According to the SSA’s latest data in 2024, around 13,251 retired American workers receive their benefits from Greece. This makes Greece the fifth country in Europe that is mostly preferred by American retirees. Considering this, you may ask: What makes Greece so a popular retirement destination? Well, there are many underlying reasons behind the trend of us retiring to Greece. In this article, we will explain them in detail.
What to Discover in This Guide?
- Why Retire in Greece?
- Is Greece a Good Place to Retire?
- Retirement Age in Greece: 2025
- Who Can Retire in Greece?
- How Can You Retire in Greece?
- How Much Do You Need to Retire in Greece?
- Taxes in Greece For Retirees
- Healthcare For Retirees in Greece
- Cost of Living in Greece
- Accommodation in Greece
- Banking in Greece
- Top 5 Best Places To Retire in Greece
Why Retire in Greece?
As one of the best countries to retire, Greece is a country located in the southeast of Europe, right on the Mediterranean. It has long been a hotspot for travelers and retirees. Greece stands out due to its waterfront real estate on year-round sunny beaches, breezy lifestyle, happy locals, high standard of living, incredible tax benefits, and fantastic historical treasures.
In short, Greece is the beating heart of the world. It’s the birthplace of modern philosophy. It mixes history, rich culture, and modern living in a way that almost nowhere else does. Thus, it offers retirees an opportunity to spend their golden years in a laid-back island style, raising awareness for well-being.
Is Greece a Good Place to Retire?
Deciding where to spend your retirement years can be challenging. However, once you decide on your expectancy of “a good retirement”, you can make the best decision for yourself.
Here, we have gathered some of the pros and cons of retiring in Greece. So that you can see a clear picture of what it is like.
Pros of Retiring in Greece
- Greeks are very friendly and welcoming, plus they speak English, especially in major cities, which makes it easier for you to communicate with the locals and integrate yourself into the life and culture here.
- The rich history of Greece can mesmerise you, along with its mythological stories. At every step you take, you will witness the ancient ruins.
- The Greek Architecture carries three distinct structural orders: the Doric, Ionic, and Corinthian orders. Each of them stands out harmoniously, inviting you to enjoy the beauty of Greek architecture.
- If you are a fan of nature, Greek Island living can offer you the best. With its warm and welcoming atmosphere and Mediterranean lifestyle, you can easily fall in love with Santorini’s sublime landscape or the calming sea of Rhodes.
- The country offers Greece Retirement Visa, also known as an FIP Visa, to retirees with a minimum monthly income of €3,500. Once granted, it will give you a 3-year residency. If you want a longer stay, you can look for Greece Golden Visa, with a minimum property investment of €250,000.
- If you become a legal resident, you can benefit from its public healthcare services and the low living expenses.
- Greece also offers a 7% flat tax regime for foreigners if they comply with the legal requirements, which we stated below.
- Plus, it also has double taxation treaties with many countries. So, you may not have to pay income tax on your foreign income depending on the origin of your home country.
Cons of Retiring in Greece
- Outside the city center, your likelihood of coming across an English-speaking person decreases.
- Some islands can have infrastructure issues related to the electricity supply due to storms.
- Expat retirees may often face slow and heavy bureaucracy, which may make it difficult for them to complete the relocation process. However, in most parts of Europe, you will face this slow bureaucracy.
- From July to August, you can expect a huge tourist density, which can be unwanted if you prefer a serene life with a relaxed and slower pace.
- The Mediterranean climate can reach extreme heat during July and August. This excessive heat can also be a huge problem if you are coming from cooler places or if your tolerance to hot weather is lower.
- The country often has strikes and protests, especially in big cities, which can cause disruptions.
Retirement Age in Greece: 2025
In Greece, the minimum insurance period is 15 years, and the general age limit is 67 with 4,500 days of employment in 2025. In general, 62 years of age and the completion of 40 insurance years (12,000 days of employment) are prerequisites for receiving a full pension.
Additionally, dependents are eligible for an additional monthly sum under certain circumstances.
Who Can Retire in Greece?
Retiring in Greece is relatively easy. Due to its active tourism sector, the Greek visas tend to be easy to obtain. Though in some cases, the process might be a bit more elaborate.
