Romania, Greece, Portugal, Cyprus, Spain, Bulgaria, Georgia and Dubai: ownership, taxes, protection, financing, status and flights.
Greece, Cyprus, Bulgaria, Georgia and Dubai. In Romania, Portugal and Spain a home does not buy a status.
In Romania the buyer pays no transfer tax: a notary fee by scale and a 0.15% registration fee. A new home includes 21% VAT.
Under Decree-Law 97/2026, a non-resident buying a home in Portugal pays a flat 7.5% IMT, with exceptions.
Organic Law 1/2025 abolished all of Spain's investor visa routes. Portugal removed real estate from its programme in 2023.
Where to buy abroad: the short answer
No single country wins on everything. Each of the 8 countries here wins on something different:
- Status through property: Greece, Cyprus, Bulgaria, Georgia and Dubai. In Romania, Portugal and Spain, a home does not buy a status.
- Legal protection for money paid to a developer: strongest in Spain and Dubai. In Romania, since 25.8.2026, advances go into a dedicated project account.
- Purchase taxes: in Romania and Georgia the buyer pays no transfer tax. In Portugal and Spain the buyer pays a substantial one.
- Distance from Tel Aviv: Cyprus is the closest. Portugal and Spain are the furthest.
Before choosing a country, decide what you need the property for: a home, a status, or a place close enough to visit often. That answer chooses the country for you.
Why we don't compare by yield
Almost every country comparison you will find is built around one percentage: the yield. We don't use it, for three reasons:
- A yield is a forecast, not a fact. It depends on rent, occupancy, management fees, taxes and the exchange rate. Each of them changes, and none can be checked from a distance.
- No official source compares it. Tax, law and status can be checked in each country's official gazette. A yield almost always comes from the seller.
- It hides the questions that decide. A deal with a high percentage and no protection for your advance is a risky deal. The tables here start with those questions.
So we compared only what can be checked in an official source: who can buy, what buying costs, what protects your money, whether there is financing, whether there is a status, and how long the flight is.
Part 1: who can buy, and what buying costs
| Country | Israeli buyer, no EU passport | Buyer's taxes and costs |
|---|---|---|
| Romania | House and apartment in your own name. The land under a villa: through a superficies right or a Romanian company | New home: 21% VAT, usually included in the price. Resale: no transfer tax for the buyer. Notary fee by official scale and a 0.15% registration fee |
| Greece | Allowed. Defined border areas need prior approval | Resale: transfer tax of about 3.09%. New home: 24% VAT, suspended until 31.12.2026. The government has announced a 15% transfer tax for non-EU buyers, but it has not been legislated |
| Portugal | No restriction by nationality | Transfer tax (IMT) on a scale up to 7.5%, plus 0.8% stamp duty. Since Decree-Law 97/2026, a non-resident pays a flat 7.5% on a home, unless they become resident within two years or let it at a moderate rent |
| Cyprus | Permission from the District Administration: a plot of up to 4,000 m² for a home, or up to two units | New home: 19% VAT (5% for a main residence, under conditions). Resale: transfer fees on a scale, reduced by 50% |
| Spain | Allowed. Restricted military zones need approval | Resale: regional transfer tax (Madrid 6%, Catalonia 10% to 13%). New home: 10% VAT plus regional stamp duty |
| Bulgaria | Building and apartment yes. Land no, so a villa with a plot is usually bought through a Bulgarian company | New home: 20% VAT. Municipal acquisition tax, set by each municipality, up to 3% |
| Georgia | Everything except agricultural land | No transfer tax. Fixed registration fees (GEL 150 for standard registration) |
| Dubai | Freehold only in areas designated by the Ruler | 4% transfer fee to the Dubai Land Department. Officially 2% for the buyer and 2% for the seller; in practice the buyer usually pays all of it |
Part 2: what protects your money, and financing
| Country | Protection for money paid to a developer | Financing for a buyer from abroad |
|---|---|---|
| Romania | Since 25.8.2026 (Law 169/2026, Art. 422): a preliminary contract for a future unit only before a notary and after a building permit, registered in the land book, with advances paid into a dedicated project account | A Romanian bank can finance up to 70%. Your equity is at least 30% |
