Greece Property Transfer Tax: Rates and Exemptions for Investors

Greece’s property transfer tax is one of the most important ancillary costs when a Vietnamese investor buys property under the Golden Visa programme. For resale property, a flat rate of 3.09% applies. For new property (building permit issued after 1 January 2006), 24% VAT applies in principle, but the temporary VAT exemption has been extended by the Greek Parliament until 31 December 2026 — meaning most new property currently still qualifies for the 3.09% rate.

This article provides a detailed analysis of Greece’s property transfer tax, clarifying how to distinguish between FMA (Foros Metavivasis Akinitou) and VAT, the mechanism for calculating tax based on the purchase price or the Objective Value, the exemptions available to investors, and the key legal changes introduced by the 2026 tax reform law. All information is based on the regulations of the Independent Authority for Public Revenue (AADE) of Greece and Property Tax Reform Law 5193/2025.

To understand the overall context, readers should first refer to the country profile Greece, and the overview article taxes in Greece and Greece Golden Visa.

Overview of Greece’s property transfer tax system

Greece applies two different tax mechanisms when transferring property, depending on the nature of the property. The first is FMA (Foros Metavivasis Akinitou) — the traditional transfer tax, at 3.09%. The second is VAT — value-added tax of 24%, which applies to new property.

Correctly identifying which mechanism applies to a specific property is decisive for the total transaction cost. On a property worth €500,000, the difference between the two tax levels is €15,450 (FMA) compared with €120,000 (VAT) — nearly eightfold.

The criteria distinguishing FMA from VAT are clearly set out in the Greek Tax Code:

Criteria	FMA 3.09% applies	VAT 24% applies
Old (previously owned) property	Yes	No
New property, permit issued before 1 January 2006	Yes	No
New property, permit issued after 1 January 2006	No (in principle)	Yes
New property, developer opts in for VAT exemption	Yes	No
Vacant, undeveloped land	Yes	No

A special point to note is the developer’s “VAT exemption opt-in” mechanism. Under Reform Law 5193/2025, effective from 1 January 2026, developers building new property may opt in for VAT exemption until 31 December 2026, so that buyers pay only 3.09% instead of 24%. This is a continuation of an earlier policy, extended by the Greek Parliament to attract foreign investment.

How the 3.09% FMA tax is calculated and its tax base

The 3.09% FMA tax is a combined structure of two parts. The first is the 3% national transfer tax, collected by AADE. The second is a 0.09% municipal surcharge — effectively 3% of the 3% transfer amount (i.e. 3% × 3% = 0.09% of the original asset value) — collected by local authorities.

The tax base is the higher of two values: the actual purchase price stated in the contract and the Objective Value set by the Ministry of Finance. This is an important point Vietnamese investors often misunderstand.

The Objective Value is calculated using objective criteria: geographic location (price zone), floor area, year of construction, floor level, orientation, and technical features. The purpose of the Objective Value system is to prevent tax avoidance through artificially understated contract prices. In practice, the Objective Value is often lower than the market price in hot areas (central Athens, Mykonos, Santorini) and higher in rural areas with fewer transactions.

Illustrative example: an investor buys an apartment with a market value of €300,000 in central Athens, with an Objective Value of €280,000. FMA tax = 3.09% × max(€300,000, €280,000) = 3.09% × €300,000 = €9,270. If a property with a market price of €100,000 is bought in a rural area but has an Objective Value of €130,000, the tax = 3.09% × €130,000 = €4,017.

Under Reform Law 5193/2025, the Objective Value system is “frozen” (kept unchanged) for 2026 — a favourable point for investors buying during this period. In previous years, the Objective Value was typically revised upward periodically in line with market movements.

How the 24% VAT is calculated and when it applies

VAT of 24% is the standard tax rate applied to most goods and services in Greece, including new property. “New property” is specifically defined as a building with a construction permit issued after 1 January 2006 and sold for the first time by a developer or construction company — never previously owned by any owner.

The VAT base is the actual sale price stated in the contract (unlike FMA, the Objective Value is not used). VAT is added by the developer to the sale price, and a tax invoice is issued to the buyer. Buyers do not pay VAT directly to the tax authority — the developer is responsible for declaring and remitting it.

The temporary VAT exemption until 31 December 2026 works as follows: the developer must register with AADE to opt in for a tax exemption for a specific project. Once approved, every buyer purchasing property in that project pays only the 3.09% FMA rate instead of 24% VAT. For Vietnamese investors, this means that when looking at new property, it is essential to ask the developer clearly about its VAT-exemption status before deciding.

Important note: if an investor buys vacant land and then builds a house independently, 24% VAT applies to every stage of construction (materials, labour) — there is no exemption mechanism for self-managed construction. Buyers pay only 3.09% FMA on the land purchase, then bear 24% VAT on every construction invoice. This is why most Golden Visa investors choose to buy completed property rather than build from scratch.

Types of transfer tax exemptions

Greece has several transfer tax exemption mechanisms, but most do not apply to Vietnamese Golden Visa investors. Understanding the eligibility conditions helps avoid mistaken expectations about transaction costs.