Entry Visas
Eu Citizens
Citizens of the EU, Iceland, Norway, Liechtenstein, or Switzerland don’t need a visa to retire in Greece. All you need to do is present your passport or identity card when entering the country.
Moreover, if you plan to live in Greece long-term, you should apply for a Tax Identification Number to make specific processes easier. We’ll discuss in-depth Greek taxes and bank accounts later in this article.
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 Photo
- The Application form, filled in English or Greek
- A medical certificate filled out by a licensed doctor
- Proof of medical insurance valid in Greece
- An excerpt from the penal register issued by your country of origin or current residence
You should go to the Greek consulate personally, so the authorities can interview you. They will also take biometric data from you during your visit. Remember that these visas are valid for 90 days.
US Citizens
US citizens can visit Greece for 90 days without needing a visa or permit. Your passport must be valid and have at least three months before expiration. However, an ETIAS is required. You need to enter the ETIAS website and fill in the application form before entering.
Though if you’re visiting Greece for longer than 90 days, you need a Greek residence permit. At this point, if you have made your decision to retire in Greece from the USA, you can apply for a Greek Retirement Visa or a Greece Golden Visa.
UK Citizens
After Brexit, UK retirees can stay in Greece up to 90 days in 180 days without a valid visa. All you need is a valid passport. However, if your stay exceeds this, you must obtain a temporary residence permit.
Once you make up your mind to retire in Greece from the UK, you can consider applying for a Greek Retirement Visa or Greece Golden Visa, depending on your needs and interests.
How Can You Retire in Greece?
If you’re thinking about retiring in Greece, here are some of the residence permits that you can go for.
Residence Permits
Applying for a residence permit will take some time in Greece. You’ll need to apply for a permit to move to Greece. That means if you’re a non-EU citizen, you should get an entry visa first, as we mentioned above.
The required documents for a residency permit are as follows:
- Passport
- Proof of current and continuous medical insurance with coverage in Greece
- Proof of a regular income of at least €2,000 monthly, or
- At least €24,000 in a bank
A convenient and popular way for non-EU citizens to acquire permanent residency in Greece is through the Greece Golden Visa Program.
Greece Retirement Visa
Once you have decided to relocate to Greece as a retiree, you can apply for Greece Retirement Visa, known as the Financially Independent Person visa. Within the framework of this program, you need to show a monthly income of €3,500 to qualify. Plus, you can benefit from family reunification, visa-free access to the Schengen Area, healthcare services, and a 7% flat tax regime. Additionally, you do not need to open a Greek bank account.
The requirements for the Greece Retirement Visa are stated below:
- Being a non-EU citizen
- Having a criminal record
- Having a medical certificate
- Showing a proof of address in Greece (ownership deeds or rental agreement)
- Proof of having enough source of monthly income (€3,500, the amount increases 20% or 15% if you add dependents)
Once foreign retirees get the retirement visa, it will be initially valid for three years, which can be extended. Moreover, as a FIP Visa holder, if you reside in Greece for a continuous 7 years, you can apply for citizenship too.
The Greece Golden Visa
The Greece Golden Visa, a residency by investment program launched in 2013. This program gives you permanent residency in Greece through an investment in the Greek real estate market. That is an excellent idea if you’re planning to retire there.
This program has been extremely popular with investors and retirees because it has the lowest minimum investment among any Golden Visa program. You can become a permanent resident in Greece with an affordable cost of €250,000.
When you enter this program, you immediately get a permanent residence in Greece valid for five years. You can renew this permit every five years as long as you hold the investment. The best benefit of this program is that you can qualify for citizenship after seven years of living in Greece. However, there is a minimum stay requirement of 183 days a year, and you need to pass a citizenship exam.
There are a few ways to qualify for this program, such as:
- €250,000 purchase of real estate anywhere in Greece
- Purchase of multiple real estate properties in Greece if the combined cost is a minimum of €250,000
- Timeshare or lease, in a hotel or furnished tourist accommodation for a minimum of ten years
- Ownership of €250,000 worth of real estate through a legal entity, provided that you are the sole owner of said entity.
Additionally, multiple investors are allowed to invest together, as long as each of them invests a minimum of €250,000. This is the fastest way to get permanent residence in Greece, as you can receive your permit within 40-60 days.