| Greece | We found no statutory escrow or guarantee | Central bank caps for all borrowers: 90% for first-time buyers, 80% for others |
| Portugal | We found no statutory escrow or guarantee | By each bank's terms, within central bank caps |
| Cyprus | Depositing the sale contract at the Land Registry within 6 months gives the buyer a right to enforce the deal, and blocks another contract on the same unit from being deposited | By each bank's terms, within central bank caps |
| Spain | Required by law: the developer guarantees advances with a bank guarantee or insurance, and they go into a special account | No binding cap. By each bank's terms |
| Bulgaria | We found no statutory escrow or guarantee | Central bank cap for all borrowers: 85% |
| Georgia | We found no statutory escrow | By each bank's terms |
| Dubai | Required by Law 8/2007: off-plan payments go into the project's escrow account | Local banks, within central bank caps. Check in writing |
A note on financing: for most countries we found no official source setting financing terms for foreigners, so we have not written figures we did not check. If you plan to buy with a mortgage, ask the bank for its terms in writing before you commit to a property.
Part 3: status and flight time
| Country | Status through property | Direct flight from Tel Aviv, approx. |
|---|---|---|
| Romania | None | 2.5 hours |
| Greece | Golden visa: €800,000 in the most sought-after areas, €400,000 elsewhere, €250,000 only for a conversion or restoration | 2 hours |
| Portugal | None. Real estate was removed from the golden visa in October 2023 | 5.5 to 6 hours |
| Cyprus | Permanent residence: a new home from a developer from €300,000 (excluding VAT), paid with money from abroad, plus annual income from abroad of at least €50,000 | 1 hour |
| Spain | None. All investor visa routes were abolished on 3.4.2025 | 4.5 to 5 hours |
| Bulgaria | Renewable long-term residence: at least BGN 600,000 (about €306,775) invested in real estate. Permanent residence only after 5 years | 2.5 hours |
| Georgia | A one-year, renewable permit for non-agricultural property with a market value above $150,000 (from 1.3.2026) | 2.5 hours |
| Dubai | A 10-year golden visa for property worth at least AED 2 million | 3 hours |
Flight times are rounded, based on airline schedules, and vary by destination city and season.
What each country is good for
Romania. A home near a European capital, inside the EU and Schengen, with no transfer tax for the buyer and with bank financing. The weakness: no status through property, and for buyers without an EU passport the land under a villa needs a structure. We explain it in our article on the land under the villa and in our passport table.
Greece. For those who need a status in the EU, or a home by the sea. The full comparison is in Romania vs Greece.
Portugal. An expensive, distant market, now with a higher transfer tax for non-residents. Romania vs Portugal.
Cyprus. The closest, with a route to permanent residence. A purchase permit is needed. Romania vs Cyprus.
Spain. The strongest protection for advances paid to a developer, and no land restriction. A high transfer tax on resale. Romania vs Spain.
The right comparison starts with what you need the property for, not with a percentage.
Bulgaria. The neighbour most like Romania, on the euro since 1.1.2026, with a residence route for a large real-estate investment. The same land issue. Romania vs Bulgaria.
Georgia. A simple, low-cost purchase and a residence permit through property. Outside the EU. Romania vs Georgia.
Dubai. A long visa and statutory escrow. Outside Europe, and in practice in dollars. Romania vs Dubai.
From the field: the golden visa that was no longer there
Adv. Ilan Leibovitch tells of a young couple back from a holiday in Lisbon:
They fell in love with the city. On their last day they met a real estate agent, who showed them apartments in the centre and explained that buying would give them a golden visa, letting them live and work in Portugal. They came to me with that dream.
I had to break it. Whoever advised them had not kept up: at the end of 2023 Portugal removed real estate purchases from its golden visa programme. There are still other ways to invest there and get a visa, but buying an apartment is not one of them.
