Greece is one of the top travel destinations in the world and it is not hard to imagine why visitors would wish to retire to Greece upon experiencing the culturally rich and picturesque top places to visit in the country.
Foreign nationals can choose to apply for a Greece retirement visa based on a number of conditions that have to do with acquiring a residence permit and maintaining the eligibility conditions for this purpose.
Our Greece immigration experts describe the main requirements in this article and outline the principal conditions regarding temporary residence, followed by permanent residence, effectively retiring in the country.
| Quick Facts | |
|---|---|
| Who can apply | Non-EU foreign nationals who qualify as financially independent persons. |
|
Nationality restrictions |
The visa for financially independent persons is available to non-EU nationals, however, EU citizens have no restrictions on residing in Greece, including for retirement purposes. |
|
Minimum income requirements |
Usually a minimum EUR 2,000 per month to which a certain percentage is added for spouses or children. |
| Duration of residency | Usually 2 years |
| Visa specific documents |
Proof of financial independence |
| General documents |
Filled-in application form, criminal record, personal documents, etc. |
| Place of visa application submission |
Greek Embassy or Consulate in the applicant’s country of residence. |
| Mandatory insurance requirements |
Yes |
| Exceptions for the insurance requirements |
Not applicable |
| Family members can join the visa holder | The spouse and children can join; additional income is required in this case. |
| Visa renewal requirements |
The visa and residence permit to be renewed before its expiration date, provided that the holder continues to comply with the requirements. |
| Renewal periods |
Successive renewal periods are possible. |
| Permanent residency |
After having lived in Greece for five consecutive years (in most cases). |
| Fees |
Different visa issuance fees and consular fees apply. |
| Other options | Other options for foreign nationals include the golden visa, work visa and residence permit, or the student residence permit. |
Table of Contents
Relocation options
Moving to Greece for retirement purposes can be a suitable option for many foreign nationals who meet the minimum income requirements. Having a pension and/or income from rental activities, is suitable for most relocation purposes. Our team can give you more information about the relocation conditions and can help you apply, as well as assist in communications with the authorities.
Our team offers tailored assistance to foreign nationals from the UK, the US and other countries. If you have particular questions, please do not hesitate to contact us, especially if you are interested in retiring to Greece after Brexit. Here you can choose to buy land and build a house and must observe the local laws that can be explained to you by our Greek lawyers.
Greece entry conditions
One of the first steps when deciding to retire to Greece is to determine the entry requirements.
Foreign nationals from the EU, Switzerland, Iceland, Norway, and Lichtenstein do not need a visa to enter the country and remain for a certain period of time.
Non-EU citizens, depending on their country of origin, may need to apply for a visa for short-term purposes as part of the Greece retirement visa requirements.
For the purpose of remaining in Greece long-term, foreign nationals will need to do so based on a residence permit. This can be issued for various purposes, including business activities or employment, however, for the purpose of retirement, the applicant will need to show that the income is derived from a pension received from another country (along with other sources of income, such as income from rental activities, if applicable).
The following Greece retirement visa requirements apply:
- sufficient resources (stable annual income) – in most cases, this can be EUR 2,000 per month;
- when the holder is accompanied by family and/or minor children, this amount can be 15% higher
- the permit for a financially independent person is valid for 2 years;
- this permit can be renewed;
- it cannot be used for employment purposes.
The terms above apply in the case of financially independent persons who wish to live in Greece. For foreign nationals who meet these financial conditions, it can be the equivalent of a visa that allows them to retire to Greece.
Please keep in mind that the holder of a visa needs to continue to meet the conditions in place.
A Greece retirement visa can be the first step for those who wish to immigrate to the country. Obtaining citizenship by naturalization is possible:
- after at least 7 years in most cases;
- at least 3 years in case of those who are married to a Greek citizen or have a child with a Greek citizen.
If you have questions about the routes to obtain citizenship in Greece briefly touched upon above, you can send them to our team. The minimum lawful stay period will vary according to nationality and other particulars of the applicant and it is advisable to discuss your case with a local specialist, such as our own before you lodge your application with the authorities.
