Although Greece does not officially have a specific retirement visa, there is one outstanding option: the Financially Independent Person Visa (FIP). Through this option, retirees can obtain residency by showing a monthly income of €3,500 or €72,000 in savings. Once issued, it will be valid for three years, with a renewal option.
FIP Visa provides many benefits to its holders, too. If retirees qualify for this program, they can benefit from visa-free travel to the Schengen region, high-quality healthcare, a Mediterranean lifestyle, and affordable living costs.
What to Discover in This Guide?
- What is a Financially Independent Person (FIP) Visa?
- Benefits of the Greece FIP Visa
- Requirements For Greece Retirement Visa in 2025
- Required Documents for Greek Retirement Visa
- Application Process for Greece FIP Visa in 2025
- Greece Retirement Visa Cost
- Top 3 Destinations to Retire in Greece
- Alternative Options to the Greece Retirement Visa
What is a Financially Independent Person (FIP) Visa?
FIP Visa is suitable for non-EU citizens with passive income. To be eligible for the program, retirees need to show a minimum monthly income of €3,500 or €84,000 in savings. This income should be derived from pensions, rental income, or investments.
Once you complete the application process successfully, you will receive a 3-year residency, which you can renew as long as you meet the eligibility criteria.
The FIP Visa also requires you to legally live in Greece for at least 183 days a year.
Greece Retirement Visa for US and UK Citizens
If you prefer to move to Greece as an American or UK retiree, you can apply for a Greek Retirement Visa, too. All you need to do is prove your eligibility by showing your monthly income or savings, along with the required documents such as private health insurance or proof of residence.
At this point, if you are looking for longer residency options, you can go for Greece Golden Visa. The program will give you a five-year residency through a rental property investment of at least €250,000.
Benefits of the Greece FIP Visa
Before making your final decision, you must be wondering what are the pros of retiring in Greece through the FIP Visa; here we have gathered essential ones.
Family Reunification
You can include your spouse and children in your FIP Visa application. However, your children should be unmarried and below 21 years old. Plus, you must be aware that the minimum income requirements will increase by 20% and 15% as you include your dependents.
Visa-Free Travel to the Schengen Area
One of the things that makes retiring in Greece attractive to many is its strategic location. Located in the Mediterranean region, the country is at the heart of the Schengen region. Therefore, if you obtain your FIP Visa, you and your dependents will be eligible to travel freely to 29 Schengen countries.
Healthcare in Greece
As one of the best healthcare countries, Greece offers both public and private healthcare options for its residents. The public healthcare system, called as National Health System (ESY), offers free and subsidized treatments.
Once you obtain your residency status, you can enroll in ESY and benefit from healthcare in Greece. You can visit your family doctor or general practitioner free of charge. However, you must be ready for long waiting times.
If you prefer faster access, you can opt for private healthcare. The private healthcare system here offers more affordable costs compared to the US.
Tax Benefits in Greece for Retirees
To be considered a tax resident in Greece, foreign retirees have to legally reside for more than 183 days. However, if your home country is one of the countries with which Greece has a double taxation agreement, you do not have to pay double taxes on the same income. Some of these countries include the US, the UK, Canada, and Italy.
Apart from this, you can benefit from tax incentives as a FIP visa holder. Retirees can enjoy a flat 7% tax rate on their foreign pension income. If you are a high-net-individual, you can benefit from €100,00 annual flat tax on your foreign earnings.
Beyond these benefits, the tax system in Greece is also favorable to many:
- Income tax rate: 9%-44%
- Income Tax on Real Estate: 15%-45%
Affordable Cost of Living
You can consider Greece if you’re looking for more affordable living expenses to retire in Europe. You should be able to cover basic monthly expenses for a family of four with around €2,750, excluding rent. You can enjoy dining out, as a nice meal for two typically costs between €35 and €80. Plus, you can rent a three-bedroom apartment in the city center for around €780 a month.
Opportunity to Get Permanent Residency or Greek Citizenship
If you maintain your FIP residency for five years, you can get a permanent residence permit in Greece. After seven years of continuous residency under the FIP program, you may become eligible to apply for Greek citizenship.
Note that to get citizenship, you will need to pass both a written and an oral exam to earn the Certificate of Adequacy of Knowledge for Naturalization.
