Greece is an EU member state with one of the most accessible property markets for foreign investors in Southern Europe. There is no general restriction on foreign nationals purchasing Greek property, and since Greece joined the EU in 1981, EU citizens have had full property rights on the same terms as Greek nationals. Third-country nationals (non-EU) may also purchase freely in most of Greece, with one important exception for border zones. The combination of low property prices relative to Western European peers, the Golden Visa programme, and a genuine tourism rental market makes Greece an attractive investment destination — provided the ownership structure is correctly established from the outset.

This guide is for general information only and does not constitute legal or tax advice. Greek law changes; always seek independent advice from a qualified Greek lawyer (dikigoros) and tax adviser before making any investment decision.

Freehold in Greece

Greek property law is based on the civil law tradition. The equivalent of freehold — full ownership (kyriotita) — is the standard form of property ownership and is what most purchasers acquire. Full ownership encompasses both the building and the underlying land (or the undivided land share in the case of a flat within a building under the horizontal property law).

There is no leasehold system in Greece equivalent to English law leasehold. Long-term leases exist (for up to 25 years under the Greek Civil Code, extendable by agreement to a maximum of 50 years for commercial property in some cases) but they are not a common form of property investment — almost all residential and commercial investments are outright purchases of full ownership.

Horizontal ownership: Most apartment buildings in Greece are registered under the Horizontal Property Law (Law 3741 of 1929 and its successors). Each apartment owner holds a defined percentage share of the building's common areas (land, stairwells, lifts) in addition to the privately owned apartment. Common area expenses are divided proportionally. These shared expenses (koina eksoda) are an ongoing cost of ownership.

Border Zone Restrictions for Non-EU Nationals

This is the most significant restriction for non-EU foreign investors in Greece.

Law 1892/1990 designates certain areas of Greece as "border zones" (parateriakes perioches), primarily:

Islands close to Turkey (including many Dodecanese islands such as Rhodes, Kos, Kalymnos, and others; Chios; Samos; Lesbos).
Areas close to the border with North Macedonia, Bulgaria, Albania, and Turkey.
Certain islands in the Ionian Sea near Albania.

In these zones, non-EU and non-EEA nationals must apply for a special permit from the Greek Ministry of National Defence to purchase property. The application goes through the local Land Registry Committee and is assessed on a case-by-case basis. Approval is not automatic; it can take several months; and in some border areas it may be refused.

EU and EEA nationals are exempt from this restriction and may purchase freely in border zones.

Practical implication: Many non-EU investors (including British citizens post-Brexit, Americans, Australians, and others) purchasing in popular islands like Rhodes or Kos must apply for a border zone permit before proceeding. Some choose to purchase through a Greek or EU company to avoid the personal application process (though legal advice should be taken on whether this is effective in the specific location and circumstances).

The AFM (Tax Identification Number): A Prerequisite

Before any property transaction in Greece, a buyer must obtain an AFM (Arithmos Forologikou Mitroou — tax identification number) from the Greek tax authority (AADE). Without an AFM, a notarised deed of sale cannot be completed. The AFM can be obtained from a Greek tax office (Eforia) or online via gov.gr for foreign nationals; a Power of Attorney to a Greek lawyer to obtain it on your behalf is also common.

Individual Ownership

The standard route for most investors. The purchase is completed by notarised deed (symvolaio) signed before a Greek Notary Public (symvolaiografos). The deed must then be registered at the Cadastre (Ktimatologio) — Greece completed the transition from the historic Mortgage Registry system to a national Cadastre over a period of years; most areas now use the Cadastre.

Sole ownership by one individual is simplest. Co-ownership by two or more individuals (spouses, family members, business partners) is also possible; shares can be defined proportionally and each owner deals with their share independently (there is no survivorship — each owner's share passes under their will or intestacy).

Greek Company Ownership (AE, EPE, IKE)

Greek companies can own property. The main corporate forms are:

IKE (Idiotiki Kefalaiouchiki Etaireia — Private Capital Company): A modern, flexible corporate form introduced in 2012 with lower minimum capital requirements (can be formed with €1 capital). Suitable for property holding companies.
EPE (Etaireia Periorismenis Efthynis — Limited Liability Company): The more traditional LLC form.
AE (Anonymi Etaireia — Société Anonyme / Public Limited Company): Used for larger commercial ventures; higher compliance burden.

A Greek company owning property pays corporate income tax on rental income (currently 22% for most companies as of 2026) and on capital gains from disposal. Annual compliance (tax returns, accounts filing with GEMI — the General Commercial Registry) is required.

A non-EU national who owns a Greek company (as the sole or controlling shareholder) avoids the border zone permit requirement for the individual — the company is a Greek legal entity — but the beneficial ownership is disclosed through the company's registration and beneficial ownership registers (required under EU anti-money-laundering law).

Investment holding through a foreign company: A non-Greek EU company (e.g., a Cypriot company — popular historically given Cyprus's double tax treaty with Greece and lower corporate tax) can own Greek property. The company holds title; the foreign investor holds shares in the company. Gains on the disposal of the property are subject to Greek tax at the company level. The use of Cypriot holding companies for Greek real estate was popular for several years; the double tax treaty between Greece and Cyprus reduces withholding on dividends. Legal and tax advice is required on the current treaty position and any anti-avoidance provisions.

