
The fee for registering the transfer of ownership with the Land Registry is 0.9% of the property’s purchase price.
For newly constructed properties with building permits issued after January 1, 2006, a VAT rate of 24% applies.
For other properties, the transfer tax is 3.09% of the property’s value, consisting of the property transfer tax (3%) and a municipal tax (0.9%).
Additional expenses borne by the buyer:
If you're planning to obtain a Golden Visa in Greece through the purchase of property valued at over €250,000, there are additional fees to consider. While these costs are separate from the property purchase itself, they are important to factor in when calculating the overall expense of securing the visa.
Since September 12, 2018, the government fee for obtaining a residence permit for investors is €2,000 per adult applicant. This fee applies not only to new applicants but also to those renewing their residence permit every five years.
Additionally, you will need to arrange health insurance and cover the legal fees for services such as filling out forms and guiding you through the Golden Visa application process.
As of September 1, 2024, new investment thresholds of €400,000 and €800,000 have been introduced in Greece; we discussed this in detail [here]. This means that the only way to obtain a Golden Visa for €250,000 is by purchasing a property converted from commercial to residential use or a heritage-listed property that will be renovated.
Buying an apartment converted from a non-residential to a residential category offers additional opportunities for investors who value high rental yields while aiming for a Golden Visa. In Greece, such properties can be purchased at the minimum investment level of €250,000, making them an attractive option with easier rental potential.
These apartments are in high demand, especially in central areas of Athens. Converted residential units—such as former office spaces—are particularly appealing, providing a steady rental income stream.
For example, if a Golden Visa applicant purchases such an apartment in Athens for €275,000, the estimated primary payments and fees would be as follows:
Notary fees:
Total: €5,500 + €1,320 = €6,820
Registration fees:
Property transfer tax (assuming a resale property):
Total: €8,250 + €2,475 = €10,725
Legal fees:
Total: €2,750 + €660 = €3,410
Agent fees (assuming only the buyer’s side):
Total: €5,500 + €1,320 = €6,820
Golden Visa application fees:
Residence permit fee: €2,000 per adult (assuming one applicant) = €2,000
Grand total: €32,250
Thus, the total cost for the buyer, including all necessary fees and taxes, will amount to €307,250.
Any property owner in Greece, whether resident or foreigner, has the right to rent out their property and earn income from it. A residence permit is not required for renting, as it is not classified as a business activity. However, rental income must be declared to the tax authorities.
The rental income tax rates in Greece are as follows:
Additionally, if the annual income exceeds €12,000, a solidarity tax is applied at a rate between 2.2% and 10%, depending on the total income amount.
If the rental income is €20,000, the tax calculation would be:
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