To give you a clear idea, we have compared the two residency options:
| Greece Retirement Visa (FIP) | Greece Golden Visa | |
|---|---|---|
| Eligibility | Passive income or savings | Real estate investment |
| Minimum monthly income | €3,500 (+15% or +20% per dependent) | Not required |
| Minimum savings | €72,000 | Not required |
| Minimum investment | Not required | €250,000 – €800,000 |
| Residence permit validity | 3 years (renewable) | 5 years (renewable) |
| Citizenship eligibility | After 7 years (183 days per year) | After 7 years (183 days per year) |
| Family inclusion | Yes | Yes |
How Much Do You Need to Retire in Greece?
Greece is quite affordable compared to other European countries. A family of four can comfortably live there for €2,757.8 monthly, without including the rent, while this amount increases $5,000 in the USA. That is because Greece’s cost of accommodation and services is low, despite the high living standards.
For example, many Americans living in Greece report that they spend 30% less in Greece than in the US. Later in this article, we will break down some costs of services and goods in Greece.
Taxes in Greece For Retirees
When retirees or pensioners want to retire somewhere new, taxation is always an issue. That’s completely understandable, as you don’t want to get double-taxed and spend your hard-earned money on fees and tariffs.
In July 2020, Greece introduced a new initiative to attract retirees. The initiative was laid out in a draft law to be tabled in parliament. This draft states that if you shift your tax residence to Greece, you will be taxed at a flat 7% rate.
To qualify for this, you shouldn’t have been a tax resident for the five years before your tax relocation to Greece. As soon as your foreign pensioner’s application is approved, all your income obtained from abroad will be taxed at a flat 7% rate for the next ten years.
This rate will apply to all your foreign-sourced income, be it rents, business activities, dividends, or pensions.
When this law comes into effect, it will be an incredible opportunity for retirees, and we highly recommend that you take advantage of it. You simply can’t find a better tax deal in a whitelisted country anywhere else.
Taxpayer Identification Number
The taxpayer identification number is known as (AFM). You’ll need this number to open a bank account, set up utilities, and benefit from the 7% flat rate if you’re a pensioner.
Applying for this number is quite simple. You just need to visit the local tax office and fill out an M1 form. You should also bring your passport with you. Sometimes the local tax office might require some additional documents, such as proof of residence or a bank statement.
Healthcare For Retirees in Greece
Retirees in Greece will enjoy access to a highly developed healthcare system in Greece. Greece offers public healthcare to both citizens and residents for free or at a minimal cost.
The EFKA is the unified healthcare system in Greece, which provides free healthcare to citizens and residents.
Public Healthcare
Among the best healthcare countries, Greece offers a public healthcare system called ESY (National Health System). EU citizens, expats, and those who are unemployed are eligible for ESY.
If you’re retiring in Greece, you’ll need a residence permit, as we mentioned above. This means that you can use the ESY system. What’s interesting about this system is that you don’t need a referral to make an appointment with a specialist. A common problem, though, is that there are long waiting lists to see specialists.
Most public health institutions in Athens have some English-speaking staff. However, they’re harder to come across in the islands or smaller cities.
Here are some of the services the public healthcare system offers:
- Surveillance of public health
- Control of infectious diseases
- Environmental health control
- Health promotion
- General and specialist care
- Hospitalization
- Laboratory services
- Discounted drugs and medicines
- Maternity care
- Medical appliances
- Transportation
Private Healthcare
We recommend that you look into private healthcare when retiring in Greece. Private healthcare has more advanced facilities than public ones. Additionally, you are more likely to find English-speaking staff in private hospitals.
Moreover, a few private hospitals have partnerships with some American hospitals and hospitals in other countries. This means that your current healthcare insurance provider might be able to extend your existing plan to cover you in Greece.
Private health insurance is popular with Greeks and expats because it offers better services and shorter waiting times. You can choose to have a plan that complements the public healthcare system or an all-inclusive plan.
What does private health insurance cover?
