Greece vs Cyprus for property investment: a comparison for Israelis (2026)
A €250,000–800,000 Golden Visa versus permanent residence for €300,000 plus VAT. Investment thresholds, purchase and rental taxes, Airbnb rules and distance from Israel, side by side.
- Cyprus: €300,000 plus 19% VAT on a new build, and €50,000 a year of income from abroad. Greece: €250,000–800,000, with no income requirement.
- In Greece a Golden Visa property may not go on Airbnb, and central Athens accepts no new short-term rental registrations.
- From July 2027 Israelis buying in Greece are expected to pay 15.45% transfer tax instead of 3.09%, if the law passes.
There is no single answer. Cyprus has a lower entry ticket but high VAT and an income test. Greece is more flexible on the type of property, but tax for Israelis is set to rise in 2027.
In short
Both countries are EU members, both use the euro, and both offer residence to property buyers. But the rules differ a lot: how much you must invest, which property qualifies, how much tax you pay, and what you may do with the property afterwards.
Comparison table
| Greece | Cyprus | |
|---|---|---|
| Minimum investment for residence | €800,000 (Attica, Thessaloniki, Mykonos, Santorini, larger islands), €400,000 elsewhere, €250,000 for commercial-to-residential conversion | €300,000 plus VAT |
| Which property | One property, at least 120 m² (on the €400k and €800k routes) | New house or flat, first sale by a developer |
| Type of permit | 5-year residence permit, renewable while you own the property | Permanent residence permit |
| Income requirement | None | Secured annual income from abroad: €50,000, plus €15,000 for a spouse and €10,000 per child |
| Visit requirement | None | According to Cypriot law firms: at least one visit every two years |
| Airbnb in the investment property | Not allowed (€50,000 fine and permit revoked). Long-term letting allowed | No similar ban in the scheme rules we found. Short-term letting requires registration with the tourism ministry |
| Tax on purchase (today) | 3.09% transfer tax. On new builds from a developer, VAT is suspended until end-2026 | New build: 19% VAT (then no transfer fees). Resale: transfer fees of 3%–8%, with a 50% reduction |
| Planned change | From 1 July 2027: 15.45% transfer tax for non-EU buyers (not yet law) | We found no similar planned change |
| Tax on rental income | 15% up to €12,000 a year, then 25%, 35%, and 45% above €36,000 | Normal income tax: 0% up to €22,000, then 20%–35%. Defence contribution on rent abolished from 2026 |
| Flight from Israel | About two hours to Athens | About one hour to Larnaca |
The Greek Golden Visa
- €800,000 in Attica (Athens), Thessaloniki, Mykonos, Santorini and islands with more than 3,100 residents.
- €400,000 in the rest of Greece.
- €250,000 for converting a commercial or industrial building to residential use, or restoring a listed building.
- One property only, at least 120 m², paid in full before applying.
- No requirement to live in Greece, and no income requirement.
- Fee: €2,000 for the investor and €150 per adult family member.
Full details: Golden Visa guide 2026. How much would you need to invest? Golden Visa quiz.
Cyprus permanent residence (Regulation 6(2))
- At least €300,000 excluding VAT, paid in full to the developer.
- On the property route: a new house or flat, first sale. Resale property does not qualify.
- Secured annual income of at least €50,000 from abroad (salary, pension, dividends, interest or rent), plus €15,000 for a spouse and €10,000 per child.
- Children: under 18, and unmarried university students up to 25 who depend on their parents.
- Clean criminal record and health insurance.
- You may not work in Cyprus on this permit (you may be an unpaid director of the company you invested in).
These criteria have applied since May 2023. Check them with the Cyprus Migration Department before you start.
Tax on purchase
In Greece you pay 3.09% transfer tax on the contract price or the "objective value", whichever is higher. New builds from a developer normally carry 24% VAT, but it is suspended until the end of 2026, and the government has announced the suspension will be extended into 2027. With notary, lawyer and registration, the total is about 7–9% of the price. Purchase cost calculator.
