Unlock dream retirement in Greece with the Golden Visa Program

Greece has become a safe haven for retirees, keeping its doors open even when the borders are closed to tourists. Retiring in Greece is an attractive option for both EU and non-EU citizens.

EU citizens have the right to live and retire in Greece without a visa or a residence permit due to the freedom of movement policy in the EU. However, if staying longer than three months, EU citizens should register with the local authorities to obtain a Registration Certificate.

Non-EU and non-EEA citizens need a residence permit to stay in Greece for more than three months. A permit can be obtained through the Golden Visa programme or the Retirement Visa.

The Greece Golden Visa provides for a 5-year residence permit with the possibility of extension. To obtain residency, applicants must contribute at least €250,000 to the country’s economy.

The Retirement Visa is another option for retirees who want to move to Greece. Applicants confirm a passive income of €2,000 per month.

The applicants for the Golden Visa and Retirement Visa need to meet the following requirements:

1. Have a registered address in Greece.

2. Purchase medical insurance in Greece.

3. Have no criminal records or prosecutions.

4. Be capable of proving their income.

1. Convenient residency options. Greece offers a welcoming environment and residency programmes that cater to different needs, particularly for retirees, investors, and those seeking long-term stay options. Residence permits are issued for 2—5 years and can be renewed.

After 7 years of residency, foreign retirees become eligible for citizenship.

2. Affordable cost of living and discounts for retirees. Compared to many Western countries and the US, the cost of living in Greece is relatively low. To maintain the same standard of living, one needs around €3,500 per month in Athens, €6,000 in Petersburg, Florida, and €4,500 in Lisbon.

Retirees in Greece can take advantage of a wide range of discounts and special offers in various sectors, such as museums, restaurants, entertainment venues, transportation, and pharmacies.

3. Mediterranean climate. Greece’s climate is favourable for retirees, offering a combination of mild winters, long sunny summers, and overall pleasant weather year-round. The Mediterranean climate promotes an active and healthy lifestyle, with various opportunities for outdoor activities, social engagement, and enjoyment of natural beauty.

Greece is considered a “green” country and ranks 17th among 76 nations in the Green Future Index 2023. The ranking takes into consideration the degree to which the country’s economy is pivoting toward clean energy, industry, agriculture, and society.

4. High-quality healthcare. Greece attracts foreign tourists due to its high-quality healthcare services and affordable costs. Most popular treatments are cosmetic surgery and dental care. Greek medical professionals are highly trained, and many speak English.

5. Easy travel. Residents of Greece can travel visa-free to the Schengen countries and spend up to 90 out of 180 days there.

Greece’s location in Southern Europe, bordering the Mediterranean Sea, makes it an ideal gateway to various regions, including Europe, the Middle East, and North Africa. There are two primary airports near Athens and Thessaloniki, as well as regional airports in Crete, Rhodes, and Corfu.

Travelling by ferry from Greece is a popular and convenient way to reach Italy, Turkey, Albania, Israel, Egypt, or a Greek island. For example, it takes 20 hours and €100 to get to Italy. Turkey is only 30 minutes away by ferry, and the ticket costs €25—30.

6. Friendly locals and relaxed lifestyle. Greeks are known for their hospitality, or the so-called philoxenia, which means “love of strangers”. The locals are warm, welcoming, and eager to share their culture with visitors.

Greeks generally adopt a laid-back approach to life, prioritising enjoyment and quality of life over the hustle and bustle. There is a cultural emphasis on enjoying the present moment and not rushing through life.

7. Rich culture. Greek culture is deeply rooted in its ancient history. The Byzantine Empire and the Ottoman occupation have also left a significant mark on Greek culture in terms of religion, art, architecture, culinary traditions, music, science, and philosophy. Byzantine icons and frescoes are notable contributions.

