The Best Places to Retire in Greece

Healthy, fresh cuisine, daily swims in the Aegean Sea, reading a book on your balcony, a home with a sea view scattered with islands – it almost seems too good to be true. 

But it isn’t.

If you’re looking for the ideal European country to retire in, look no further than Greece. Here, tax incentives, the weather, the cost of living and top-notch healthcare align to create your dream retirement package.

Greece is one of the most popular retirement destinations for people in northern Europe, the United States and other parts of the world. 

Whether you’re into golf, swimming, hiking or exploring rich history and archaeology, you’ll never get bored in Greece – and that’s before you consider the climate.

Due to its enviable location in the Mediterranean, Greece has a milder climate than much of Europe.

So you can enjoy your pick of more than 6,000 islands and many more beaches, safe in the knowledge that your winters will be mild and your summers will be sunshine-filled.

Greece is a good fit for retirees because of its relaxed lifestyle, stunning natural environment, historical ruins, and archaeology. In addition, there are some serious tax benefits for retirees. 

Admittedly, taxes aren’t everything, but they’re pretty crucial for retirees. Retirement should be about designing a holistic Plan B strategy that allows you to choose the level of taxes you’re willing to pay and the culture you want to be a part of.

Helping you go where you’re treated best is what we do at Nomad Capitalist, so if you think Greece is the place for you, read on to find out where to go to retire to maximise your golden years.

Why Retire in Greece?

Aside from the endless Greek islands that glisten in the Mediterranean, the country has some of the best cuisine in the world and a laidback lifestyle.

Here are some of the main reasons why people choose to spend their golden years here:

• Beautiful scenery: Greece offers stunning beaches, islands and ancient architecture. It’s the ideal retirement setting.
• Warm climate: Enjoy a Mediterranean climate with hot summers and mild winters – perfect for year-round outdoor activities.
• Affordable cost of living: Compared to many Western countries, living expenses in Greece are significantly lower, so your retirement savings can go further.
• High-quality free healthcare: Greece has an excellent free healthcare system that all residents can access.
• Expat-friendly communities: Greek people are known for their hospitality, making it easy to feel at home. There are also large communities of other retired expats in Greece.
• Easy visa options: Greece offers straightforward residency options that make it one of the easier places to retire in Europe if you have a stable passive income.

Tax Benefits for Retirees in Greece

Greece has actively decided to incentivise seniors to live there with a 7% flat pension tax for foreign retirees.

While many countries around the world are pushing to attract entrepreneurs and large-scale investors, Greece has realised that wealthy pensioners add to the economy, too. 

This tax regime encourages pensioners to not only live in Greece but also spend and invest their earnings in the country.

This is a departure for Greece, which doesn’t exactly boast a rich history of being very competitive from a tax perspective. 

However, it’s now possible to pay single-digit taxes on your pension if you meet certain conditions. 

To qualify, you need to earn foreign-sourced pension income and transfer your tax residence to Greece. Gaining tax residence in Greece is fairly simple and entails spending at least 183 days in the country every year. 

If you’re a citizen of the US, however, the process is more complicated. As a US citizen, you’re always a tax resident of the United States unless you renounce your citizenship.

There’s good news in that the US has a treaty with Greece that prevents most forms of double taxation, meaning you may qualify for certain tax breaks and credits. However, it won’t save you from the need to file and pay what you owe to the IRS every single year. 

If you’re from the EU, the UK or pretty much any other country and are in the process of retiring, then Greece is pretty straightforward. 

Next, you cannot have been a Greek taxpayer for five of the last six years. So, if you’ve been living in Greece before you decide to avail of the flat tax regime, that’s going to be a problem. 

Most people will be relocating from a country that has a tax-cooperation agreement with Greece which has around 57 tax treaties with countries like the UK, US, Ireland, Canada and Germany. These tax treaties offset taxes paid in one against those taxes payable in another, preventing double taxation.

You’ll need to provide documentary evidence and bank statements for your foreign source pension before you apply for this 15-year tax break.

So, while Greece is a certainly desirable location for retirement, qualifying for these special tax regimes requires planning and thought. Contact Nomad Capitalist’s global team today if you’re looking for a team of experts to help you make the best move overseas. 

Residence Options in Greece

As long as your stay does not exceed 90 days, passport holders from the following countries do not need a visa: 

• New Zealand
• UK
• US
• Australia 
• Japan
• Canada
• Most European countries.

If you plan to stay in Greece for more than 90 days, you’ll need to apply for a long–stay visa or, depending on your current passport, apply for a registration certificate.

For a long-stay visa, citizens of countries that require a Schengen visa to enter Greece must apply for this in their home country at the local Greek embassy or consulate. 

Once you’ve decided to stay in Greece for retirement, you must apply for residence. 

There are two main options: 

• The Financially Independent Persons Visa (FIP)
• Greece’s Golden Visa.

Financially Independent Persons Visa (FIP)

For the FIP Visa, the application must be completed after you arrive in Greece, and it can take up to three months to process. 

Once you’ve applied, you may stay legally in the country until the decision is made, even if your 90-day tourist visa expires. 

The Financially Independent Persons Visa is valid for two years and, to qualify, you must prove a regular income of at least €2,000 per month and meet other requirements, such as basic medical insurance. 

You must demonstrate an additional €400 for a spouse and €300 for each child under 18 years old. 

If approved, this is a relatively quick and easy visa to get as it can be granted within ten days.

Greek Golden Visa

The Greek Golden Visa program is a pathway for non-EU nationals to gain permanent residency through investment. 

Investing at least €400,000 in Greek real estate allows you to gain permanent residence in less than two months.

The real estate threshold amount depends on which part of the country you plan to invest in. 

The €400,000 threshold only applies to less-popular islands with a population of less than 3,000 inhabitants.

If you want to purchase real estate in the larger, more popular areas of Greece, then the threshold rises to €800,000.

There is an option to invest in the lowest property threshold of €250,000, but this comes with the catch that you will need to renovate listed buildings and convert commercial properties to residential use.

The Golden Visa is granted for five years and is renewable as long as you still own the real estate you invested in. 

This program not only grants you permanent residence but makes you eligible for Greek citizenship after seven years. 

To gain citizenship, you’ll still have to meet the citizenship requirements and pass the exam, which includes both history and language portions.

Additionally, the Golden Visa allows holders to enjoy visa-free travel within the Schengen Zone and allows them to bring their children as long as they are 21 years of age or younger.

Other Golden Visa investment options include:

• Capital contribution of €500,000 to a Greek-registered company for shares
• Capital contribution of €500,000 to a Real Estate Investment Company (REIC) intended to invest only in Greece
• Capital contribution of €500,000 to a closed-end investment company or mutual fund
• Purchase of Greek government bonds worth €500,000, held for at least three years
• Minimum investment of €500,000 in Greek bank term deposit
• €800,000 in treasury bonds, corporate bonds or shares of a trading facility based in Greece
• Purchase of shares worth €350,000 in an Alternative Investment Fund (AIF) set up in the EU, which invests solely in Greece
• €800,000 in treasury bonds, corporate bonds or shares of a trading facility based in Greece.

There’s no minimum time you need to spend in Greece to maintain your residency status. You only need to be present in Greece once every five years for visa renewal. 

The Cost of Real Estate in Greece

If the Mediterranean weather, amazing food, hospitable people and opportunity to island hop aren’t enough, the low cost of living is another major reason to retire in Greece. 

Real estate prices have risen slightly in recent times, with sample costs in three popular retirement destinations in Greece varying significantly: 

• A furnished two-bedroom apartment in a good area in Athens costs approximately €750 a month to rent, while buying it will cost approximately €275,000.
• In Chania, on the island of Crete, a property of similar size and specification will cost around €600 a month to rent and €230,000 to buy.
• In Nafplio, a coastal city located in the Peloponnese, the same type of apartment costs about €560 a month to rent and around €150,000 to purchase. 

Basically, whether you rent a property with the Financially Independent Persons Visa or purchase real estate through the Golden Visa, there are many affordable, high-quality properties to choose from.

Other Costs of Living in Greece

It’s not just the housing that’s (relatively) cheap. From dining out and healthcare, the average cost of living in Greece is significantly lower than in major Western economies like the UK and US. 

It’s estimated that it’s 53% less expensive to live in Greece than in the US and 47% less expensive than in the UK. 

Depending on where you choose to settle, the average cost will vary. 

For example, a small village on the mainland will be more affordable than major cities like Athens or Thessaloniki. 

Islands can be more expensive than the mainland, but again, it all depends on which island you choose. An island popular with tourists will be more costly than a small, quieter one.

A more popular island may also have fewer rental options, with the boom in holiday lets causing many landlords to hold their rentals as ‘Airbnbs’ from June to September. 

Even though housing is becoming slightly more expensive, buying groceries and eating out is very reasonable. Local markets run by farmers selling fresh seasonal produce are very price competitive. Supermarkets and small markets stock both locally grown and imported food products. 

If you enjoy eating out, a meal for two in a mid-standard restaurant, including wine, will cost approximately €50. Meanwhile, you can expect an average grocery budget for two to weigh in at approximately €300 per month. 

With rising inflation in Greece, the price of utilities has gone up but, overall, the cost is still lower than in many other EU countries. 

Local property taxes for rubbish removal and municipal services are based on the size of your property. For an average-sized home, you can expect to pay around €40 per month for combined electricity and municipal services. Water will cost an average of €30 per month, depending on usage. 

Mobile telephone services are very reasonable, with talk, text and data plans of around €20 per month. Expect to pay around €30 a month for 60-megabit internet and unlimited data.

Retirees enjoy access to a highly developed public healthcare system that is free or low-cost based on your status in Greece – citizen, resident, EU citizen. 