The most common exemption mechanism is the First Residence Exemption under Law 1078/1980. This allows first-time buyers purchasing a home as their family’s primary residence to be exempt from, or receive a reduction on, FMA tax depending on family status and property value. However, the eligibility conditions require that the buyer be a resident of Greece or the EU/EEA, and that the property be the primary residence. Vietnamese investors who are not resident in Greece do not meet this condition.

The second mechanism is the exemption for cultural heritage property. Buyers purchasing property listed as national cultural heritage may receive a partial exemption from FMA tax, in exchange for a commitment to restoration. This mechanism is typically linked to the €250,000 Golden Visa heritage-restoration option — investors should verify the specific exemption amount with a lawyer at the time of the transaction.

The third mechanism is the temporary exemption from the 15% Capital Gains Tax until 31 December 2026 under Law 5193/2025. This is not an exemption on the purchase transfer tax, but an exemption applied when a property is sold at a capital gain. Specifically, if a property was bought after 1 January 2014 and sold during 2026, the capital gain from the transaction is not taxed at the usual 15%. After 31 December 2026, the 15% tax will be reinstated.

The final mechanism is a preferential regime for corporate property investors. If property is purchased through a Greek company (for example a Société Anonyme — A.E.), transfer tax still applies but may be offset against other corporate tax obligations. Refer to the article buying Greek property through a company for further detail.

Ancillary costs beyond the transfer tax

Besides FMA or VAT, Vietnamese investors must also budget for several ancillary costs when transacting property in Greece. Total ancillary costs typically add a further 5–8% of the property value, bringing the total transaction cost to 8–11%.

Notary fees account for 1–2% of the transaction value. Greek notaries play an important role: executing the final sale contract, verifying the legality of the transaction, and retaining the original documents. This is a mandatory cost — it cannot be avoided or reduced.

Land Registry or Hellenic Cadastre registration fees range from 0.475–0.775% of the transaction value. This fee is used to record the new ownership in the national cadastral system. Once registration is complete, the investor is issued official Title Deeds — the legal basis for ownership.

Legal representation fees account for 1–2% of the transaction value, depending on complexity. This covers legal due diligence, drafting and negotiating the contract, and representation in the transaction. For Vietnamese investors using a Power of Attorney (POA), the lawyer’s role is irreplaceable. Refer to the article Power of Attorney in Greece for further detail.

Real estate agent fees are typically 2% per side — meaning a total of 4% of the value, split between buyer and seller. Some developers include the agent fee in the sale price; investors should clarify this before signing the contract. All these professional service fees are also subject to an additional 24% VAT.

The process for declaring and paying the transfer tax

The process for declaring and paying the transfer tax follows four steps, all carried out on behalf of the Vietnamese investor by their representing lawyer under a power of attorney.

The first step is preparing the transfer tax declaration (FMA Declaration). The declaration must be filed through AADE’s myPROPERTY portal — a new electronic system rolled out since 2024. The declaration includes detailed information on the property, both parties to the transaction, the purchase price, and the Objective Value. The system automatically calculates the FMA tax based on the data entered.

The second step is paying the FMA tax before signing the contract. This is a mandatory requirement — without a tax payment receipt, the notary will not sign the sale contract. Payment is made by bank transfer from an account in the investor’s name to the AADE account. Under the regulation of 16 December 2024, payment for Golden Visa property investments must be made by bank transfer, not in cash.

The third step is signing the Final Deed of sale before the notary. At this point, the FMA tax payment receipt is attached to the file. The final step is filing an E9 declaration to update the list of owned properties — this must be filed within 30 days of signing the contract. The E9 is the basis on which AADE calculates the annual ENFIA property tax.

For the VAT case (new property without an exemption opt-in), the process is slightly different. The developer has already included VAT in the sale price and issued an invoice to the buyer; the buyer does not need to pay the tax to AADE directly. However, an E9 declaration must still be filed within 30 days of signing the contract to update the asset list.

Summary and next steps

Greece’s property transfer tax is fundamentally easy to understand, with two main rates: 3.09% FMA for most transactions, and 24% VAT for new property — though VAT is currently subject to a temporary exemption until 31 December 2026. For Vietnamese Golden Visa investors, the 3.09% rate is the norm, applying to most real-world situations.

The 2026 tax reform under Law 5193/2025 brings two favourable points: an extension of the VAT exemption to the end of 2026 (reducing costs by roughly 20% of the property value for new homes) and a temporary exemption from the 15% Capital Gains Tax until the end of 2026 (allowing resale during this period without capital gains tax). This is a favourable window for investors with a short-to-medium-term strategy.

The next recommended read is taxes in Greece to understand the full picture of the tax system applicable to property owners, then refer to the article Greece Non-Dom — a flat tax programme of €100,000 EURO per year for high-net-worth residents. To understand the overall property investment process, readers may refer to the article the 7-step Greece Golden Visa process.