Greek cuisine is unique and known for its health benefits and flavours. It features ingredients like olive oil, fresh vegetables, seafood, grains, and legumes. Dishes like moussaka, souvlaki, and tzatziki are staples.

The Greece Golden Visa allows retirees from non-EU countries to obtain residence permits in Greece by investment. Residency status is valid for 5 years and can be extended. After 7 years of continuous residence, foreigners can apply for Greek citizenship.

A spouse or a partner and children under 21 or under 24, if they are still students, can apply for the Golden Visa with the retiree.

The investment options and minimum requirements are:

1. Real estate purchase — €250,000 or €800,000, depending on the property location.

2. Ten-year lease of tourist accommodation — €250,000.

3. Timeshare for tourist accommodation — €250,000.

4. Receiving real estate as an inheritance or gift — €250,000.

5. Purchase of shares in mutual or alternative investment funds — €350,000.

6. Opening a fixed-term deposit — €500,000.

7. Purchase of government bonds — €500,000.

8. Capital investments in Greek companies — €500,000.

9. Purchase of corporate and government bonds listed for trading — €800,000.

Real estate in Greece is in high demand among foreign investors. In the first half of 2024, 85,000 sales contracts were concluded. Due to the constant influx of tourists, it is easy to rent out houses, villas, or apartments. Prices are continuously rising.

Starting August 31st, 2024, the Greek government will raise the threshold of real estate investment. To get a residence permit in the country, foreigners will need to buy residential or commercial property worth at least €400,000 instead of €250,000. As an exception, the threshold of €250,000 will be retained for properties purchased for renovation or conversion into residential space.

Foreign investors have the opportunity to purchase real estate and obtain a residence permit in Greece on the previous terms if they deposit 10% of the property value by August 31st and complete the transaction by the end of 2024.

The retirement visa, or visa for financially independent people, is issued to non-EU citizens of any age. It requires confirmation of a monthly income of €2,000. The sources of income must be outside Greece.

Retirees must also deposit at least €48,000 in a Greek bank account and rent or buy real estate in Greece.

The foreigner can add a spouse and unmarried children under 21 to the application. The deposit requirement increases by 20% for a spouse and by 15% for each child. For example, savings for a family of four must be €72,000.

A residence permit through a retirement visa is issued for 2 years and can be extended for three years several times. After 7 years of residency, the foreigner can apply for citizenship.

Examples of real estate property in Greece

Greece, Santorini

€388,000 — €905,000

Villa in a gated complex overlooking the sea and vineyards in Santorini

109 m² — 224 m²

3—5

2—4

Greece, Santorini

€505,000 — €550,000

Mediterranean style villa next to the sea in Santorini with guaranteed rent

84 m² — 94 m²

3

1

Greece, Kissamos

€830,000 — €1,550,000

Traditional style villas on the seafront in Crete, Greece

126 m² — 157 m²

3

3

Greece offers a combination of public and private healthcare services, providing comprehensive medical care to its residents. The healthcare system emphasises preventive care, regular health screenings, and access to high-quality medical treatments.

Various public health campaigns and initiatives promote healthy living, smoking cessation, vaccination programmes, and the management of chronic diseases. All of this contributes to improving life expectancy in Greece, which is 82.9 years in 2024. In comparison, it is 79.2 years in other European countries and the US.

Public healthcare system. The Greek National Health System, known as ESY, provides universal healthcare coverage to all residents, including foreign retirees who are legally residing in the country.

Expat residents can access free or low-cost public healthcare if they apply for health insurance through EFKA, known as the National Social Security Fund. It covers all citizens and residents in Greece. To access EFKA, expats should receive a social security number known as AMKA. Annual payment to the Fund ranges between €250 and €650.

The private healthcare system in Greece generally offers shorter waiting times and newer medical equipment than the public one. A visit to a private clinic’s doctor typically costs between €60 and €150.

The best hospitals are located in Athens and provide advanced technology. Expats with a Greece Golden Visa or those working in Greece and making regular social security contributions may be entitled to full or subsidised healthcare benefits.