The big change: according to the government's September 2026 announcement, from 1 July 2027 Israelis (and other non-EU buyers) will pay 15.45% transfer tax on residential property. It has not passed parliament yet. All the details.
In Cyprus a new build carries 19% VAT. The reduced 5% rate applies only to a buyer's own permanent home, under size and value limits, not to investors. When VAT is paid, there are no Land Registry transfer fees. On resale property you pay tiered transfer fees: 3% up to €85,000, 5% up to €170,000 and 8% above, with a 50% reduction.
In practice: on a €300,000 new build for Cyprus residence, VAT alone is €57,000. In Greece, a €400,000 property outside the expensive areas costs about €12,400 in transfer tax today, and about €61,800 after July 2027 (if the law passes).
Rental income
Greece (individuals, from 2026): 15% up to €12,000 a year, 25% up to €24,000, 35% up to €36,000, and 45% above. Anyone with Greek rental income files an annual Greek return. There is also an annual property tax (ΕΝΦΙΑ).
Cyprus taxes rental income as normal income. From 2026: 0% up to €22,000, 20% up to €32,000, 25% up to €42,000, 30% up to €72,000, and 35% above. The tax reform in force since 1 January 2026 abolished the Special Defence Contribution on rent. Cyprus has not levied an annual immovable property tax since 2017.
How the income is reported in Israel is a question for an Israeli accountant.
Airbnb and short-term letting
Greece:
- Every short-term rental needs a registration number (ΑΜΑ) from the tax authority.
- Central Athens (districts 1, 2 and 3, including Plaka, Monastiraki, Kolonaki, Koukaki and Pangrati): new short-term rental registrations are not allowed. The freeze was set until the end of 2026, the law allows it to be extended, and the government has said it will run to the end of 2027.
- A Golden Visa property may not be let short-term. If your plan is Airbnb, the Greek Golden Visa is not for you.
Cyprus: anyone letting a flat or villa short-term must register with the Deputy Ministry of Tourism and show the registration number in every listing. The fine for letting without registration is up to €5,000.
Short-term rentals in Greece: the rules
Language, community and life
- Flights: Cyprus is closer, about an hour. Athens is about two hours, with direct flights also to Thessaloniki, Crete, Rhodes and other islands, mostly in summer.
- Language: English is very widespread in Cyprus, including in official documents. In Greece English is common in Athens and tourist areas, but documents are in Greek. Basic Greek for Israelis.
- Market: Greece is much bigger, with far more choice: a capital city, dozens of islands, mountains and coast. Cyprus is small, and the market is concentrated in Limassol, Larnaca, Paphos and Nicosia.
- Jewish community: Greece has long-established communities in Athens and Thessaloniki and Chabad houses in several cities. Holidays, Chabad and kosher in Greece.
Which suits you?
- You want a lower investment and permanent residence, and you have steady income from abroad: Cyprus, but factor in the 19% VAT.
- You don't want to prove income or meet a visit requirement: Greece.
- You want Airbnb: both countries require registration. In Greece, not in a Golden Visa property and not in a new registration in central Athens.
- Buying in Greece before July 2027: work out the transfer tax difference.
Full guide to buying property in Greece · Property prices by area
Frequently asked questions
How much do I need to invest for residence in Cyprus? At least €300,000 excluding VAT, in a new house or flat from a developer, plus annual income from abroad of at least €50,000.
What is the lowest amount for a Greek Golden Visa? €250,000, but only for converting a commercial or industrial building to residential or restoring a listed building. For a regular flat: €400,000 outside the expensive areas, and €800,000 in Athens and the popular islands.
Can I put a Greek Golden Visa property on Airbnb? No. Short-term letting is banned; the fine is €50,000 and the permit is revoked. Long-term letting is allowed.
Where is the tax on a new build lower? Today, Greece: 3.09% transfer tax, because VAT on new builds is suspended. In Cyprus an investor pays 19% VAT. From July 2027 Israelis in Greece are expected to pay 15.45%, if the law passes.
This is general information, not legal, tax or financial advice. Rules change; information is current as of October 2026. Before investing, consult a lawyer and an accountant in each country.
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