Step by Step Guide to Retiring in Greece - Updated November 2024

Greece has long been an attractive destination for those dreaming of sun-soaked beaches, rich culture, and an affordable, relaxed lifestyle. From the historic streets of Athens to the picturesque islands of the Aegean, this country offers a beautiful backdrop for retirement. If you’re considering making Greece your retirement home, here’s everything you need to know to make the move smoothly.

Why Retire in Greece?

Greece offers an ideal combination of lifestyle, affordability, and natural beauty. Here are just a few reasons why retirees are choosing to spend their golden years in Greece:

Lifestyle Benefits of Retiring in Greece

• Stunning Scenery: Greece boasts crystal-clear waters, iconic whitewashed villages, and a mild Mediterranean climate that invites outdoor living year-round.

• Rich Culture and History: Greece is a hub of history, art, and tradition. Retirees can enjoy exploring ancient ruins, museums, and theatres or simply soaking in the vibrant local culture.

• Health and Wellness: The Greek diet, based on olive oil, fresh vegetables, and seafood, is considered one of the healthiest in the world. Combine that with an active, outdoor lifestyle, and Greece offers a recipe for a healthy retirement.

Financial Benefits of Retiring in Greece

• Affordable Cost of Living: Greece offers one of the lowest cost of living in Europe, with affordable housing (especially outside the most touristy areas), food, and healthcare options.

• Attractive Tax Incentives for Pensioners: Greece offers a flat 7% income tax rate on foreign pensions for up to 15 years, making it a financially appealing option for retirees.

• Financial Stability: Greece benefits from a stable exchange rate and strong institutional quality, supported by its membership in the EU and the Eurozone, offering retirees financial security and peace of mind.

Step-by-Step Guide to Retiring in Greece

1. Visa and Residency Requirements

If you’re an EU/EEA citizen, retiring in Greece is relatively simple, as you don’t need a visa or residence permit. However, non-EU nationals will need to apply for a residence permit. The first thing on the bucket list is ensuring eligibility for at least one of the two main routes, which are the Financially Independent Individuals Scheme and the Greece Golden Visa.

• Financially Independent Individuals Scheme: Allows retirees to reside in Greece if they can prove they have a stable income (€3,500 per month) to support themselves without working. Alternative methods of demonstrating financial self-sufficiency are also accepted, such as showing sufficient liquidity in bank accounts. Applicants must first obtain a one-year visa through the Greek consulate in their country of residence. After relocating to Greece, they will need to apply for a residence permit, which will extend the term to three years.

• Greece Golden Visa: Offers residency in exchange for a real estate investment of at least €400,000, which becomes €800,000 in the entire Administrative Region of Attica (including the capital and Piraeus), the Regional Units of Thessaloniki, Mykonos, and Santorini, as well as in the islands with a population of over 3,100 inhabitants (including popular destinations of Crete, Rhodes, Corfu, Zakynthos and Paros).

Aside from the financial requirements, here’s a quick comparison of the two options:

2. Healthcare

One of the most significant concerns for retirees living abroad is access to healthcare. While EU citizens can access public healthcare with an EHIC card, non-EU retirees in Greece are required to own a valid private health insurance for the duration of their stay. Greece has a growing network of private healthcare facilities, with short waiting times and availability of English-speaking doctors. Greece overall has a high quality healthcare system, and emergency care is available to everyone. Greece has the highest numbers of doctors per capita in Europe, with 6.2 physicians per 1,000 people (2020), significantly above the EU average. In 2021, life expectancy in Greece was 80.3 years, slightly higher than the EU average. (Source: Health at a Glance Europe 2024) 

3. Deciding Where to Live 

While many places in Greece may seem like dream holiday destinations, retirees need to consider several key factors to ensure a comfortable and enjoyable long-term stay.

Healthcare Access

Easy access to quality healthcare is often a top priority. Cities like Athens and Thessaloniki have well-developed healthcare systems, with public and private hospitals offering comprehensive services. However, rural or island locations may have limited healthcare facilities. Islands with a high tourist population often provide better healthcare services during the summer months, but may lack sufficient resources during the off-season. For specialised medical care, a visit to larger cities may be necessary. 

Infrastructure, Accessibility and Transportation

In rural or island areas, infrastructure may be less developed. Cities have reliable roads, utilities, and internet access, but more remote locations may experience slower internet, occasional power outages, and less frequent public services. In these areas, having a vehicle for daily tasks is recommended, especially where public transport is limited.

It’s also important to consider travel connections to your home country. Islands like Crete and Rhodes have international airports, but some smaller ones operate seasonally. If you live in a more remote area, you may need to travel to Athens or Thessaloniki for international flights.

