How to Get a Greece Residence Permit for Financially Independent Persons in 2026

Greece residence permit for financially independent persons is available to foreigners with passive income or savings and is issued for 3 years. The conditions and procedure for obtaining the status are regulated by the Immigration Code, approved by Law No. 5038 of April 1st, 2023^{[1]Source: Official Government Gazette of Greece}.

Eligibility requirements

The residence permit is issued to foreigners who receive passive income from sources outside Greece. The status does not allow its holder to work as an employee or conduct business in the country.

To be eligible, an applicant must meet the following requirements:

• be over 18;
• have no criminal record;
• provide a valid passport;
• obtain health insurance for the entire validity period of the residence permit;
• rent or buy a property in Greece.

The applicant’s spouse and children under 18, including adopted children, are also eligible for residence.

Income requirements

Financial eligibility can be confirmed in 2 ways: through passive income or savings.

Income. The main applicant proves a stable non-Greece passive income of at least €3,500 per month. This may include a pension, rental income, dividends, or interest on deposits.

When applying with family members, the income requirement increases by 20% for a spouse and by 15% for each child.

Savings. Instead of regular income, the foreigner may provide proof of sufficient savings. The minimum amount for the main applicant is €126,000, which is equivalent to 3 years of the required income.

Residence requirements

Holders of residence permits for financially independent persons must spend at least 183 days a year in Greece. Compliance with this requirement is checked when the residence permit is renewed. If an applicant spends less time in the country, the renewal may be refused.

The process of obtaining a Greek residence permit for FIPs takes at least 4 months. The initial document is valid for 3 years and can be renewed upon expiration provided that the holder continues to meet financial and residence requirements.

First, an applicant obtains a visa to enter Greece. To do so, they submit a set of documents to a Greek consulate in their country of citizenship or lawful residence.

Main documents for a visa include:

1. 4 photographs measuring 40 × 60 mm against a white background.
2. Valid passport.
3. Criminal record certificate with an apostille and a Greek translation.
4. Health insurance for the entire validity period of the residence permit.
5. Documents confirming passive income or savings.
6. Proof of accommodation in Greece, such as a rental agreement or property ownership documents.
7. Completed application forms.
8. Receipts confirming payment of the required fees.

If family members also apply for residence permits, additional documents are required. These may include a marriage certificate or children’s birth certificates.

The cost of obtaining a Greece residence for FIP depends on the applicant’s family composition and individual circumstances. The main expenses are related to renting or buying a property and preparing the required documents.

Residence permit applicants prove a passive income of at least €3,500 per month or savings of at least €126,000 in a bank account. In both cases, they also cover document processing costs, property rental or purchase expenses, government fees, and health insurance.

The initial residence permit card for financially independent persons is valid for 3 years. The status can be renewed if the applicant continues to meet the eligibility requirements.

An application for the renewal is submitted 2—3 months before the current card expires. If the deadline is missed, the documents may still be submitted within 3 months after the permit’s expiry. In this case, applicants pay a fine of €100 for each month of delay^{[2]Source: Official Government Gazette of Greece — Law No. 5275 on Legal Migration Policy}.

Renewal requirements

To renew a Greece residence permit, a financially independent person must meet the following requirements:

• spend at least 183 days a year in Greece;
• prove a passive income of at least €3,500 per month;
• hold valid health insurance;
• have no outstanding tax liabilities;
• have no criminal record or immigration law violations.

Documents for renewal

The renewal application is submitted with copies of the passport and valid residence permit card, proof of income or savings, health insurance, and property documents. Receipts confirming payment of the government fees are also required.

To prove residence in Greece, the applicant provides passport stamps showing entries into and exits from the country. Tax documents confirm that the person has no outstanding tax liabilities.

Property ownership can be proven by a registry extract, certificate, sale and purchase agreement, or registration certificate. 

Health insurance must remain valid for the entire renewal period, which is at least 3 years.

Renewal costs

The main costs are as follows:

• €1,000 — residence permit renewal fee for the main applicant;
• €150 — fee for each family member over 18;
• €16 — issuance of a new residence permit card for each applicant;
• around €700 — health insurance per person per year.

Additional expenses may include translations, document certification, and renewal of the rental agreement.

Before applying for a residence permit, financially independent persons should consider the restrictions and potential risks. They relate to residence and income requirements and financial checks.

Residence permit renewal may be refused. Financially independent persons must live in Greece for at least 183 days a year. If an applicant spends less time in the country, they risk losing the right to renew the status.