It covers all the primary healthcare needs and some extra services, such as:
- Treatment in Greece’s most advanced hospitals
- Advanced dental treatment
- Cosmetic surgeries
- Fees when visiting a specialist
A few international health insurance providers that can cover you in Greece are:
- AXA PPP Healthcare
- BUPA International
- Exeter Friendly Society
- International Health Insurance
Note that most hospitals and clinics under foreign private health insurance schemes tend to be either in Athens or Thessaloniki.
Cost of Living in Greece
So here comes the critical question: “Is Greece expensive?” Well, Greece has lower salaries compared to other European countries. That is not an issue, though, because the average cost of living and services is also much cheaper than anywhere else in Europe. Most retiree couples could comfortably live on €2000 a month, excluding rent.
The cost of living there, of course, depends on where you live and your lifestyle. For example, the islands are more expensive than the mainland regarding fuel and essential goods. Furthermore, the countryside is significantly cheaper than the cities.
Accommodation in Greece
The accommodation prices have decreased dramatically during the economic crisis. They are currently slowly emerging, but are still very affordable. If you’re retiring in Greece, you might either want to rent or buy a property.
Greece is unique in Europe because it has an abundance of properties to rent or buy. Those who take advantage of the Greece Golden Visa program realize that this is an emerging market. So, there is a good chance that you may enjoy a capital appreciation on your property.
Rental Prices in Greece
Below you’ll find a table with average rental prices in Greece:
| Type | Location | Average Price |
|---|---|---|
| One-Bedroom | City Center | €400 – €700 |
| Three-Bedroom | City Center | €600 – €1,200 |
| One-Bedroom | Outside City Center | €260 – €600 |
| Three-Bedroom | Outside City Center | €450 – €1,100 |
Property Prices In Greece
Below you’ll find a table with average property prices in Athens, Greece:
| Location | Average Price per m² |
|---|---|
| City Center | €2,500 – €5,000 |
| Outside the City Center | €2,500 – €4,500 |
Internet and Utility
For utilities such as gas, electricity, and water, expect to pay between 150-300€. This changes depending on the size of your house, your level of usage, and the season. The monthly cost of the internet is about €30.
Cost Of Food
The Mediterranean diet is rich in olives, olive oils, cheese, and locally grown products. Recent studies show that this diet helps increase longevity and lowers the risks of heart disease and diabetes. Greece is known for its top-notch locally grown foods, and it’s relatively cheap. In the tables below, you’ll find the average costs of some foods and drinks:
| Item | Price (€) |
|---|---|
| A dozen eggs | 3.93 |
| Rice (1 kg) | 2.28 |
| A loaf of white bread | 1.23 |
| Milk (1 liter) | 1.21 |
| Rice (white, 1 kg) | 1.49 |
| Chicken fillets (1 kg) | 9.03 |
| Apples (1 kg) | 1.52 |
| Potatoes (1 kg) | 1.13 |
| Water (1.5 L bottle) | 0.79 |
| Bottle of wine (mid-range) | 8.00 |
| Cigarettes (Marlboro, 20 pack) | 4.70 |
| Three-course meal (mid-range restaurant, for two) | 50.00 |
Transportation
Greece’s public transportation is excellent and cheap. Most cities have city buses, and Athens has a metro system.
Sometimes you’d like to own a car in Greece, in which case you have to get car insurance. Here are some prices of transportation and vehicles.
| Item | Price (€) |
|---|---|
| Gasoline (1 liter / 0.25 gallon) | 1.83 |
| Monthly bus/transport pass | 30.00 |
| Bus ticket (single-use) | 1.40 |
| Taxi tariff (8 km / 5 mile journey) | 12.00 |
| Toyota Corolla (new) | 26,000 |
| VW Golf (new) | 25,147 |
Banking in Greece
It’s always smart to have a bank account in your country of residence. Luckily, the process is pretty easy in Greece. All you have to do is go to the bank with your passport and your taxpayer identification number (AMF). Some banks might have different requirements, so we recommend checking the specific bank you want to open an account with.
Eurobank is one of the many available banks for retirees in Greece. Its website is extremely user-friendly, and it has excellent customer service in English. Additionally, it makes paying the bills very easy through E-banking.
Another preferred bank for expats is the National Bank of Greece. This bank offers a virtual prepaid card for online shopping, which can be quite convenient.
