Do Americans pay capital gains tax when selling property in Greece? The 2026 window explained

Short answer: Not if you sell as an individual by 31 December 2026. Greece's 15% capital gains tax on property sales is suspended until and including that date (Art. 72 Law 4172/2013), for Americans as for everyone else. No extension for 2027 had been enacted as of October 2026. You still report the gain to the IRS, and any Greek tax paid can generally be credited on Form 1116.

Last reviewed October 2026. For the full purchase picture, see our legal guide for US buyers.

What happens after 31 December 2026?

After that date the suspension may be extended again, as it has been repeatedly since 2014, or it may finally lapse, and a 15% tax would then apply to property gains.

For Americans who already own Greek property, that date matters now. A buyer entering the market in late 2026 cannot realistically buy and resell before it, so should model the 15% tax from 2027 unless an extension is enacted. The US–Greece tax treaty helps with double taxation.

How does Greek capital gains tax work?

Greece passed Law 4172/2013 during the financial crisis. When an individual sold property at a profit, the gain would be taxed at 15%. The gain is the sale price minus the original purchase price, adjusted for inflation and improvements.

Up to €25,000 of the gain is exempt if the property was held for at least five years, and a reduction factor applies based on the holding period (Art. 41 par. 5 and 9 Income Tax Code).

The tax was scheduled to take effect on 1 January 2014. It never did. Since then it has been suspended through successive extensions, first as crisis-era stimulus, then for the recovery, and now to keep transaction volume high. In practice, individuals selling Greek property pay no capital gains tax, and this applies equally to non-residents, including Americans.

The current suspension runs to 31 December 2026. No extension had been enacted as of October 2026, and none appears in the September 2026 government measures. A July 2026 press report said an extension, or even abolition, was being considered (parapolitika.gr, 8 July 2026). Suspension has become politically easier than reintroduction, but it is not guaranteed.

Does the exemption apply to companies and frequent sellers?

The exemption applies to individuals, meaning natural persons selling property as a private transaction. It does not apply to:

• Companies. Greek companies pay corporate income tax on real estate gains, and foreign companies that own Greek property can be taxed in a similar way.
• Frequent sellers. If a private person buys and sells property often, the tax authority can reclassify the activity as business income, which is taxed differently from a private sale. The same can happen after a quick resale, at a large markup, of a home bought, built or held briefly without being lived in.
• Share deals. Selling shares in a company that owns Greek real estate can be taxed differently depending on the seller's tax residence; take advice from a Greek tax lawyer before using a company.

If you buy one or two properties for personal use, lifestyle or a long hold, the individual exemption applies cleanly. If you plan to buy several properties to resell, structure carefully and use professional advice from day one.

How does the US–Greece tax treaty help American owners?

The United States and Greece signed their income tax treaty in Athens on 20 February 1950, and it has been in force since 1953 (IRS treaty list). For an American who owns Greek property, it works like this:

• Rental income. Greek rent is taxed first in Greece, at 15% to 45%. The US taxes the same income, but you claim the Greek tax as a foreign tax credit on IRS Form 1116, so in effect you pay the higher of the two countries' rates, not both.
• Capital gains. If a Greek capital gains tax applies in future, because the suspension lapses or your sales count as a business, the same credit works: Greek tax paid offsets US tax on the same gain.
• US income. Americans who do not become Greek tax residents pay no Greek tax on most US-source income, so a second home in Greece does not bring your US salary into the Greek tax net.

This is why we usually suggest buying as an individual rather than through a US corporation, which complicates the treaty. One caveat: from about 1 July 2027 (announced, not yet law), non-EU individuals would pay 15.45% transfer tax while company purchases are excluded, so take advice before choosing a structure. See our guide to the 15% transfer tax.

What taxes do you still pay on Greek property?

The capital gains suspension is generous, but it is not the whole tax picture. Here is what an American owner pays over the life of a Greek property.

At purchase

• Transfer tax: 3.09% of the higher of the contract price and the objective value (a value set by the tax authority). On a new build sold by a developer, 24% VAT applies instead unless the developer suspends it; the suspension runs to 31 December 2026.
• Notary: about 0.8–1.2% of the price.
• Lawyer: about 1–2%, negotiable on larger deals.
• Land registry or Hellenic Cadastre: about 0.5%.

In all, purchase costs come to about 5–7% on top of the price before any agent's commission, or 8–10% with it.

Every year while you own

• ENFIA (Unified Property Tax): depends on the property's objective value, size and location, and your accountant computes it. For a typical €500,000 apartment in Glyfada, we estimate roughly €600–1,500 a year (BUY GREECE® estimate).
• Municipal property tax (TAP): a small annual charge billed through your electricity provider.
• Supplementary ENFIA: owners with a high total property value pay an extra element, which your accountant includes in the same bill.

