Retire in Greece: Step by Step Guide

When searching for somewhere to retire, the top goals of most retirees are usually some of the following:

• • Warm weather

• • Stunning beaches

• • Friendly locals

• • Affordable real estate

• • Wonderful local cuisine

• • An advantageous location for travel

• • Advanced healthcare

• • Beneficial taxing programs

It might seem hard to find a place that has all these perks at the same time. Believe it or not, Greece checks all these boxes, making it an ideal retirement destination. In this article, we’ll cover all the things you need to do, step by step, when planning to retire in Greece.

As you get closer to your golden years, accessibility to your home in Greece becomes increasingly important. Many areas of the country have easy access to major European cities, but before you decide on retiring in Greece, you’ll want to pick an area with easy access to your home country, if you want to be able to regularly visit family or friends.

Athens and Thessaloniki offer connections to most other European cities. Direct flights are usually possible during the tourist season, from April to October. You can find all direct flights to Athens here. Other islands and areas of the Peloponnese require a car or ferry once you get off the plane. Some more remote islands may only have direct flights to your home country during the summer season, but not in the winter.

For a complete look at travel within Greece and how to reach the islands, compare modes of travel here.

While the cost of living will depend on the lifestyle you want, the cost of living in Greece is generally low. Fortunately for expats, Greece is much cheaper than most other European countries, in some cases about 50% of the price of larger EU nations.

Overall, healthcare in Greece is twice cheaper than in most places in the EU. A standard checkup with a family doctor will likely cost 40 Euros. Antibiotic prescription usually costs around 7 Euros for a week’s supply.

The largest cost will likely be housing. The following is an example budget for a modest lifestyle. It is possible to spend more or less based on your needs. Some expats choose to pay more (about 5000 Euros per month), and for locals, it is not unlikely to see families living on less (800 Euros per month is not unheard of, for example). The beauty of the Greek lifestyle is that even with a fixed income from a pension, you have the ability to fully enjoy your golden years.

3. Prepare Your Visa or Residence Permit

EU Citizens

For citizens of the EU, Iceland, Norway, Liechtenstein, and Switzerland, you don’t need any visa to retire in Greece. You just need to show your passport or ID card from you enter Greece.

If you are from one of these countries and you hope to live in Greece long-term, you will need to get a tax ID. More specifically, if you live in Greece for more than 186 days per year, you are considered a Greek Tax Resident and are required to have a Greek tax number.

Non-EU Citizens

Non- EU citizens require a three-month entry visa known as the “D” type visa. You can obtain an entry visa by visiting the Greek consulate in your country and bringing the following documents:

• • Your passport, valid for at least three months after the expiration of the visa

• • A biometric passport picture

• • The Application form, filled out in English or Greek

• • A medical certificate filled out by a doctor

• • Proof of medical insurance that is valid in Greece

• • An excerpt from the penal register issued by your country of origin or country of current residence

• 
  

Note that documents may vary from consulate to consulate, and some may require additional information or even an interview.

British Citizens

For British citizens, it is best to consult these websites: the EU-UK Withdrawal Agreement; and Visas. When you go the consulate, the authorities will interview you and collect biometric data. D-type Visas are valid for 90 days.

US Citizens

For US citizens, you can visit Greece for up to 90 days for business or tourism purposes without a special visa or permit. For entry into Greece, your passport should have 6 months of remaining validity.

Residence Permits

You need to apply for a residence permit if you want to live in Greece. For non-EU citizens, you first need to get an entry visa, and then a residence permit.

The most popular way to get a residence permit for home-seekers in Greece is through the Golden Visa Program, a residency-by-investment program which grants residency, visa-free travel in Europe (for 90 days every 6 months), and family inclusion with a minimum investment of 400,000 Euros. More on the Golden Visa here.

There are several residence permit options besides the Golden Visa, including Residency by Employment, Residency by Family Unification, Residency by University Studies, as well as a Financially Independent Residence Permit.

A Greek Tax Number, also known as an “AFM”, is necessary for many aspects of living in Greece. An AFM is needed when purchasing a property in Greece. An AFM is also needed if you plan to get a Greek residency permit, to file taxes in Greece, to secure a rental contract, and to open a bank account.

Like tax ID numbers in many other countries, an AFM is unique to you, and you keep it your whole life.

 How Do I Get a Greek Tax Number?

It is common in Greece to hire an accountant or lawyer when applying for an AFM. If you have given an Elxis lawyer power of attorney, we can apply for the tax number on your behalf through our network of verified accountants. In this case, you provide us the necessary documents, and we update you when the process is complete.

Changing Your Tax Residence to Greece

Back in 2020, Greece started a new program to attract new pensioners to Greece. If you shift your tax residence to Greece, you will be taxed at a flat rate of 7%.

What does this mean? You make a foreign pensioners application, and if this is approved, all your income from abroad is taxed at a flat rate of 7% for the next 15 consecutive years. “Income from abroad” includes all income with a foreign source – pension income, rent, capital gains, and dividends.

You must spend more than 183 days a year in Greece to hold to your tax residency. For more information about tax options for pensioners in Greece, see the complete guide here.

Tax Options for High-Net Worth Individuals

Greece has a special tax program to encourage high net worth individuals (HNWI) to transfer their tax residence to Greece. Similar to benefits to pensioners who move their tax residence to Greece, this is a great deal when stacked up to tax systems in other countries, where income for high earners can be taxed up to 50%.

Instead of paying a percentage tax on the foreign income, Greece offers you the possibility to pay a flat rate of 100,000 euros per year on the foreign income by transferring you tax residence to Greece. You can add a family member for 20,000 Euros per year.

Greece has a great public healthcare system that is available for citizens and residents for free or at a very low cost. EFKA is the name of the public healthcare system in Greece.

It’s also best to research private healthcare when you are retiring in Greece. Private healthcare has better facilities, and you are more likely to find doctors that speak English. In addition, the lines are usually longer at public hospitals, so private health insurance is more popular with expats.

Emergencies: For emergency care or ambulances, call the National Center for Emergency Care (EKAV) ambulance: 166.

If you plan to retire in Greece on a remote island in Greece without a major hospital, you can get a transfer from an EKAV helicopter or boat to a major city to receive care. For private air ambulances, a few options are Gamma Air Medical and Athens Medevac.

Safety in Greece

In general, Greece is a safe place, especially in the smaller villages. Petty crime is always a threat in major cities and at nighttime, so it’s best to protect valuables.

Now that you’ve sorted out the logistics of preparing for retirement in Greece, here comes the fun part: