Greece Retirement Visa: The Ultimate Guide

The search for a Greece retirement visa is becoming popular as many people consider retiring abroad in a country known for its rich history, stunning landscapes, and vibrant culture. While Greece doesn’t have a specific retirement visa, there are alternative options available, including the Financially Independent Person (FIP) Visa.

This visa is ideal for non-EU citizens who can demonstrate passive income, such as pensions, rental income, or investment dividends, to support themselves without needing a work permit or conducting business activities in the country. The Greece FIP visa offers various attractive benefits, such as residency in Greece, the ability to travel freely within the Schengen Area, and access to Greece’s high-quality healthcare and education systems.

In this guide, we’ll explain why Greece is a great place to retire and give you an overview of the FIP visa and other visa options to help you with your retirement plans in Greece.

• Why Retire in Greece?
• Is there a Greece Retirement Visa?
• Benefits of the Financially Independent Person Visa
• Greece FIP Requirements
• Greece FIP Required Documents
• FIP Visa Application Process and Fees
• Alternative Greece Visas to the FIP
• Healthcare in Greece
• Taxes in Greece
• Cost of Living in Greece
• Nine Top Places to Retire in Greece

Why Retire in Greece?

Retiring in Greece is a great choice for many reasons. According to the Global Citizen Solutions Retirement Index, Greece ranks 14th among the best countries for American retirees.

This ranking looks at things like quality of life, safety, community, and how easy it is to settle in. As per the report, Greece is loved for its warm weather, affordable living, and excellent healthcare system, and it is also ranked 14th in the world by the World Health Organization (WHO).

Greece has a relatively low cost of living compared to many other European countries. Healthcare, transportation, and daily expenses are all reasonably priced, making it a great option for retirees on a budget. Greeks are also known for their warm hospitality, and many retirees find it easy to make friends and feel welcome in local communities.

Is there a Greece Retirement Visa?

Greece does not have a specific retirement visa. However, the Greece FIP visa, Financially Independent Person Visa (FIP) is an attractive alternative for individuals considering retirement in Greece.

The Greece Financially Independent Person (FIP) Visa is a residency visa for non-EU nationals who can financially support themselves without working in Greece. To qualify, you must prove that your income comes from passive sources like savings, investments, or pensions enough to cover your living expenses. You need a minimum monthly income of around €3,500 for a single applicant. This increases by 20% for a spouse and 15% per child.

The residence permit is initially valid for three years and can be renewed if you continue to meet the financial requirements. It’s a great option for retirees or individuals with passive income who want to live in Greece without needing local employment.

Benefits of the Financially Independent Person Visa

• Family reunification: The FIP Visa extends its benefits to the applicant’s family. The term ‘family’ includes the spouse and unmarried children under the age of 21 who are considered dependents of the applicant.
• Visa-Free Travel in the Schengen Area: FIP Visa holders enjoy the privilege of visa-free travel within the Schengen Area, which allows them to explore and travel seamlessly across multiple European countries.
• Affordability: Unlike the Greek Golden Visa and other EU Golden Visa programs, the Greece FIP Visa does not require a substantial financial investment, nor do you purchase property in the country. This makes it a more affordable option for those seeking residency in Greece without committing to a significant capital outlay.
• Access to Greece’s high quality of life: FIP Visa holders can live in Greece and benefit from the country’s high quality of life. Retirees and their families can enjoy a fulfilling and comfortable lifestyle in Greece and have access to the country’s free healthcare system and educational opportunities.
• Flexibility: The Greece FIP residency program is flexible, with no age limit. Whether you’re a remote worker or a retiree, it offers a straightforward path to living in Greece.
• Pathway to permanent residency Greek citizenship: Once you’ve secured the retirement visa, you can obtain a temporary residence permit, valid for three years and may be renewed. You become eligible for Greek permanent residency after holding your FIP residency for five years. You become eligible for Greek citizenship after holding your FIP residency for seven years.

Greece FIP Requirements

To qualify for the Greece Financially Independent Person (FIP) Visa, you must prove you can support yourself and any dependents without working in Greece. Here’s a breakdown of the key requirements:

• Be a non-EU national.
• Have no criminal record.
• Provide a health certificate proving you do not have any diseases that could threaten public health.
• Not be considered a risk to public order, security, or international relations.
• Not be listed as “persona non grata” (an undesirable foreigner).
• Income requirement: You need a minimum income of €3,500 per month. This increases by 20% for a spouse (€400 more) and 15% per child. Acceptable income sources include pensions, rental income, dividends, or other passive income streams meaning, employment income is not allowed.
• Savings option: Alternatively, you can qualify with enough savings to cover the three-year visa, €72,000 for a single applicant, €86,400 for a married couple, or €112,000 for a family of four. The money must be deposited into a Greek bank account and remain there for the duration of your stay.