On rental income

Long and short lets are taxed at progressive rates: 15% up to €12,000, 25% from €12,001 to €24,000 (cut from 35% in 2026), 35% from €24,001 to €36,000 and 45% above €36,000 (Law 5246/2025).

A standard 5% deduction for maintenance applies automatically instead of itemised expenses (Art. 39 par. 3 Income Tax Code). Larger renovation costs or energy-efficiency upgrades may qualify for separate deductions.

When you sell

Under the current suspension, individual sellers pay no Greek capital gains tax through 31 December 2026. After that, the 15% rate may apply unless an extension is enacted, with up to €25,000 of gain exempt after a five-year hold and a holding-period reduction factor (Art. 41 Income Tax Code).

On the US side, you report the sale on Schedule D of your Form 1040, work out the gain in dollars at the exchange rate on each transaction date, and use Form 1116 to credit any Greek tax paid against US tax owed.

What does the IRS expect from a Greek property owner?

Owning the property itself does not trigger US reporting. But three things almost certainly will:

1. FBAR (FinCEN Form 114). Required if your foreign financial accounts together exceed $10,000 at any time in the year. A Greek bank account for rent or ENFIA will often cross this line. It is filed separately from your tax return.
2. Form 8938 (FATCA). Required for US residents if foreign financial assets exceed $50,000 (single) or $100,000 (married filing jointly) at year-end, or higher amounts during the year. It is filed with your Form 1040.
3. Schedule E. Reports rental income from foreign property, whether the let is long term or short term.

The property is not an FBAR-reportable asset, but the bank account linked to it is, and this is where most American owners get caught out. If you have a Greek bank account at all, and you will need one to run the property, assume you have FBAR obligations.

How should an American plan around the 2026 date?

If you're buying for lifestyle or a long hold: the timing is favourable but not urgent. Greek apartment prices rose 9.1% in 2024, 8.3% in 2025 and 5.5% in the year to Q2 2026 (Bank of Greece), and no extension of the suspension beyond 2026 has been enacted. Buy on conviction, not on tax-window pressure.

If you're buying with a 2–5 year exit horizon: the timing matters more. A purchase closing in late 2026 cannot realistically be resold before 31 December 2026, so model the 15% tax on a 2027 or later sale unless an extension is enacted.

If you're considering three or more purchases: structure deliberately. Frequent sales can be reclassified as business income, which is taxed differently from a private sale. A Greek tax adviser and US counsel should both weigh in before the second purchase.

If you're buying off-plan or new construction: the 24% VAT suspension on new builds is a separate, equally important window. It also runs to the end of 2026, with a 2027–2030 extension announced in September 2026 but not yet law. Together with the capital gains suspension, that makes 2026 an unusually favourable tax year for new-build buyers.

Frequently asked questions

Does Greece have capital gains tax on property sales in 2026?

Not for individuals in 2026. The 15% capital gains tax on property sold by individuals is suspended until and including 31 December 2026 (Art. 72 Law 4172/2013). Companies, and people whose sales count as a business, are taxed differently, so confirm your position with a Greek accountant.

Will the Greek capital gains tax suspension be extended after 2026?

Not yet: no extension had been enacted as of October 2026. The September 2026 government measures do not mention one, although a July 2026 press report said an extension, or even abolition, was being considered. Until a law passes, plan on the 15% tax applying from 2027.

Does the US–Greece tax treaty prevent double taxation?

For federal income tax, largely yes. The treaty, in force since 1953, covers US federal income tax, and Greek tax paid on rent or a gain can generally be credited against US tax on the same income through IRS Form 1116. State taxes may differ, so ask a cross-border CPA.

Do I need to report my Greek property to the IRS?

Not the property itself: real estate held directly abroad is not reportable on FBAR or Form 8938. A Greek bank account is: FBAR applies once your foreign accounts together exceed $10,000 at any time in the year. Rent goes on Schedule E and a gain on sale on Schedule D.

What to do before you sell

1. Check the US side, from IRS reporting to FBAR and the treaty credit, in our legal guide for US buyers.
2. If you want to sell before 31 December 2026, list your property with BUY GREECE® so it reaches US and international buyers in time.
3. Talk to us about timing and documents through our seller enquiry form. From our Chicago and Glyfada offices we coordinate with the Greek tax counsel and US CPAs we work with, before an offer goes in, not after closing.

Related reading

• Greek real estate market update, Q1 2026
• How much does it really cost to buy property in Greece in 2026?
• Greece Golden Visa minimum investment in 2026
• Greek property law tracker: every rule change, dated

Legal disclaimer: This article provides general information based on current Greek tax law and the U.S.–Greece tax treaty. It is not legal or tax advice. Tax laws change. Consult a qualified Greek tax advisor and a U.S. CPA familiar with cross-border real estate before making decisions. Last updated October 2026.