Employment and business activities in Greece are not permitted. A financially independent person’s income must be passive and come from sources outside Greece.

Income must be confirmed again. The residence permit is issued for 3 years. To renew the status, the applicant must continue to meet the initial eligibility requirements.

US citizens follow the same core FIP requirements as other non-EU nationals, including proving sufficient passive income or savings. Eligible income may come from pensions, dividends, rental income, investments, or retirement accounts such as a 403(b) plan.

However, several aspects of the application require particular attention, including visa procedures, document legalisation, health insurance, and ongoing tax and reporting obligations.

Visa and consular application

US passport holders can normally visit Greece without a visa for up to 90 days within a 180-day period. However, visa-free travel does not replace the national type D visa required for the Greek FIP residence route.

A national visa application must be submitted to the Greek embassy or consulate responsible for the area where the person legally resides^{[3]Source: Greek Ministry of Foreign Affairs — Greek missions in the US}. The Greek authorities require applicants to appear in person and may conduct an interview to establish the purpose of the intended stay.

Document legalisation and translation

US-issued documents may require additional legalisation in the form of an apostille. The authority responsible for it depends on who issued the document:

1. Federal documents, such as an FBI background check, are apostilled by the US Department of State.
2. State-issued documents, such as birth and marriage certificates, are apostilled by the competent authority in the issuing state.

Some documents do not need an apostille. Private financial records, such as bank or brokerage statements, may instead require certification, an official translation, or additional evidence of authenticity, depending on the authority reviewing the application.

As a general rule, Americans should obtain the original or certified document first, arrange an apostille where required, and then have the complete document translated into Greek. The translation should include both the document and the apostille.

Health insurance

Many US health insurance plans do not provide ongoing coverage abroad. Medicare and most US Marketplace plans, for example, do not cover healthcare in Greece. Applicants should check whether their US policy provides adequate coverage, but many will likely need separate insurance that is valid in Greece.

Insurance requirements differ between the two stages of the FIP process.

For a type D visa, applicants need travel insurance valid for at least the duration of the visa, which is up to 1 year, and covering medical repatriation, urgent medical care, and emergency hospital treatment.

For a residence permit, applicants can use either a Greek or a foreign private health insurance policy. A foreign policy must explicitly state that it covers the insured person throughout their residence in Greece and must meet the minimum coverage requirements set by Greek law^{[4]Source: Greek Ministry of Migration and Asylum, Government Gazette — Private health insurance requirements for third-country nationals}.

A single policy may be used at both stages if it meets both sets of requirements.

Reporting and tax obligations after moving to Greece

Moving to Greece as an American can affect both the person’s tax position and their financial reporting obligations, as US filing requirements continue to apply even after relocation abroad.

Reporting obligations. Opening financial accounts in Greece may trigger US reporting obligations. An American generally has to file an FBAR if the combined value of their foreign financial accounts exceeds $10,000 at any point during the calendar year. This threshold applies to all foreign accounts combined, not to each one separately^{[5]Source: IRS — Report of Foreign Bank and Financial Accounts}.

Under FATCA, Form 8938 may also be required when the value of certain foreign financial assets, such as investment accounts, securities, or interests in foreign companies, exceeds the relevant limit. The threshold varies by filing status and is higher for taxpayers considered to be living abroad under IRS rules.

For example, an unmarried taxpayer in this category must file Form 8938 if these assets exceed $200,000 at year-end or $300,000 at any point during the year^{[6]Source: IRS — Instructions for Form 8938}.

Tax obligations. Long-term residence in Greece can make an American FIP holder a Greek tax resident. 

Under Greek tax law, a person who spends more than 183 days in Greece cumulatively during any 12-month period is usually considered a Greek tax resident from the first day of their presence in Greece. Tax residency may also arise based on other factors, such as having a permanent or principal residence, habitual abode, or centre of vital interests in Greece^{[7]Source: Greece Independent Authority for Public Revenue — Tax residence for natural persons}.

Once an individual becomes a Greek tax resident, the country taxes their worldwide income, including one arising abroad. At the same time, Americans usually remain subject to US federal taxation on worldwide income regardless of where they live. This can result in the same earnings being subject to tax in both countries.

Double taxation may be reduced under the US–Greece Tax Treaty^{[8]Source: IRS — US—Greece Tax Treaty}, which remains in force and sets out how taxing rights are divided between the 2 countries. For Americans, however, it usually does not prevent the United States from taxing amounts that are taxable under US law. Instead, the treaty provides credits as a mechanism for relieving double taxation.