Some other banks in Greece are:
- Piraeus Bank
- Alpha Bank
Top 5 Best Places To Retire in Greece
The problem with Greece is that wherever you go, you’ll find crowds trying to enjoy the Greek lifestyle. You can retire in Greek cities, such as Athens or Thessaloniki. However, when you retire, you might want somewhere quiet and away from the hustle.
Most often, when you ask the question, “Where should I retire in Greece?” you’ll get a generic answer like “one of the islands.” To spare your time, rather than talking about Athens and Thessaloniki, we found some quaint villages in Greece that you might want to consider.
1. Chryso
As one of the best places to retire in Europe, Chryso is nothing short of magical. The population there is just over 700, and it is situated about a 2.5-hour drive from Athens, at the foot of Mount Parnassus. This village is surrounded by olive groves, which makes you lose yourself in nature.
Moreover, there are traditional stone churches that simply drown you in history. It’s also just three kilometers away from Delphi’s Monuments, which are on the UNESCO heritage list.
2. Ploydrosos
This is another village located on Parnassus’s slopes, about a two-hour drive from the capital. Polydoros is close to the famous Byzantine monument, the temple of Paleopanagia.
You can visit the village of Arahova on foot through a large national park outside of the town. The hike takes about two hours. The ancient city was drenched in history, and the locals are very welcoming, usually offering expats Greek coffee and food. Moreover, there’s a magnificent ski resort, which is just a 30-minute drive away.
It’s important to note that only about 1,000 people live there, making it a perfect place for some peace.
3. Kyriaki
Kyriaki is located on the western slope of Mount Helikon, about two hours away from Athens by car. It is uniquely picturesque and only seven kilometers away from the Corinthian Gulf.
Walking around in the village, you can find many attractions, such as the Church of St.John the Baptist in the central square, Arvanica park, and the old chapel of Agios Nikolaos.
4. Goura
This visually stunning settlement is built at the foot of Mount Zireia in the Olivios river valley, only a 2.5-hour drive from Athens. When you first set foot in it, you’ll feel like you are transported to a 19th-century Greek novel.
Locals enjoy hiking on Ziriea’s hills, which are dotted with fir trees. Moreover, you can take about a two-hour hike to Doxa Lake, and it might just be the cleanest lake you’ll ever see.
The best thing about this village is definitely the monastery of St. George. The view is just incredible, and the monks treat visitors to sweets made from pink petals.
5. Steni Dirfys
This village is located on Mount Dirfys on the island of Evia. You can drive there from Athens in under two hours, passing over two massive and beautifully built bridges.
What stands out in this village is the bicycle routes through the beautiful woods. If you’re a fan of hiking, cycling, climbing mountains, or picnics, then you should definitely consider this place.
You can also drive about 40 minutes to Hiliadou beach, where many people spend sunny days and swim in the pristine waters.
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Frequently Asked Questions on Retiring in Greece
Is moving to Greece difficult?
Moving to Greece is quite straightforward. EU citizens can move there without a visa or a permit. For other citizens, you need an entry visa. Additionally, you need to apply for a residence permit once you’re there.
What are the benefits of retiring in Greece?
Greece’s retirement benefits have recently become irresistible with the introduction of the new tax law for retirees. The 7% flat tax rate is a tax program for foreign pensioners who decide to live in Greece. You do need to get a relevant residence permit in Greece. The Greece Golden Visa program gives you exactly that ability to get a residence permit.
Can Americans retire in Greece?
Of course, American retirees can retire in Greece by getting a residence permit via Greece Retirement Visa. They can also prefer investing in a property of at least €250,000 and get a 5-year residence permit, which is renewable.
Does Greece tax US retirement income?
Yes, Greece taxes the US retirement income if you are considered a legal resident. However, you can benefit from a special 7% flat tax regime.
Can I collect Social Security while living in Greece?
Yes, you can collect your social security benefits while legally residing in Greece.
Should I retire in Greece or Portugal?
Deciding to retire in Portugal or Greece actually depends on your personal preferences. Both countries offer a low cost of living, better healthcare, an expat-friendly lifestyle, and easy residency options. At this point, you may ask yourself which country’s culture and lifestyle suits you the most.