You don’t need a referral to make an appointment with a specialist, and many healthcare facilities in major cities have English-speaking staff. However, they may be harder to find elsewhere. 

There are also excellent private facilities, with many residents choosing to take out private health insurance to supplement the public system.

Pros and Cons of Retiring in Greece

Some of the most obvious advantages of living in Greece are its fantastic Mediterranean weather, beautiful beaches, spectacular islands, low cost of living and low crime rate. 

There’s also an abundance of history and archaeology on offer. The pace of life there is relaxed, so you’ll have plenty of opportunities to spend time with welcoming, friendly locals. 

On the other hand, some disadvantages of retiring in Greece include potential overcrowding by tourists during the peak season, especially on popular islands.

There’s also the challenge of learning the Greek language, especially if you live remotely in the countryside. 

Some of the country’s infrastructure could best be described as outdated but, again, it depends on where you choose to settle. 

If you’re considering Greece, you probably aren’t looking for state-of-the-art facilities, even though cities like Athens manage to combine the ancient and the modern. 

Successfully retiring in Greece requires research to choose a location that suits your needs. Before buying a property, it’s advisable to rent a place in your desired area to gain a better understanding of it and identify any potential issues.

Best Places to Retire in Greece

Greece offers a wide range of excellent places to retire, including cities, towns, villages and islands, each with their own unique character and attributes. 

Crete

Crete is the largest and most populated of the Greek islands. Just under 700,000 people call it home and many more visit during the holiday season. 

If you want to be near the ocean and the mountains, you’ll find a wide variety of housing options on the island. 

Overall, it’s a wonderful destination with hundreds of historical monuments, stunning scenery, hiking pathways and clean beaches. 

Known for its outdoor activities, Crete is the ideal place for those who want a healthy lifestyle. And, if you like a bit of excitement, the nightlife in Crete is lively. 

For retirees who want hot, dry summers and mild winters, affordable luxury and fun, Crete has it all. 

Athens

The capital, Athens, is a great place for retirees who want a low cost of living in a large modern metropolis that doesn’t sacrifice its culture or character. 

The city has a lot of charm with fascinating landmarks like the Parthenon, well-preserved ancient architecture, fashionable neighbourhoods, large public spaces and amazing restaurants.

In Athens, Greece’s past, present and future collides with a blend of ancient and contemporary attractions. In addition to being Europe’s oldest capital, Athens also has the highest average temperatures of any major city on the continent.

Rhodes

Another of Greece’s famous islands, Rhodes, is serviced by dependable public transportation and frequent ferries to the mainland. 

The island’s tight-knit and supportive expat community enjoy picture-perfect beaches, a slower pace of life and a genuine taste of life in ancient Greece.  

Lesbos 

Lesbos, the third biggest island in Greece, is situated about six miles west of Turkey in the northeastern Aegean Sea. 

The island has all the amenities you need, including an international airport and frequent ferry connections. Located near the strait that separates Europe and Asia, this is a beautiful island with olive orchards, monasteries, a Roman aqueduct and temples. 

Unlike other Greek islands, it doesn’t cater to hordes of tourists, so you can still experience the traditional Greek way of life here with some Turkish touches. 

The island’s cost of living is low, with minimal import charges for food and essentials and many affordable real estate options.

Zakynthos

The unspoiled natural environment of Zakynthos is absolutely beautiful. 

It’s easy to see why people would want to retire to an island with pristine beaches and towering cliffs that plunge straight into the ocean. 

The island is more affordable for long-term residents than its expensive neighbours, Corfu and Kefalonia or Santorini in the far south.

Popular beaches like Alykanas and Tsilivi offer swimming and water sports, while the famed nightlife of Laganas could see you partying long into the night. 

Thessaloniki

The northeastern port city of Thessaloniki stands apart from the rest of Greece for its link with people from the Balkan Peninsula, Turkey, the Mediterranean and neighbouring North Macedonia. 

It’s not only a cultural and historical hotspot but also a significant transportation hub for Southeast Europe and home to important economic, commercial and governmental institutions. 

Thessaloniki is worth considering if the idea of living in an inexpensive city with easy access to many weekend holiday destinations appeals to you.  

The Best Places to Retire in Greece: FAQs

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Many people will enjoy the Greek lifestyle, its Mediterranean climate, amazing culture, incredible food and low cost of living.

It’s a location that EU and UK citizens prefer because it’s so close to home, though Brexit has complicated things for the British. However, others can also enjoy many benefits there, especially if they desire access to the rest of Europe. 

For those who want to hold onto more of their hard-earned pension, Greece is very competitive with other more traditional retirement destinations. 

One of the key factors in choosing where to retire is the potential to legally reduce your taxes while living your desired lifestyle – it’s what we call ‘going where you are treated best’.

Here at Nomad Capitalist, we help successful investors and entrepreneurs legally reduce their tax bills, diversify and protect their assets, become global citizens and maximise their freedom. 

We’ve created and implemented bespoke, holistic strategies for over 1,500 high-net-worth clients. Become one today.