Qualifying Greek tax may therefore be credited against US liability under the Foreign Tax Credit rules^{[9]Source: IRS — Instructions for Form 1116, Foreign Tax Credit}. To claim the credit, the taxpayer files the Form 1116 with the US return, supported by records showing the foreign income, the amount of tax assessed in Greece, and proof of payment. Greece may likewise grant a credit for US tax imposed on US-source income.

The exact treatment depends on the type and source of the earnings. For instance, under the treaty, interest from US bonds received by a Greek resident may be exempt from US tax. However, because the investor is a US citizen, the United States may continue to tax those payments. Greece may also include them in the investor’s worldwide income, with double taxation then relieved through the credit mechanism.

A residence permit for financially independent persons does not in most cases provide a direct route to permanent residence or citizenship. The temporary residence permit can be renewed indefinitely as long as the applicant continues to meet the eligibility requirements.

Permanent residence and citizenship may become available to financially independent persons if they:

• receive passive income from sources in Greece, such as rental income from Greek property or dividends from shares in a local company;
• switch to another type of permit, such as a residence permit by investment.

Permanent residence can be obtained after 5 years of legally living in Greece. Applicants must spend at least 183 days a year in the country.

Residents must not be absent from Greece for more than 6 consecutive months. Their total absence over the 5-year period must not exceed 10 months^{[10]Source: Official Government Gazette of Greece — Law No. 5038}.

Holders of a residence permit by investment can maintain their status without residing in Greece. However, those who plan to obtain Greek citizenship in the future need to live in the country.

Citizenship can be obtained after 7 years of residence in Greece. The applicant proves their integration into society, passes a Greek language examination at B1 level or higher, and takes a written test on the country’s history, culture, geography, and political system^{[11]Source: Greece Government Services Portal — Participate in the Exams of the Knowledge Adequacy Certificate for Naturalisation}.

Greece allows multiple citizenship. Applicants are not required to renounce their existing nationality when naturalising.

Foreigners with a residence permit have almost the same opportunities inside the country as Greek citizens. A residence status provides access to public services and allows its holder to live legally in the country.

Rights

A Greek resident may:

• travel freely throughout Greece and visit Schengen Area countries;
• access healthcare and education;
• buy property and rent it out on a long-term basis;
• include family members in the residence permit application;
• open bank accounts and keep funds in Greek banks.

Obligations

Greece residence status also comes with certain obligations. A foreigner must comply with the country’s laws, pay taxes, and renew their residence permit card within the required timeframe.

Financially independent persons become tax residents if they spend at least 183 days a year in Greece or if the country becomes the centre of their vital interests, for example, if their family, property, or business is located there.

Tax residents declare income received in Greece and other countries. Non-residents pay tax only on income from Greek sources^{[12]Source: Greece Ministry of Economy and Finance — Income Taxation}.

Tax rates on passive income are:

• dividends — 5%;
• interest on bank deposits and debt obligations — 15%;
• royalties — 20%;
• gains from the sale of securities and other assets — 15%.

Rental income is taxed at progressive rates:

• up to €12,000 per year — 15%;
• €12,001 to €24,000 — 25%;
• €24,001 to €36,000 — 35%;
• over €36,000 — 45%.

Pensions are taxed at rates of 9 to 44%:

• on the first €10,000 — 9%;
• €10,001 to €20,000 — 20%;
• €20,001 to €30,000 — 26%;
• €30,001 to €40,000 — 34%;
• €40,001 to €60,000 — 39%;
• on amounts over €60,000 — 44%.

Property buyers pay a transfer tax of 3% of the property’s taxable value. Owners also pay the annual ENFIA tax, which depends on the real estate value, area, location, and characteristics.

Greece has double taxation agreements with more than 50 countries^{[13]Source: Independent Authority for Public Revenue of Greece — Double Taxation Avoidance Conventions}. If tax has already been paid abroad, it may be credited against tax due in Greece, up to the amount payable on the same income. Documentary proof of the tax payment is required.

Greece residents are entitled to open accounts in local banks. To do so, they need an AFM tax identification number, which foreigners obtain during the process of securing residence permits.

Documents required to open an account

Banks determine their own lists of required documents. Applicants usually provide the following:

• passport and residence permit card;
• AFM tax identification number;
• rental agreement, utility bill, or another document confirming their residential address;
• proof of their phone number;
• tax return or tax residence certificate;
• documents confirming passive income and the source of funds.

A bank may also request information about the applicant’s occupation, tax residence, income, and planned account transactions. Pensioners may provide a pension statement as proof of income.

