Yes and No. The US tax benefit called the 1031 Exchange allows US real estate investors to exchange like-kind domestic properties for other domestic properties or foreign properties for other foreign properties.
As of now, it is not permitted under the 1031 Exchange rules to swap US-based properties with foreign-based properties. However, if a US real estate investor has a like-kind foreign property to exchange with one in Greece, that would be permissible under the 1031 Exchange.
Bearing in mind, this is from the perspective of the US side of the matter. Whether or not such a transaction would standup to the required Due Diligence issues in Greece – along with other Greek legalities – is something that would be handled on a case-by-case basis.
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