Health insurance. Retirees with the Golden Visa do not need to access the EFKA system and obtain AMKA. Instead, they are required to buy private health insurance. It covers a range of services, including inpatient and outpatient care, dental treatments, optical care, and emergency evacuation.

Private companies in Greece often provide special “residence permit insurance” plans for Golden Visa holders and their families. Coverage includes treatment in both public and private hospitals.

The insurance fee starts at €80—100 per year and increases with each subsequent age group. The largest insurance fee is applied to those over 75 years and can reach up to €1,000 annually.

When applying for the Golden Visa, retirees need to purchase an insurance policy that covers a minimum of €30,000 for medical and repatriation expenses. Insurance must also be valid in all the Schengen countries.

Discover the advantages, terms, and details of the Greece residence-by-investment program

Retiree tax regime. Individuals become Greek tax residents if they spend more than 183 days per year in the country.

Foreign retirees are subject to a flat tax rate of 7% on their foreign pension income. It is payable annually, in a single instalment, by the end of July each year.

This flat tax rate applies to pension income as well as other foreign income, such as dividends, interest, and rental income.

A retiree is eligible for this regime if they have not been Greek tax residents for at least 5 of the previous 6 years. Their most recent tax residence must also be in a country that has an active agreement for administrative cooperation in tax matters with Greece.

A special retiree tax regime is applied for a maximum of 15 years.

Individual income tax. Greece uses a progressive tax rate system for individuals, with rates ranging from 9 to 44%. The worldwide income is also taxable. These rates are attributed to those who do not fall under the special retiree tax regime.

Rental income is taxed from 15 to 45%.

Other taxes in Greece are:

• 22% — the corporate income tax rate;

• 0 to 10% — solidarity contribution;

• 1 to 40% — inheritance and gifts;

• 3% on the property’s value — property transfers;

• 24% — the standard VAT rate;

• 13 and 6% — reduced VAT rates applying to food, medicines, and cultural events.

Housing costs in Greece are more affordable than in the US, with property prices and rental rates around 50% lower, especially outside major tourist areas. Daily expenses, including groceries, dining out, and transportation, are also less expensive in Greece.

Housing rent costs in Greece differ depending on the location. In Athens, it starts at €500 for a one-bedroom apartment and €900 for a three-bedroom one. In Thessaloniki, it is €400 and €700, respectively, and in Kalamata, €300 and €500.

On average, to maintain the same standard of living, one needs around €1,500 per month in Greece and Portugal compared to €3,000 in the US, including rent.

Source: Numbeo.com

Athens, the historical capital, offers retirees access to world-class healthcare facilities and a rich cultural scene featuring iconic landmarks like the Acropolis, numerous museums, theatres, and music festivals. The city’s well-developed infrastructure, including an efficient public transportation system, ensures convenience in daily life. Athens’s large and active expat community provides robust social support.

However, Athens is the most populated city in Greece, with 3.2 million citizens. This makes the city crowded and bustling, especially during the tourist season.

Thessaloniki, the second largest city in Greece, is defined by a more relaxed and affordable lifestyle. Known for its dynamic cultural scene, the city hosts events such as the Thessaloniki International Film Festival and is famous for historic sites like the White Tower and Byzantine walls. The city’s beautiful waterfront promenade, lined with cafes and restaurants, provides space for leisure activities and socialising.

Thessaloniki provides a lower cost of living and more affordable housing options. The disadvantage of living in Thessaloniki is its still developing public transportation system, although future improvements promise enhanced mobility.

Rhodes, one of Greece’s most picturesque islands, is renowned for its stunning mediaeval architecture and beautiful beaches. The island’s main attraction is the UNESCO World Heritage Site — Medieval City of Rhodes, featuring the Palace of the Grand Master and ancient cobblestone streets. The island is also known for its natural beauty, including pristine beaches like Tsambika and St. Paul’s Bay.

