Buying property in Greece as an American citizen

Unlike Spain (abolished) and Portugal (property removed), Greece kept its property golden visa. Since 2024 the minimum is tiered: €800,000 in the top-demand areas (Athens, Thessaloniki, Mykonos, Santorini and islands over ~3,100 residents), €400,000 elsewhere, and a €250,000 route reserved for conversions/restorations of commercial or listed buildings into residential. It grants a 5-year renewable residence permit for the investor and family, with no minimum-stay requirement.

Greek property transfer tax is just 3.09% on resale homes (3% plus municipal surcharge) — far below Spain's or Portugal's. New-builds with a permit after 2006 technically fall under 24% VAT, but that has been suspended through 2025, so most buyers still pay the 3.09%. Add notary (~1-1.5%), lawyer (~1-1.5%) and agent — budget roughly 7-9% all-in.

The annual property tax (ENFIA) is modest — typically a few hundred to low-thousand euros for a normal apartment, based on location and size. Rental income for non-residents is taxed progressively (15% up to €12k, 35% to €35k, 45% above) on net income with limited deductions. Short-let income through platforms is taxed similarly and must be declared.

Greece requires every short-term rental to display an AMA (Property Registry Number) from the AADE tax authority, and from 2025 new short-let registrations are frozen in three central Athens districts (1st, 2nd, 3rd) for a year. Buildings can also restrict lets. Confirm AMA eligibility for the exact address before pricing in Airbnb yield — much of the Greek investment case rests on it.

As a US citizen you report worldwide income: Greek rent goes on your US return with foreign tax credits under the US-Greece treaty, a Greek bank account over $10k aggregate triggers an FBAR, and FATCA Form 8938 may apply. Some Greek banks are cautious about US-person accounts; a lawyer-introduced bank relationship smooths onboarding.

You need a Greek tax number (AFM) and usually a Greek bank account before completing; both can be arranged via a local lawyer holding power of attorney, so you needn't fly out for every step. A property lawyer doing the title search at the Land Registry/Cadastre (Ktimatologio) is essential — title issues and unpermitted additions are common. Use an FX broker and fix the USD→EUR rate before completion.