When purchasing property in Greece, buyers should generally budget approximately 8% to 12% of the purchase price for acquisition costs, depending on the type of property, transaction structure, financing, and professional services involved.
Property Transfer Tax
For properties not subject to VAT, the purchaser pays Property Transfer Tax at a rate of 3% of the taxable value, plus a municipal surcharge, resulting in an effective rate of approximately 3.09%.
VAT on New Properties
The standard VAT rate in Greece is 24%. However, the VAT suspension on qualifying new-build properties has been extended until 31 December 2026. During the suspension period, eligible transactions are generally subject to Property Transfer Tax rather than VAT.
Legal Fees
Legal fees vary depending on the complexity of the transaction and the scope of due diligence required. Buyers typically budget approximately 1% to 1.5% of the purchase price, plus VAT.
Notary Fees
Notary fees generally range from 0.8% to 1.2% of the purchase price, plus VAT, depending on the transaction value and documentation requirements.
Land Registry and Cadastre Fees
Registration fees payable to the Land Registry or Hellenic Cadastre typically range between 0.6% and 0.8% of the property’s registered value.
Technical Due Diligence
Engineering and technical inspections are strongly recommended and may include building permit verification, planning compliance reviews, structural assessments, and energy performance evaluations.
Estate Agency Fees
Agency fees are agreed contractually between the parties and vary according to the services provided.
Income Tax on Rental Income in Greece
Rental income earned by individuals is taxed separately from employment and business income.
The current tax rates are:
| Annual Rental Income | Tax Rate |
|---|---|
| Up to €12,000 | 15% |
| €12,001 – €24,000 | 25% |
| €24,001 – €36,000 | 35% |
| Above €36,000 | 45% |
Corporate owners are taxed under the applicable corporate tax regime.
Annual Property Taxes in Greece
ENFIA
ENFIA (Unified Property Ownership Tax) is payable annually by property owners in Greece. The tax is calculated based on factors including location, size, age, use, and objective value of the property.
Municipal Property Duty (TAP)
Property owners are also subject to municipal property duties, which are generally collected through electricity bills and vary according to municipality and property value.
Special Real Estate Tax
A Special Real Estate Tax of 15% may apply to certain legal entities holding Greek real estate unless a statutory exemption applies.
VAT on Property Purchases
The standard VAT rate in Cyprus is 19%.
New properties may be subject to VAT, while resale properties are generally exempt from VAT and instead subject to transfer fees.
A reduced VAT rate of 5% may apply to a qualifying primary and permanent residence, subject to specific conditions.
The reduced rate generally applies to:
- The first 130 sq.m. of the residence
- The first €350,000 of the property’s value
The reduced rate is available provided that:
- The total property value does not exceed €475,000
- The total buildable area does not exceed 190 sq.m.
Any excess value or area is taxed at the standard VAT rate of 19%.
Property Transfer Fees
Property transfer fees are payable by the purchaser upon transfer of the title deed.
The current rates are:
| Property Value | Transfer Fee |
|---|---|
| Up to €85,000 | 3% |
| €85,001 – €170,000 | 5% |
| Above €170,000 | 8% |
Where VAT has been paid on the purchase, no transfer fees are generally payable.
For transactions not subject to VAT, transfer fees are currently reduced by 50%.
Stamp Duty
No stamp duty is payable on contracts executed from 1 January 2026 onwards.
Annual Property Taxes
Cyprus does not impose a national immovable property tax on property ownership.
The former Immovable Property Tax was abolished in 2017.
Municipal Charges
Property owners may be liable for local municipal charges covering services such as refuse collection, sewerage systems, street lighting, and other local authority services.
The applicable amounts vary by municipality and property type.
Capital Gains Tax
Capital Gains Tax is generally payable by the seller upon disposal of immovable property situated in Cyprus.
The applicable rate is 20% on the taxable gain, subject to available exemptions, deductions, and reliefs under Cyprus tax legislation.
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