Reasons to retire to Greece
Some of the most compelling reasons are the:
- Climate: perhaps one of the top reasons why many apply for the Greece retirement visa, combined with the geography of the country (namely, its islands)
- Cuisine: Greek (and Mediterranean cuisine in general) is healthy and delicious at the same time;
- Lifestyle: the laid-back living, and the quality of life are two of the most important reasons why people choose to retire here;
- Culture: whether you choose to retire to Greece on an island or in a large city, Greece is culturally rich and offers a unique incursion into ancient times.
Whether you choose to relocate to Greece for one, more, or all of the reasons above, our immigration specialists are ready to assist you.
Are you looking for information about a Greek resident permit issued for other purposes? perhaps you have reached the retirement age in your country of origin and plan on relocating to Greece but continuing your work. Our team can give you details about your specific situation, what residence permit you will need to obtain, how to apply and when, as well as any other issues that apply in your case.
We invite you to watch a video about your options:
Taxation of pensioners in Greece
An important issue to consider when moving to Greece as a retired foreign national is the manner in which your foreign income (in this case, your pension) will be taxed.
If you transfer your tax residence to Greece, you can benefit from a flat tax of 7% on pension income, applicable under a tax regime for foreign pensioners. This can be an attractive advantage for those who will apply for a residence permit in Greece after their retirement. The following conditions apply for the Foreign Pensioners Regime:
- The applicant needs to transfer his or her tax residence from a country with which Greece has signed a double tax treaty;
- The individual must not have been a Greek tax resident for five out of the six years before his or her tax residence transfer.
Under the regime, the aforementioned flat tax rate of 7% applies to the individual’s total foreign source income. Applicants should note that this regime is valid for 15 years in total. In order to apply for this regime, the foreign pensioner is required to submit a special application to the local competent tax office in his or her country of origin, and then provide essential supporting documentation. Application deadlines are in place, considering the start of the tax year (which, for individuals, is the same as the calendar year).
The countries with which Greece has signed a double include the following: Albania, Austria, Armenia, Belgium and Bulgaria, Canada, China, Cyprus, Croatia, Denmark, Estonia, Egypt, Finland, France, Germany, Iceland, India, Israel, Korea, Norway, Qatar, Saudi Arabia, South Africa, Turkey, the United Arab Emirates, the United Kingdom, the United States of America, Ukraine, etc.
Please keep in mind that the list of countries above is not exhaustive. Greece has signed more than 50 such treaties. Our immigration lawyer in Greece can give you more details, according to your country of origin.
You can choose to work in Greece once you retire here, however, in this case, your pension may be reduced, as applicable in the EU Member State or your country of origin. In this case, relevant rules will apply to limit these reductions and/or in the case of overlapping benefits.
Our team is also able to provide you with essential information on tax reporting, and other key aspects of taxation you will need to keep in mind once you finalize the steps needed to retire to Greece. For this purpose, we remind foreign pensioners living in the country that all individuals are expected to report their annual tax return (which includes their Greek income, if any, and their foreign-source income, which for this purpose is their pension received from abroad). If you are interested in obtaining Greek citizenship in time, our team will also answer your questions.
Cost of living in Greece
Foreign nationals who wish to retire to Greece will be interested not only in the overall conditions for their relocation but also in the quality of life they can benefit from when relocating to this beautiful Mediterranean country.
The cost of living is of interest to any foreign national, irrespective of the country in which he or she relocates. For this purpose, our Greece immigration specialists highlight several examples of the cost of living in Athens:
- Examples of basic food costs include 1.65 EUR for 1 liter of milk, 1,18 EUR for one load of fresh bread, or 4.21 EUR for a carton of 12 eggs;
- A three-course restaurant meal for two people (at a mid-range restaurant) can cost 55 EUR;
- Basic utilities can cost approximately 205 ER per month and internet can cost 29.14 EUR monthly;
- The monthly rent for a 1 bedroom apartment in the city center can be approximately EUR 540.
Compared to the cost of living in other large cities in Europe (such as Paris or London), moving to Greece will mean that the foreign national will enjoy lower costs, as the cost of living in Athens is lower.
Please keep in mind that inflation has an effect on prices, as well as other events. The costs above should only be considered for informative purposes only when choosing to retire to Greece.
We assist foreign nationals from any country, however, if you are particularly interested in relocating from the UK, hence, retiring to Greece after Brexit, we can answer your specific questions.
You can contact us if you want to retire to Greece and need more details on how to proceed based on your nationality.