Golden Visa Programme

Greece's Golden Visa (Law 4251/2014 and subsequent amendments) grants a five-year renewable residence permit to non-EU nationals who invest in Greek real estate above a specified minimum. The minimum investment threshold was raised in 2023:

In Attica (Athens), Thessaloniki, Mykonos, Santorini, and islands with a population above 3,100: minimum €500,000.
In all other areas: minimum €250,000 (as of mid-2026; check current thresholds as these continue to evolve).

The Golden Visa does not confer EU citizenship but does confer the right to live in Greece and visa-free travel in the Schengen Area. The ownership structure for the qualifying property must be in the investor's personal name (or through a Greek company in which the investor holds at least 50% of shares). The permit must be renewed every five years by demonstrating continued ownership of the qualifying property.

Golden Visa ownership is typically personal freehold — straightforward to hold, but the programme requirements mean the property cannot easily be sold during the residency period without risking loss of status.

Inheritance and Succession

EU Succession Regulation (EU 650/2012): As an EU member state, Greece applies the EU Succession Regulation, which (since August 2015) allows an individual to elect the law of their nationality to govern their succession, overriding the default lex situs (law of the place where the property is located) rule.

A British, American, or other non-EU investor can include in their will a clause electing their national law to govern their entire succession, including their Greek property. This is a significant practical benefit: it avoids the application of Greek forced heirship rules (the nomos meris), which would otherwise reserve a portion of the estate for direct descendants.

Without a nationality election:

Greek law (as the lex situs for Greek-situated property) would apply.
Greek forced heirship reserves one-half of the estate for descendants (the nomos meris — forced portion), which cannot be varied by will.
A surviving spouse has usufruct rights over the estate under Greek succession law.

Practical steps:

Draft a Greek will (diathiki) before a Greek notary, or include an express EU Succession Regulation nationality election in your home country will.
The Greek will can be simpler and cheaper; ensure it coordinates with your worldwide will.
Register the will with the Central Will Registry operated by the Athens Bar Association (or the relevant regional bar association).

Inheritance tax (Forologiko Klironomio): Greek inheritance tax on real estate is levied at progressive rates on the taxable value of the inherited property. Rates and exemptions depend on the relationship between the deceased and the heir:

Category A (spouses, children, grandchildren): substantial exemptions apply (up to €150,000 per heir for main residences in some cases; lower rates thereafter).
More distant relatives and unrelated heirs: less generous exemptions and higher rates.
Non-Greek non-resident heirs are in principle subject to Greek inheritance tax on Greek-situated property.

The Greek property value for inheritance tax is assessed at the "objective value" (antikeimeniki axia) — the tax authority's assessed value for the area — which is often below market value, particularly in popular tourist areas.

Annual Ownership Taxes and Costs

ENFIA (Eniaio Forologio Idioktisias Akiniton — Unified Property Tax): Greece levies an annual property tax on all property owners (residents and non-residents alike). ENFIA is calculated based on the property's objective value, size, age, location, and floor level. For a typical apartment in Athens, ENFIA might range from a few hundred to a few thousand euros per year; for a large villa in a premium tourist location, it can be substantially higher. Owners with total Greek property values above €500,000 pay an additional surcharge component.

Acquisition costs:

Transfer tax: 3.09% of the objective (assessed) value for resale property purchased from a private seller (not VAT-registered). For new-build property from a developer, VAT at 24% applies (though VAT on new residential property was suspended from 2019 and was anticipated to resume from 2025 — confirm current position).
Cadastre registration fees: approximately 0.5% of the property value.
Notary fees: graduated tariff, typically around 1% of the property value.
Legal fees: 1–2% for a competent lawyer.
Agent commission: typically 2–3% split between parties.

Rental income tax: Non-resident property owners receiving rental income from Greek property are subject to Greek income tax. Rates (as of 2026) are 15% on income up to €12,000 per year, 35% on income €12,001–€35,000, and 45% above €35,000. Short-term rental platforms (Airbnb, Booking.com) must have a special registration number (AMA — Arithmos Mitroou Akiniton) and report income. New short-term rental regulations have been progressively tightened in major tourist areas.

Practical Recommendations for Foreign Investors

Obtain an AFM before beginning your property search — delays are avoidable.
Non-EU buyers: confirm in advance whether the specific property location requires a border zone permit. This is critical for island properties.
Golden Visa investors: purchase in an area not subject to the €500,000 threshold if budget allows the €250,000 minimum, but confirm current thresholds and eligibility of the specific property.
Draft a will or include a nationality election to control your succession and minimise Greek forced heirship exposure.
Budget for ENFIA annually; check the objective value of the specific property with a Greek tax adviser before purchase.
For multiple properties, evaluate an IKE holding company; for a single residential investment, personal ownership is usually simpler.

How Global Investments Can Help

Global Investments has experience in Athens, the Greek islands, and Thessaloniki property markets, and works with qualified Greek lawyers and Golden Visa advisers. We can help you navigate border zone permit requirements, structure your purchase correctly for your tax profile, and connect you with succession planning advisers who understand cross-border estates involving Greek property.

Contact our team to discuss your investment in Greece.

This guide reflects the law as understood in June 2026. Greek law, tax rates, and the Golden Visa thresholds are subject to change. This is not legal advice. Always seek independent professional advice before proceeding.

This guide is for general information only and does not constitute financial, legal or tax advice. Programme rules, prices and tax rates change; verify current requirements with a qualified adviser before acting.

Property Ownership Structures in Greece for Foreign Investors