Selling property in Greece: Taxes for Americans

If you're preparing to sell your Greek property, one of the most important things you can do is educate yourself on the tax implications of your sale.

For starters, you'll have to pay capital gains tax, which applies depending on how long you've owned the property. But as a US citizen or resident, you also have American tax obligations that you can't ignore.

Here's everything you need to know about the taxes you'll have to pay when you sell your Greek real estate, including the costs and how to handle your reporting requirements in both countries.

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Table of contents
What types of taxes do you have to pay when selling property in Greece? US tax requirements when selling property in Greece How to avoid double taxation when selling property in Greece Special considerations

What types of taxes do you have to pay when selling property in Greece?

Capital gains tax

Capital gains tax applies when you sell your Greek property for more than you paid for it. Your profit is calculated as the difference between what you originally paid (adjusted for inflation and any improvements you made) and what you're selling it for.

Greece's capital gains tax rate is 15%, and the same rate applies to both residents and non-residents.¹

If you've owned your property for more than 5 years, you don't have to pay capital gains tax. So, it can be worth waiting until you cross the 5-year threshold to sell.¹

💡 If you hold a Greek Golden Visa through real estate, you also need to maintain your property for at least 5 years.¹

Other fees

Capital gains tax is the only tax you'll have to pay when you sell your Greek real estate property, but you'll likely have to cover a few other fees, depending on how you handle the sale.

If you work with a real estate agent, expect to pay a commission—typically around 2% to 4% of the sale price, plus VAT.²

Many sellers also hire a lawyer to manage the legal paperwork and ensure everything is handled correctly, which comes with additional fees that can vary greatly.

Luckily, the real estate transfer tax is one cost you won't have to worry about this time. You likely paid it when you bought the property, but when you're selling, the buyer covers this tax, not you.

US tax requirements when selling property in Greece

As a US citizen or resident, you must report the sale of your Greek property to the IRS. The US taxes your worldwide income, which includes any profit you make from selling real estate abroad.

Even if you don't live in the US, you still have to report the sale, along with any other income you make. The US is one of the very few countries in the world that has this rule.

However, whether or not you have to pay the US capital gains tax (and how much) depends on a few different factors, such as how long you've owned the property. Long-term capital gains, for example, come with better rates than short-term gains.

FATCA and FBAR reporting

Selling your property in Greece can trigger FBAR reporting requirements. You'll need to file FinCEN Form 114 if your foreign bank accounts have more than 10,000 USD at any point during the year.³

Since property sale proceeds are often much higher than that, you'll likely need to file this form for the year you sell. But if the buyer transfers the sale proceeds directly into your US account, then you might not have to (depending on how much money you have in your Greek account apart from the sale).

You may also need to file the Form 8938 for FATCA. You'll need to do this if your foreign financial assets exceed 200,000 USD at year-end or 300,000 USD at any point during the year. These amounts are double if you're married filing jointly.⁴

How to avoid double taxation when selling property in Greece

The US and Greece have a tax treaty that helps prevent you from paying capital gains tax twice on the same property sale.⁵ Most of the time, you can use the Foreign Tax Credit.

When you pay capital gains tax to Greece, you can claim that amount as a credit on your US tax return. If you paid 15% to Greece and owe 15% to the US on the same income, the credit typically eliminates your US tax liability on that sale.

That said, if you owe more tax in the US than what you paid in Greece, you'll still have to cover that difference. So, your US tax liability may still not be zero even if you claim the Foreign Tax Credit.

Special considerations

Non-resident vs resident tax implications

Greece treats residents and non-residents the same when it comes to capital gains tax on property sales. Whether you live in Greece or abroad, you'll pay the same 15% rate on your profit if you've owned the property for less than 5 years.¹

In other words, moving to Greece from the US doesn't give you any special exemptions or higher rates.

Property held through a company

If you own your Greek property through a company, the income from the sale counts as part of the company's taxable profits and faces the standard corporate income tax rate.

Many owners choose to sell the company shares instead of the property itself. This is called a share deal. If a Greek company sells shares in another Greek company, those profits are taxed at 22%.¹

However, 2 groups can avoid capital gains tax when selling shares in companies that own Greek real estate:¹

• Foreign entities without a permanent establishment in Greece
• Individuals who are tax residents of countries that have a Double Taxation Agreement (DTA) with Greece (such as the US)

If you own your property through a company, make sure to consult with a lawyer or a tax professional to come up with the best strategy and stay compliant.

Inherited property taxes

If you inherit a Greek property, you'll pay inheritance tax when you receive it.

There's no one flat fee or amount, because how much you pay depends on your relationship to the deceased and the property's value.

For close family members (parents, spouses, children, grandparents, and grandchildren), inheritance tax works on a sliding scale:

Property value	Tax rate¹
Less than 150,000 EUR	0%
150,001 EUR to 300,000 EUR	1%
300,001 EUR to 600,000 EUR	5%
More than 600,001 EUR	10%

Other relatives pay between 5% and 20% on inherited properties valued at 30,000 EUR or more.¹

When you later sell that inherited property, capital gains tax still applies based on the standard rules. If you've owned it for less than 5 years since inheriting it, you'll pay 15% on any profit.¹

What are the tax filing deadlines in Greece and the US?

Greece deadlines

If you owe capital gains tax in Greece, you'll report it on your Greek tax return. Personal income tax returns are due between March 15 and July 15 following the end of the tax year.⁶

For example, if you sold your property in 2025, your Greek tax return would be due sometime between March 15 and July 15, 2026.

US deadlines

For US tax purposes, your return is due on April 15 of the year after the sale. If you don't live in the US, you get an automatic filing extension until June 15.⁷

Bottom line

No one likes to pay taxes, but it's something you'll have to do when you sell your real estate in Greece.

The main tax you'll pay is the capital gains tax, which applies both in Greece and in the US. However, the tax treaty between the two countries can help you minimize your US tax burden.

You'll also likely have to cover additional expenses, such as legal fees and notary fees, but there's also another expense that many property owners don't plan for: the cost of transferring their sale proceeds from Greece to the US.

Banks may charge high transfer fees, and you'll also likely lose a lot of money on currency exchange rate markups. Banks can use exchange rates that are worse than the mid-market rate, and even a 2% or 3% markup can cost you tens of thousands of dollars on a large transfer.

It's worth investigating alternatives.

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Sources

1. Global Citizen Solutions - Property Taxes in Greece
2. Elxis - 11 Common Misconceptions About Real Estate Agents in Greece
3. IRS - Report of Foreign Bank and Financial Accounts (FBAR)
4. Tax Samaritan - Owning a Foreign Property
5. IRS - Greece tax treaty documents
6. PWC - Greece
7. IRS - Frequently asked questions (FAQs) about international individual tax matters

Sources checked 12/04/2025