Rules change, sometimes quickly. Every row in these tables is correct on the day we wrote it. Before you decide, ask an independent local lawyer for the article of law, not the presentation.
Five questions that choose for you
- Do you need a status? If so, look at Greece, Cyprus, Bulgaria, Georgia and Dubai. Romania, Portugal and Spain do not give one through property.
- Are you buying off-plan? If so, check what the law does with your advance, and that it really goes into the account the law requires.
- Do you need a mortgage? Ask a bank in that country for its terms in writing before you choose a property.
- What is your passport? It decides what you can register in your own name, especially when it comes to land.
- How many times a year will you fly? One hour, two and a half or six makes a difference you feel on every visit.
Frequently asked questions
In which countries does buying property give residence?
Of the 8 countries here: Greece (a golden visa from €250,000 to €800,000, by area and type), Cyprus (permanent residence from €300,000 in a new home, with income from abroad), Bulgaria (long-term residence from BGN 600,000 in real estate), Georgia (a one-year permit for property with a market value above $150,000) and Dubai (a 10-year visa for property worth AED 2 million). Romania, Portugal and Spain do not.
Why don't you compare yield between countries?
Because a yield is a forecast that depends on rent, occupancy, management fees, taxes and exchange rates, and it has no official source that can be checked. We compared only what can be checked in law and official sources: ownership, taxes, protection for your money, financing, status and flight time.
Where does the buyer pay the least tax on a purchase?
In Georgia there is no transfer tax, only fixed registration fees. In Romania the buyer pays no transfer tax, but a new home includes 21% VAT. In Portugal and Spain the transfer tax on resale is among the highest on this list.
Where is money paid to a developer best protected?
In Spain, where the law requires the developer to guarantee advances with a bank guarantee or insurance, and in Dubai, where payments go into the project's escrow account. In Romania, since 25.8.2026, advances on a future unit go into a dedicated project account.
Can an Israeli buy land in all these countries?
Not in all of them. In Romania and Bulgaria, someone without an EU passport does not register land in their own name, and a superficies right or a company is used. In Cyprus a permit is needed. Greece has border areas that require approval. In Georgia agricultural land is reserved for citizens. In Dubai freehold is possible only in designated areas.
The bottom line
The right comparison starts with what you need the property for, not with a percentage. Someone who needs a status will choose one country. Someone who needs a home near a European capital, with financing and no transfer tax, will choose another.
We build in Romania, in Balotești north of Bucharest, so it matters to us that you also see where other countries do better. If you are torn, book a half-hour call with me. We will go through your goal and see where it fits, even if the answer is not Romania.
Moti Azulay, Compass Group Romania
Sources: Romania: Law 169/2026, Monitorul Oficial no. 661, Art. 422 · ANCPI · Greece: Ministry of Migration, golden visa circular (24.9.2024) · Law 5246/2025, Art. 12 · ESRB: Bank of Greece notification on mortgage limits · Cyprus: Ministry of Interior: property purchase by foreigners · Immigration permits for investors · Department of Lands and Surveys: depositing the sale contract · Bulgaria: Constitution, Art. 22 · Foreigners in the Republic of Bulgaria Act · Bulgarian National Bank, 11.9.2024 · Portugal: Decree-Law 97/2026, Diário da República · IMT Code, Art. 17 · Law 56/2023 · Spain: Organic Law 1/2025, BOE · Law 38/1999, first additional provision · Madrid: transfer tax · Catalonia: transfer tax · Law 8/1975 on defence zones · Georgia: Constitution, Art. 19 · Law on the Legal Status of Aliens, Art. 15 · NAPR: registration fees · Dubai: Dubai Land Department · Law 7/2006 and Law 8/2007, Dubai legislation portal · GDRFA: golden visa for property owners
This article is for general information only and is not legal, tax, investment or financial advice. The rules are correct as of 17 October 2026 and change often. Before any transaction, consult an independent lawyer and tax adviser in the country where you are buying.
Now you know more.
This article is general information, not legal, tax or financial advice. Consult local professionals before any transaction.
