Looking for a laid-back mediterranean lifestyle, and easy travel options?
Greece has 16 international airports making it well suited to international expats who like to travel frequently.
According to Numbeo, the cost of living in Athens is 50.1% lower than London (including rent).
And it scores in the top 100 cities for quality of living in the Mercer 2024 Quality of Living City Ranking.
Of course, many might opt for more laidback destinations seeking the slower pace of island life in places like Crete, Corfu, Rhodes or the Cyclades.
With an average of only 64 days of rain per year, and temperatures averaging 10’C in winter and 29’c in summer – Greece has a lot to offer.
Owning Property
There are no legal restrictions on expats owning property in Greece. But you will need a Greek tax number, and a local bank account.
Tax Residency
Greek tax residents are subject to tax on their worldwide income. Non-residents are only subject to tax on their Greek-sourced income.
According to Greek tax legislation, the residence of an individual for tax purposes is Greece if the respective individual has their permanent or main residence, habitual abode, or centre of vital interest in Greece.
Furthermore, an you’ll beconsidered as a Greek tax resident if you reside in Greece for a period exceeding 183 days, cumulatively during any 12-month period including short term stays outside of Greece.
Tax Advantages
At the moment, Greece might be one of the lowest tax destinations in Europe for retireees.
Expats retiring in Greece can pay a flat 7% tax rate on pension income, for 15 years.
This does depend on the double taxation treaty between Greece, and the country where your pension is paid from. And will require you to be present in Greece for 183 days to be identified as a tax resident.
For your other wealth UCITS investment funds allow it to be invested without being subject to capital gains or income tax in Greece! A popular option among expats with non-pension savings.
Obtaining Long-Term Residence
Greece has two different routes to obtaining long-term residence, the Financially Independent Person Visa and the Greece Golden Visa Program.
Non-EU citizens can apply for a Financially Independent Person (FIP) Visa by showing a monthly income of €3,500 or savings of €72,000.
If you’re applying for a visa for you and your spouse, 20% should be added to the values above, and a further 15% for each dependent child.
Applicants for the FIP Visa must have an available residence in Greece, either through buying a home or renting. And have comprehensive health insurance.
Once issued the visa is valid for 3 years, with the option to renew provided you still meet the income/savings requirements.
Applicants must spend 183 days in the country to maintain their residence status.
Alternatively you could apply for the Greece Golden Visa Program, this has a minimum investment requirement used to purchase property.
Options for real estate investment include:
- €800,000 for the purchase of properties in Athens, Thessaloniki and islands with more than 3,100 inhabitants.
- €400,000 for the purchase of properties in other areas of Greece. This must be for a single property with a minimum size of 120sqm.
- €250,000 in a specialised real estate development allocated towards the conversion of commercial properties into residential use.
It is permitted for the property to be rented out for long-term rentals, as well as lived in.
Other routes to obtaining the Golden Visa do exist, like the purchase of government securities, but they are generally not preferred.
There is no requirement to spend a minimum amount of time in the country to maintain your Golden Visa.
The Golden Visa lasts for 5 years, with unlimited renewal.
After holding residency in Greece for 7 years, on either of the above schemes, it’s possible to apply for Greek citizenship.