Cost of Living

While Greece is generally known for its affordable cost of living, regional differences are significant:

• Housing Costs: Popular tourist destinations such as Mykonos, Santorini, and Corfu tend to have higher housing costs. In contrast, quieter areas like Peloponnese, Crete, and mainland towns offer more affordable options, providing better value for money.

• Daily Expenses: Utilities, groceries, and transportation are relatively inexpensive across Greece, although island living can incur higher costs due to logistics. Retirees should budget for regional fluctuations in the cost of living.

Community, Social Life, and Pace of Life

Greece’s warm and welcoming culture greatly enhances the retirement experience. Expats seeking social connections and community activities should consider areas with established expat communities, such as Corfu, Crete, or Peloponnese. For a more authentic Greek experience, quieter towns and villages offer the opportunity to build relationships with locals. Learning some Greek can enhance your integration into the community.

The pace of life varies greatly. Athens and Thessaloniki are bustling cities full of cultural and social activities, while smaller towns like Nafplio, Kalamata, or islands like Naxos and Paros offer a more laid-back and peaceful environment perfect for relaxation.

In Summary

Many parts of Greece are ideal for relocation, but making an informed decision is key. It’s wise to visit your preferred destinations multiple times throughout the year, including during the off-season, or to rent for a year before committing to buying property. This approach ensures that you’ll have a realistic understanding of what life in Greece will be like year-round.

👉 Check out our article: Retiring in Greece: 15 Destinations with Expert Insights for 2025!

4. Financial Considerations 

Moving abroad involves navigating different tax regimes, exchange rates, and cost of living factors that can significantly impact your financial situation. A well-planned financial approach is important to maximise your savings and ensure a smooth and secure transition to your new life abroad.

Tax Considerations

Greece offers attractive tax incentives for foreign retirees, including a 7% flat tax on foreign pension income for up to 15 years. This special regime is available to those who move their tax residence to Greece and stay for at least 183 days per year. However, it’s important to assess its full impact on your net income, considering eligibility (not all pensions qualify) and the presence of Double Taxation Agreements to avoid being taxed twice. Additionally, other factors like taxation on dividends or inheritance may also require careful planning.

👉 Check out our article: Greek 7% Income Tax for Pensioners - All You Need to Know!

Cost of Living

Greece is known for its affordable cost of living compared to Northern Europe and North America. Rent and property prices, particularly outside of tourist hotspots, remain reasonable, and day-to-day expenses like groceries, dining out, and utilities are lower than in most Western countries.

• Rent: Rental costs vary widely depending on the location. While cities like Athens or popular islands like Santorini and Mykonos can be pricier, smaller towns and less touristy islands offer more affordable options.

• Groceries and Eating Out: Local markets provide fresh produce at low prices, and dining at traditional tavernas is budget-friendly, with meals typically costing around €10-15 per person.

• Transportation: Public transport is inexpensive, and in urban or tourist-friendly areas, owning a car may not be necessary.

5. Plan Your Move 

Planning the logistics of your move itself is a key step to ensuring a smooth relocation process. Begin by understanding the specific customs regulations for bringing personal belongings into the country. Greece, like many countries, allows duty-free importation of household goods if you can prove that you are relocating permanently. However, there are strict guidelines on what qualifies as personal items, so it’s important to prepare an inventory and check what is exempt from duties or taxes. If bringing a car, understand import duties, registration requirements, and emissions tests. For pets, ensure they meet Greece’s entry rules, which may include vaccinations, microchipping, and health certificates. Processing times can vary depending on whether you are applying from abroad or once you are in Greece, so it’s advisable to start gathering documents early.

6. Get Settled In

Once you’ve arrived in Greece, there are several steps to take to ensure a smooth transition. Begin by registering with local authorities to secure your residency permit if you haven’t already done so. You’ll also need to register with the tax office (AFM) and possibly social security (AMKA).

Set up practical aspects of your new life, such as opening a local bank account and arranging utilities.

Finally, take time to get familiar with your local community. Joining social clubs, language classes, or expat groups can help you settle in and build a supportive network in your new home.

Final Thoughts on Retiring in Greece

Retiring in Greece can be a dream come true for those looking for a peaceful, affordable, and culturally rich environment. With stunning landscapes, friendly locals, and a high quality of life, Greece is an excellent choice for retirees. Be sure to plan ahead for residency, healthcare, and financial matters, and before long, you could be enjoying the beauty of the Mediterranean during your golden years.

If you’re thinking about retiring in Greece, reach out to us for expert relocation advice. We can help you navigate the entire process, from visa applications to finding the perfect place to call home!
If you’re thinking about retiring in Greece, reach out to us for expert relocation advice. We can help you navigate the entire process, from visa applications to finding the perfect place to call home!