Requirements For Greece Retirement Visa in 2025
Now that we have covered the essential benefits, let’s look at the Greece Retirement Visa requirements:
- Being a non-EU citizen
- Have a clean criminal record
- Provide a medical certificate
- Buying or renting a property in Greece as proof of residence
- Not be classified as “persona non grata” (undesirable foreign national)
- Proof of minimum monthly passive income of €3,500. You need to add 20% (€700) for a spouse and 15% (€525) for each dependent child.
- Proof of sufficient income (such as pensions, rental income, dividends, etc.)
- Proof of savings at least €72,000 for a single applicant, €86,400 for a married couple, and €112,000 for a family of four
Required Documents for Greek Retirement Visa
Before submitting your application for the Greece Retirement Visa, you will be required to gather some documents. These are stated below:
- A clean criminal record
- A valid passport
- Proof of good health
- Proof of residence in Greece
- Proof of private health insurance
- Proof of income (bank, social security, or retirement income statements)
Application Process for Greece FIP Visa in 2025
In order to complete your application as smoothly as possible, you need to follow the basic steps.
Step 1: Gather your documents and submit your application
Initially, you are required to collect the documents stated above, which will approximately take 2-4 weeks. After you collect them, you must make your application through the Greek Consulate in your home country or country of residence.
Step 2: Receive Your FIP Visa
Once you apply, if there are no missing documents, your initial FIP Visa will typically be issued within 10 days. It is valid for up to 12 months. Therefore, you need to enter Greece and begin your residency process within this specific time period.
When you go to Greece and you must apply for a temporary residence permit at the Ministry of Immigration. This must be done in person and includes submitting your and your family’s biometric information, too.
Step 3: Get your residence permit
After submitting your residence permit application, you will receive a proof of filing document. This temporary permit allows you to stay in Greece legally beyond the 90-day tourist limit while you wait for your 3-year residence permit.
Within about three months, you’ll receive your official temporary residence card. It will be valid for three years with an opportunity to renew as long as you continue to meet the requirements.
Greece Retirement Visa Cost
While applying for the FIP visa at a Greek embassy, you can expect to pay €75 per applicant. The government fees are approximately:
- €1,000 for visa stamp duty
- €16 fee for the electronic residence permit card
Additional expenses may include:
- Legal and administrative fees
- Translation costs for converting your documents into Greek
- Medical examination fees
- Health insurance
Top 3 Destinations to Retire in Greece
Greece’s laid-back lifestyle appeals to many retirees, and below you can see the top 3 destinations for foreign retirees in Greece:
1. Athens
With its Mediterranean climate, Athens is a popular choice for retirees because it offers good healthcare, public transport, and many things to do. It is also easy to travel in and out of the city, and the cost of living can be reasonable depending on the area. Here, you can also enjoy outdoor activities like walking in local parks, visiting ancient remnants, or taking short trips to nearby beaches and mountains.
Considering this, the real estate market in Athens has a wide range of options with varying prices. So, you can easily find a place to relocate and show it as proof of residence.
2. Rhodes
Thanks to its pleasant weather conditions and charming beaches, Rhodes becomes ideal for those who enjoy island life. To spend your golden years, you can find activities like swimming, hiking, or even exploring historic sites. Plus, you can find more affordable accommodation options compared to big cities like Athens.
3. Thessaloniki
As Greece’s second-largest city, Thessaloniki offers a lively atmosphere with a mix of rich culture and modern living. Compared to urban sites, it welcomes retirees with a more relaxed pace of life.
Alternative Options to the Greece Retirement Visa
Along with a Financially Independent Person visa, you can also consider applying for Greece Golden Visa program. This Golden Visa program stands out as a strategic investment option among the other Golden Visa countries. Qualifying for a real estate investment allows you to get Greek residency without any residency requirement, unlike the FIP Visa.
The minimum investment amounts include:
- €250,000 minimum: Invest in properties being converted from commercial to residential use or in the restoration of listed buildings.
- €400,000 minimum: Buy a single property of at least 120 m² in rural areas or less populated cities/islands.
- €800,000 minimum: Purchase property in Athens, Thessaloniki, or islands with over 3,100 residents.
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Frequently Asked Questions on FIP Visa
Does Greece tax US retirement income?
Yes, Greece taxes foreign pension income, but under the FIP visa, retirees can pay a flat 7% tax on it.
Can I collect Social Security if I live in Greece?
Yes, you can collect US Social Security benefits while living in Greece.
Which European country has the easiest retirement visa?
Portugal’s D7 visa is often considered one of the easiest retirement visas, with simple requirements and a low minimum income.
Is Greece expensive to retire in Europe?
Greece is generally more affordable than many other European countries, but costs can vary by location.