Foreign documents may need to be translated into Greek or English. It is advisable to check the exact list of required papers with the chosen bank in advance. During the client verification process, the bank may request additional information.

Procedure for opening an account

Greek residents can open bank accounts online through a mobile app or in person at a bank branch. If a visit to the bank is required, the applicant books an appointment at a branch and submits the documents to a bank employee. They then complete an application form, state their sources of income, and explain what transactions they plan to use the account for.

After completing the checks, the bank opens an account in the applicant’s name and assigns it an IBAN. The client receives access to online banking and obtains a debit card.

Some banks allow applicants to submit an account opening application remotely through a mobile app and complete identification by video call. This option is available at Eurobank and Alpha Bank, but only to certain categories of foreign clients. Piraeus Bank requires a Greek identity card. Therefore, residence permit holders from outside the European Union often find it easier to visit a branch in person.

The choice of city depends on the foreigner’s lifestyle, budget, and goals. Some prioritise developed infrastructure, while others prefer a quieter atmosphere and proximity to the sea. Property prices, access to healthcare facilities, and convenient access to an international airport are also worth considering.

Athens

Athens is the capital and largest city of Greece, with well-developed infrastructure. It has an international airport, medical centres, banks, and schools. Public transport includes the metro, buses, and trams. The metro provides connections to both the airport and the Port of Piraeus.

Athens may suit wealthy foreigners. The city offers numerous private clinics, shops, restaurants, and cultural events. Yachting enthusiasts often choose areas closer to the Athens Riviera, where beaches and marinas are located.

Living expenses in Athens depend on the area. A one-bedroom apartment costs around €620 per month to rent in the city centre and €530 outside the centre. A single person needs around €850 per month, excluding rent, while a family of 4 needs around €3,000^{[14]Source: Independent online database Numbeo — Cost of Living in Athens}.

Disadvantages of living in Athens include traffic congestion, limited parking, bureaucracy, and a high cost of living. 

Thessaloniki

Thessaloniki is Greece’s second-largest city, with well-developed infrastructure, an international airport, and a major seaport offering regular ferry connections to the Greek islands.

The city may suit those who want to live in a large city by the sea. The beaches of the Halkidiki peninsula are easily accessible. Compared to Athens, Thessaloniki has a more relaxed pace of life and lower cost of living.

Living in Thessaloniki costs around €820 per month for one person excluding rent and €2,900 for a family of 4. A one-bedroom apartment can be rented for around €550 per month in the city centre and €420 outside it^{[15]Source: Independent online database Numbeo — Cost of Living in Thessaloniki}.

Main disadvantages of Thessaloniki include congested roads and limited parking. According to a survey by the Chamber of Commerce and Industry, 32% of residents identified traffic congestion as the city’s main problem, while another 22% cited a lack of green spaces^{[16]Source: Hellenic Broadcasting Corporation ERT}.

Heraklion or Chania

Heraklion is the economic centre of Crete, with dense urban development and busy road traffic. The Palace of Knossos, one of the island’s major archaeological sites, is located nearby.

Chania is a smaller tourist city with narrow streets and a Venetian harbour. It may suit retirees and those who prefer a quieter lifestyle by the sea, beach holidays, and travelling around western Crete. Central areas become more crowded during the summer.

A one-bedroom apartment in central Heraklion can be rented for around €570 per month, or €440 outside the centre^{[17]Source: Independent online database Numbeo — Cost of Living in Heraklion}. In Chania, the respective figures are around €570 and €450^{[18]Source: Independent online database Numbeo — Cost of Living in Chania}.

The Greece Golden Visa may suit investors who want to obtain EU residence without a mandatory stay in Greece and include a wider range of family members in the application. At the same time, a residence permit for financially independent persons is intended for foreigners with a stable passive income who are prepared to live in Greece for at least 183 days a year and do not plan to work.

Financial requirements

Applicants for a residence permit for financially independent persons do not need to invest in the Greek economy. To get the status, they need to prove passive income from sources outside Greece of at least €3,500 per month or savings of at least €126,000 in a bank account.

Conditions for obtaining a Greece residence permit by investment are regulated by Law No. 4251 on Immigration, Social Integration and Other Provisions of April 1st, 2014^{[19]Source: Greece Ministry of Migration and Asylum}.

An investor can choose from 9 investment options:

1. Property purchase — at least €800,000 in Attica, Thessaloniki, Mykonos, Santorini, and larger islands with a population of more than 3,100; at least €400,000 in other regions of Greece.
2. Investment in property for restoration or conversion — at least €250,000.
3. Lease of a hotel or tourist residence for 10 years — at least €400,000.
4. Timeshare for 10 years — at least €400,000.
5. Investment in mutual or alternative investment funds — at least €350,000.
6. Fixed-term deposit with a Greek bank — at least €500,000.
7. Investment in the share capital of Greek companies — at least €500,000.
8. Purchase of government bonds — at least €500,000.
9. Investment in exchange-traded securities — at least €800,000.

Residence permit validity

A residence permit for financially independent persons is issued for 3 years. The status can be renewed for the same period.

The Greece Golden Visa is valid for 5 years. The residence permit can be renewed as long as the applicant maintains the investment.

Residence requirements

A financially independent person must live in Greece for at least 183 days a year to maintain the status.

There is no such requirement for Greece Golden Visa holders. Investors can maintain their residence permit even if they do not live in Greece permanently.

Family members

Financially independent persons can include a spouse and minor children in the residence permit application. When family members are added, the income or savings requirement increases.

Investors can include a wider range of family members: a spouse, children, and parents. Specific requirements apply to children depending on their age.

Tax obligations

Financially independent persons spend at least 183 days a year in Greece and become tax residents of the country. They pay tax on income received both in Greece and abroad.

Golden Visa holders do not need to live permanently in the country. Therefore, obtaining a residence permit by investment does not in itself make an applicant a Greek tax resident. If an investor remains a tax resident of another country, they do not pay Greek tax on income received abroad.

Work permit

Financially independent persons and investors are not allowed to work as employees in Greece. Holders of a residence permit based on passive income are also not allowed to establish companies in the country.

Investors may register a company in Greece, act as shareholders or directors, and receive dividends and profits. However, they are not allowed to be employed and receive a salary, even from their own company.

Changes to residence permit requirements for financially independent persons. Law No. 5038 on the Entry and Residence of Foreign Nationals of April 1st, 2023, changed the minimum income requirement for obtaining the status to €3,500 per month. It also established a 3-year validity period for the residence permit card and a required stay of at least 183 days a year.

Changes to Golden Visa and ban on short-term rentals. In April 2024, Greece raised the minimum real estate investment threshold to €250,000—800,000, depending on the location, and introduced a minimum property size of 120 m². Short-term rentals were also banned, with violations subject to a €50,000 fine^{[20] News portal SchengenVisaInfo}.

Changes to residence permit renewal requirements. In February 2026, Law No. 5275 on Legal Migration Policy extended the deadline for renewal applications from 1 to 3 months after expiry. It also introduced a minimum validity period of 2 years for newly issued residence permits.

Immigrant Invest helps investors obtain Greece residence for financially independent persons and assess potential risks before applying, including when choosing the route, checking a property, and preparing documents.

Preliminary Due Diligence. Before agreements are signed and a property is selected, Immigrant Invest Compliance Department specialists conduct a preliminary check of the applicant and assess the source of funds. This helps identify potential issues in advance. Such an approach reduces the risk of a residence permit refusal to 1%.

Reliable agent and direct responsibility. Immigrant Invest operates in accordance with Greek law and the requirements of the 6th EU Directive. The company is responsible for every application submitted.

Transparent costs. Investors receive a calculation of the cost of obtaining a Greece residence permit, including related expenses, government fees, and professional service fees.

Step-by-step process. The procedure for obtaining a residence permit by investment is structured from preliminary Due Diligence to receiving the residence permit card. The applicant knows in advance when their personal presence in Greece is required.

Experience and expertise. The Immigrant Invest team includes CAMS-certified specialists and members of the Investment Migration Council. The company has been operating since 2006 and has helped obtain around 10,000 passports and residence permit cards.

1. Residence permit for financially independent persons is suitable for foreigners with passive income of at least €3,500 per month who plan to live in Greece. For a family of 4, the minimum required income is €5,250 per month.
2. Instead of proving monthly passive income, applicants may show savings of at least €126,000 in a bank account. For families, the required amount increases by 20% for a spouse and 15% for each child.
3. To be eligible, applicants must also rent or buy property in Greece.
4. The main expenses involved in obtaining a residence permit for financially independent persons are property rental, health insurance, and government fees.
5. A residence permit for financially independent persons does not lead to permanent residence or citizenship, but its holders may qualify by earning passive income in Greece or switching to a Golden Visa.
6. Foreigners with residence for FIPs can live in Greece, travel freely within the Schengen Area, access local healthcare and education, and potentially benefit from favourable tax regimes.