Retiring to Greece
Why retire to Greece
There are many reasons why Greece is an exciting and life-enhancing retirement destination. Here are just a few.
- Four seasons in the sun
Greece basks in over 2,500 hours of sunshine a year. That’s a good 50% more than in northern Europe. The physical benefits of sunshine include being great for Vitamin D, while warmer winters can be good for respiratory conditions and arthritis. Maybe more importantly, it just makes it easier to be active and living a healthy lifestyle outside. - Affordable properties
In much of Greece you can find properties for well under €50,000 – though they need to be renovated. Even a home that’s ready to move into and located close to the shops, cafes and the beach can be found for a fraction of what you would pay in other Mediterranean locations. - Lower cost of living
Greece is an affordable place to live, especially when compared to the UK, USA, France, Ireland and Germany. The Property Guides Cost of Living Index found that it was especially low cost for leisure activities and travel. - Endless choice of things to get up to
Whether you want to dive into the Med, Greek mythology or the numerous UNESCO World Heritage sites, Greece is perfect for those looking to keep busy in retirement. It’s a retirees’ chance to try those things they’ve always put off too, whether writing that novel, getting into painting or even taking up sailing. - Healthy, delicious cuisine
The Mediterranean diet is proven to be good for you: packed full of fresh fruit and veggies, the diet reduces the risk of heart disease and cancer. Luckily, its low cost too.
Residency & visa options for retirees
If you have an EU passport, then retiring to Greece is simply a matter of a little paperwork. Since Brexit, Brits join North Americans, Australians and others as “third-country nationals”. This is far from impossible, with Greece one of the easiest places to retire. But it does need retirees to do quite a bit more paperwork and fulfil certain criteria to obtain a visa.
One thing to do is to check your ancestry, if you have a parent or grandparent who was born in Ireland (or other EU country) you can apply for an EU passport.
Semi-retirement in Greece
Staying within the 90-day rule
The 90-day rule means that third-country nationals are only able to stay in Greece and the rest of the Schengen Area for 90 days out of every 180. If you are planning to only semi-retire to Greece and will be spending 90 days or less out of every 180, then you do not need a visa.
Please note that the 90 days counts for all countries in the Schengen Area. For example, if you spent time in Spain, that would impact how long you could then spend in Greece.
Digital nomad visa
Perfect for those at the pinnacle of their careers and maybe acting as a consultant, the digital nomad visa allows you to work remotely for a foreign-based country while living in Greece. Initially for 12 months, it can then be renewed. You will need a salary of at least €3,500 per month. For the initial six months, you will not pay tax and will have reduced taxes for a while thereafter.
Financially Independent Visa (FIP)
The FIP is made for non-residents who want to live in Greece without working, so it’s a popular choice for retirees. The initial period lasts two years, it can then be renewed every two. After five years you can apply for permanent residency. To qualify for renewal, you’ll need to stay in Greece for 183 days a year.
As long as you can financially support them, you can bring certain family members along too.
Generally, you apply from the consulate in your home country. The application process takes three months, and you will need to start using it within three.
Requirements:
- Sufficient passive income. As of 2024, you will need €2,000 a month (€24,000 a year) to be eligible for FIP and able to support yourself in Greece. If you bring a spouse, you’ll need an additional 20%, and 15% for each dependent. This will need to be evidenced by bank statements or a pension.
- Evidence of not working. This can be demonstrated by your pension or a letter from your previous employer.
- No criminal record. Evidence of this will need to be recent and translated into Greek.
- Proof of housing. This could be shown by a rental agreement or property ownership.
- Comprehensive health cover. You must have healthcare equal or superior to the Greek health service before you apply.
Greece’s golden visa
The golden visa is a residency-by-investment scheme. By investing in a property, you can live in Greece and travel the Schengen Area freely. There are other investments you can make instead, such as in government bonds or as a deposit in a bank, but the property option is most popular.
The rules around the golden visa have changed significantly in the last year, and are currently as follows:
- In Attica, Thessaloniki, Mykonos and Santorini and all islands with a population of more than 3,100, you must purchase a property of at least €800,000 to qualify for a golden visa.
- In all other areas of Greece, you must purchase a property of at least €400,000 to qualify.
- In some cases, you can qualify for a golden visa for a property worth €250,000. For example, if it is a restoration project.
- In all cases, it must be a single property (and not separate, less expensive ones) of at least 120 square metres.
If you are married, choose one main applicant (your spouse can still be included). The same requirements regarding healthcare and a clean criminal record as FIP apply.
Healthcare requirements for retirees
Before you move to Greece, collate your medical files and have them translated into Greek so that they can be read by medical teams there.
If are semi-retired, perhaps on a digital or golden visa, then you will need private healthcare. You cannot necessarily use the same private healthcare as in your own country, unless they have international coverage.
Healthcare is not completely free in Greece, even for citizens, you will have to pay for some services. If you become a Greek resident, you can get an AMKA number through your local citizen’s service centre or KEP office. This will enable you to access Greek state healthcare.
Three top choices to retire in Greece
Where you choose to retire in Greece is truly a matter of what lifestyle you are looking for. You could be after the buzz of Athens, the quiet of a remote village or something in between.
Crete
Crete is one of Greece’s most expat-friendly islands. It benefits from long summers, with temperatures safely in the 20°Cs from April to October. Plus, it is the best-connected island with three airports, perfect for flying home to make birthdays and Christmas. It offers a varied lifestyle of hikes in the mountains, warm beach days and has two exciting cities, Heraklion and Chania.
Corfu
Corfu benefits from a lush green landscape. If you find the southern islands too hot, Corfu may be preferable. It has wet winters but both spring and summer are sunny, and summers are balmy. From golf to sailing, it is brilliant for outdoor activities, it has stunning Venetian architecture to explore and an existing expat community to welcome you.
Peloponnese
The Peloponnese is a fantastic choice because it has an island feel while still being connected to the mainland, making travel more straightforward. The Peloponnese is a peninsula made up of charming seaside towns, mountains that you can ski on and five UNESCO World Heritage sites.