Rhodes has over 300 sunny days a year, making it perfect for outdoor activities like swimming, hiking, and exploring historical sites. The island has a variety of leisure activities, from dining at traditional tavernas to participating in local festivals and markets, such as the Wine Festival and Medieval Rose Festival.

Volos is situated at the foot of Mount Pelion, known for its lush forests, picturesque villages, and scenic hiking trails. In winter, retirees can enjoy skiing and other snow activities. The long embankment overlooking the Pagasetic Gulf is appealing for evening cosy walks.

Volos’s unique feature is a narrow-gauge railway known as the Moutzouris. It runs from Ano Lechonia to Milies, offering a nostalgic journey through beautiful landscapes. It immerses visitors into a unique movie-like atmosphere, especially in autumn.

Kalamata is famous for its high-quality olives and olive oil, which are integral to Greek cuisine and popular worldwide. Stunning beaches with crystal-clear waters, such as Kalamata Beach and Mikri Mantineia Beach, give the perfect opportunity for relaxation and water activities.

Kalamata hosts various cultural events, including the Kalamata International Dance Festival, drawing artists and audiences from around the world. The old town of Kalamata features narrow streets, traditional architecture, and authentic markets.

The largest banks in Greece are the National Bank of Greece, Piraeus Bank, Alpha Bank, and Eurobank. They account for 85% of the country’s banking assets. All of them offer a wide range of banking services, including savings and checking accounts, debit and credit cards, online banking, mobile apps, and investment products.

Working hours of Greek banks are from 8 a.m. to 2 p.m., Monday to Friday. Some banks have branches with extended working hours and may be open on Saturdays.

To open a bank account, the retirees need to provide the following documents:

1. Valid passport or national ID card.

2. Proof of address, such as utility bills, rental agreements, or a property deed.

3. Tax identification number.

4. Proof of income, such as a pension or a bank statement.

5. Certificate of deductions for the Social Security Service.

New clients in Greek banks need to pass the bank’s Due Diligence. The applicant might be asked for additional documents to justify the purpose of opening an account and confirm the origin of the money. Verifying a client may take a week.

Account maintenance is usually free. Opening a savings account requires a minimum deposit. For example, in Alpha Bank, one needs to put €300 into a savings account and €5,000 into a term deposit. At the National Bank, it is €0 and €3,000 respectively.

Interest on savings accounts and deposits in Greece is about 0,1% per annum. Banks offer bonuses and increased rates for pension accounts. The monthly fee for maintaining such an account differs from bank to bank; for example, it is €2 in the National Bank of Greece.

High tourist seasons. Increased tourist activity leads to higher noise levels, especially in popular areas and during events or festivals. This can disrupt the quiet and calm environment. Traffic congestion can make getting around more difficult and time-consuming. Besides, the influx of tourists drives up the prices of accommodation, dining, and other services.

Language barrier. In smaller towns and rural regions, English proficiency can be limited, especially among older generations. Local shops, markets, and businesses may have staff with limited or no English skills. Most official documents and procedures are in Greek.

Many doctors and healthcare professionals, mostly in urban areas and private clinics, speak English. However, in public hospitals and rural areas, English proficiency may be lower.

Bureaucracy. Obtaining necessary documentation for residency permits, property purchases, healthcare access, and other legal matters often involves multiple steps and extensive paperwork.

1. Retirees desiring to live in Greece can obtain residence permits through the Retirement Visa or the Golden Visa Program.

2. The advantages of retiring in Greece include a low cost of living, a special tax regime, a slow pace of life, a healthy diet, a warm climate, and access to historical sites.

3. Among the best places for retirees are Athens, Thessaloniki, Rhodes, Volos, and Kalamata, each offering their own conveniences.

4. The cost of living in Greece is 50% lower than in the US. One needs around €1,500 per month to live a comfortable life in Greece.