Greece's capital gains tax on individual property sales has been suspended every year since 2013. The current suspension expires December 31, 2026. For Americans buying now, this creates a unique strategic window — and the U.S.–Greece tax treaty already protects you from double taxation.

The short version

If you buy a property in Greece as an individual and sell it before December 31, 2026, you almost certainly pay zero Greek capital gains tax. That has been true every year since 2013 — the tax exists on paper but has been suspended each year since it was first introduced.

After December 31, 2026, the suspension may be extended again (it has been every year for over a decade), or it may finally lapse and a 15% capital gains tax may apply to property profits.

For Americans, this creates a clear strategic window. Buyers entering the market in 2026 are doing so under the most favorable Greek tax regime in modern memory — and the U.S.–Greece tax treaty already protects them from double taxation. What follows is the full picture, in the language Americans actually need.

How Greek capital gains tax actually works

Greece passed Law 4172/2013 during the financial crisis. The idea was simple: when an individual sold property at a profit, the gain — defined as the sale price minus the original purchase price, adjusted for inflation and improvements — would be taxed at 15%, with the first €25,000 of gain exempt and additional reductions based on how long the property had been held.

The tax was scheduled to take effect January 1, 2014. It never did.

Every year since, the Greek government has passed a one-year extension of the suspension. The official reason has shifted over time — first crisis-era stimulus, then post-crisis recovery, now a desire to keep transaction volume high in a recovering market. The result is the same: in practice, Greek individuals selling Greek property pay no capital gains tax. This applies equally to non-residents, including Americans.

The current suspension is scheduled to expire December 31, 2026. The political reality is that suspension has become politically easier than reintroduction, and Greek property transaction taxes have not been rationalized in the way the original 2013 framework anticipated. Most Greek tax practitioners expect another extension. But this is not guaranteed, and it's the first reason the timing matters.

What individual means and where the trap is

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

Companies (legal entities). Greek-resident companies pay 22% corporate tax on real estate gains. Non-Greek companies that own Greek property are treated similarly under permanent-establishment rules.
Frequent sellers reclassified as businesses. If a private person completes three or more property transactions within two years, the Greek tax authority can reclassify the activity as business income, taxed at 22%. The same can happen if someone buys, builds, or holds a property briefly without occupying it and sells quickly at a significant markup.
Share deals in property-rich entities. Selling shares in a company that owns Greek real estate can trigger different taxation depending on the seller's tax residency. Americans, because the U.S. has a Double Tax Treaty with Greece, are typically exempt from Greek capital gains tax on share sales of foreign entities holding Greek property.

The practical implication: if you're buying one or two properties for personal use, lifestyle, or long-term hold, the individual exemption applies cleanly. If you're buying a portfolio with the intent to flip, structure carefully — and use professional counsel from day one.

Why the U.S.–Greece tax treaty matters for American buyers

The United States and Greece have one of the world's older bilateral tax treaties (signed 1950, still in force). Its real-world effect for an American buying Greek property:

No double taxation on rental income. Income from Greek rentals is taxed first in Greece (15–45% progressive). The U.S. then taxes the same income — but you claim the Greek tax paid as a Foreign Tax Credit on IRS Form 1116. Net result: you pay the higher of the two countries' rates, not both.
Capital gains coordination. When a future capital gains tax does apply (whether the suspension lapses or you become a frequent seller), the same Foreign Tax Credit logic applies. Greek tax paid offsets U.S. tax owed on the same gain.
No Greek tax on most U.S.-source income for Americans who don't become Greek tax residents. This is why short-term and second-home buyers don't see their U.S. salary suddenly taxed in Greece.

This treaty is the foundational reason American buyers can hold Greek property without crippling tax friction. It's also why we strongly recommend buying as an individual rather than through a U.S. corporation: corporate vehicles complicate treaty application and rarely deliver tax benefits worth the complexity.

What you do still pay, regardless of capital gains exemption

The CGT exemption is generous, but it's not the whole tax picture. Here's what an American owner pays during the lifecycle of a Greek property:

At purchase

Transfer tax (FMA): 3.09% of the property's objective value (a tax-authority-assigned figure, usually below market price). For new construction sold by a developer, transfer tax may be replaced by 24% VAT — but this VAT requirement has been suspended on most new builds through end-2026, with the 3.09% transfer tax applying instead.
Notary fees: ~1–1.5% of the transaction.
Lawyer fees: ~1–1.5% (negotiable for higher-value transactions).
Land Registry / Hellenic Cadastre fees: ~0.5%.

Total purchase costs: roughly 5–7% on top of the property price.

Annually, while you own

ENFIA (Unified Property Tax) — calculated on objective value, charged as a fixed amount per square meter (€2–€16 for buildings, €0.0037–€11.25 for land, with multipliers for location). For a typical €500,000 apartment in Glyfada, expect roughly €600–1,500 per year. Mykonos villas often exceed €3,000–10,000.
Municipal property tax (TAP): about 0.025–0.035% of objective value, billed via your electricity provider.
Supplementary tax on portfolios with total objective value above €250,000 — progressive, modest at the lower end.

On rental income

If you rent the property out — whether long-term or via Airbnb/short-term rental — Greek progressive rates apply: 15% up to €12,000, 25% from €12,001 to €24,000 (newly reduced in 2026 from 35%), 35% from €24,001 to €35,000, and 45% over €35,000. A standard 5% deduction for maintenance is applied automatically in lieu of itemized expenses. Larger renovation costs or energy-efficiency upgrades may qualify for separate deductions.

When you eventually sell

Under the current suspension, individual sellers pay zero Greek capital gains tax through December 31, 2026. After that, the planned 15% rate may resume, with first €25,000 of gain exempt and reductions based on hold period.

The U.S. side: you'll report the sale on Schedule D of your 1040, calculate gain in dollars at the exchange rate on each transaction date, and use Form 1116 to credit any Greek tax paid against U.S. tax owed.

What the IRS expects from you while you own a Greek property

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

FBAR (FinCEN Form 114) — Required if you hold more than $10,000 across all foreign financial accounts at any point during the year. If you open a Greek bank account to receive rental income or pay ENFIA, you'll likely cross this threshold. The form is filed separately from your tax return.
Form 8938 (FATCA) — Required if foreign financial assets exceed $50,000 (single) or $100,000 (married, filing jointly) at year-end, or higher thresholds during the year. Filed with your 1040.
Schedule E — Reports rental income from foreign property. Required if you generate any rental income at all, whether long-term or short-term.

The property itself is not an FBAR-reportable asset — but the bank account associated with it is. Most American owners get tripped up here. If you have a Greek bank account at all (and you'll need one to handle the property), assume you have FBAR obligations.

So what should an American do in 2026?

If you're buying for lifestyle or long-term hold: the timing is favorable but not urgent. Greek property prices in prime Athens, the Athens Riviera, and the islands have been appreciating consistently since 2018, and another year of capital gains exemption is likely. Buy on conviction, not on tax-window pressure.

If you're buying with a 2–5 year exit horizon in mind: the timing matters more. Closing now and selling before December 2026 — or before the next exemption announcement — locks in zero Greek CGT. Even if the exemption is extended again (likely), you've removed a variable from your underwriting.

If you're considering a portfolio of three or more transactions: structure deliberately. The frequent seller reclassification at three transactions in two years can move you from zero CGT to 22% business income tax. A Greek tax advisor and U.S. 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 — also extended through end-2026. Combined with the CGT exemption, off-plan and new-construction buyers in 2026 are getting an unusually favorable tax treatment compared to most other Mediterranean markets.

Where BUYGREECE® fits

BUYGREECE LLC operates from both Chicago and Athens. We coordinate U.S.–Greece cross-border tax planning with vetted Greek tax counsel and U.S.-licensed CPAs who specialize in expatriate and cross-border filings — before the offer goes in, not after closing.

Every property we list has been pre-vetted for clean title, valid permits, and the documentation Americans need to complete a transaction without traveling. If you're underwriting a Greek purchase against the 2026 tax window, browse our current portfolio or contact our team directly.

Frequently Asked Questions

Will I pay capital gains tax when I sell my Greek property?

For individual sellers, no — Greece's capital gains tax on real estate has been suspended every year since 2013 and remains suspended through December 31, 2026. After that date, a 15% tax could apply unless extended again. Companies and frequent sellers (3+ transactions in 2 years) may face 22% business income tax.

Does the U.S.–Greece tax treaty really prevent double taxation?

For most Americans, yes. Greek tax paid on rental income or capital gains is creditable against U.S. tax owed on the same income via IRS Form 1116 (Foreign Tax Credit). You typically pay the higher of the two countries' rates, not both. State-level taxation (California, Oregon, others) is sometimes treated separately.

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

Owning Greek real estate alone does not trigger U.S. reporting. But if you hold a Greek bank account with more than $10,000 at any point in the year, you must file an FBAR (FinCEN 114). Rental income must be declared on Schedule E. Capital gains on sale are reportable on Schedule D.