Greece FIP Required Documents

To apply for the FIP visa, you’ll need to provide the following documents:

• Clean criminal record from the country where you have lived for over a year.
• Valid passport issued within the last 10 years. It must be valid for at least three months after your intended departure from the Schengen area or until your planned departure date after your final stay. The passport should also have at least two blank pages.
• Certificate of good health proving you don’t have any diseases that could pose a risk to public health, according to World Health Organization standards.
• Proof of property in Greece. You must own or lease property and provide copies of the ownership deeds or rental agreement filed with the Greek tax authority.
• Travel insurance covers emergency medical care, repatriation for medical reasons, and emergency hospital care. The insurance should cover the duration of the visa.
• Proof of income or savings. Bank, social security, or pension statements show you have enough financial support to live in Greece for yourself and any dependents.

FIP Visa Application Process and Fees

The applicant must go to the Greek Consulate in person from their country of origin or residence and apply for the long-term FIP Visa. This visa is valid for a maximum period of 12 months and issued within ten days of the application.

Step 1: Gather your documents
Collect all the required paperwork, such as financial statements, proof of accommodation, and health insurance.

Step 2: Submit your application
The main applicant must apply to the Greek Consulate in their country of residence or origin. Make sure to book an appointment beforehand.

Step 3: Receive your FIP Visa
After applying, the visa is usually issued within 10 days. The FIP Visa is valid for up to 12 months, allowing you to enter Greece and start residency.

Step 4: Enter Greece and apply for a residence permit
Before your visa expires, travel to Greece and apply for a temporary residence permit at the Ministry of Immigration. This process requires you to complete it in person and register biometric data.

Step 5: Get proof of application
You’ll receive a proof of filing document once you apply for the residence permit online. This temporary permit lets you stay in Greece beyond the 90-day tourist limit while waiting for the official residence permit.

Step 6: Obtain your residence permit
The temporary residence card will be issued within three months of your application date. It’s valid for three years and can be renewed if you meet financial requirements.

FIP Visa fees

The Greece residency permit application can cost between €150 €300 per applicant, and the residence card costs an additional €16.

Greece FIP Alternatives

The country has other visa options if you want to retire or live in Greece but are not eligible for the FIP Visa.

Greece Golden Visa: The Greece Golden Visa program grants residency to non-EU nationals who invest a minimum of €250,000 in real estate. This visa provides residency for investors and their families, with visa-free travel within the Schengen Area. The visa is renewable every five years and can lead to permanent residency or citizenship. No specific income requirement is necessary for this visa, as the investment itself qualifies for residency.

Greece Work Visa: The Greek Work Visa is available for individuals who receive a job offer from a Greek company. The job must meet specific salary and skill requirements set by the Greek authorities. Generally, applicants must earn at least the average national salary or higher to qualify. The visa is initially valid for one year, with the option to renew. After several years of residence, you can apply for permanent residency or citizenship.

Greece Digital Nomad Visa: The Greece Digital Nomad Visa is designed for remote workers employed by a foreign company or running their own business outside Greece. Applicants must meet a minimum income requirement of approximately €3,500 per month (or €42,000 annually) to qualify. This ensures that applicants can support themselves and any dependents while living in Greece. The visa is initially valid for one year, with the possibility of renewal, and allows remote work while living in Greece.

Healthcare in Greece

Greece has a good healthcare system that combines both public and private services. The public system, called ESY (Ethniko Sistima Ygeias), provides low-cost or free medical care for residents, including doctor visits and hospital stays, paid for through taxes and social security. Expats may need private health insurance, especially if they don’t qualify for public care. Private insurance costs around €30 to €150 a month, depending on the coverage. Healthcare costs in Greece are lower than in many other European countries. For example, a visit to a general doctor can cost around €50 to €100.

Taxes in Greece

Before making the move to Greece, it’s important to understand how taxes work for those on the FIP Visa. If you stay in Greece for 183 days or more in a year, you are considered a tax resident. However, Greece has double-tax treaties with many countries, so you won’t be taxed twice on the same income. Under the FIP Visa, retirees benefit from a 7% flat tax on foreign pension income. For high-net-worth individuals, there is an annual flat tax of €100,000 on all foreign-sourced income.

In general, Greece has a progressive income tax system for residents. Personal income tax rates range from 9% to 44%, depending on the amount earned. For residents, all worldwide income is taxed, but there are tax deductions and credits available. Property taxes, such as the annual ENFIA tax on real estate, also apply to homeowners. VAT (Value Added Tax) is charged on goods and services at a standard rate of 24%, with reduced rates for certain items.

Cost of Living in Greece

The cost of living in Greece depends on the location. For example, the cost of living in Athens may be higher than in smaller cities or rural areas. On average, a single person may need around €1,000 to €1,200 per month, while a couple might spend €1,500 to €2,000 monthly, including rent, utilities, groceries, and entertainment. Here is a brief overview of the expenses.

Nine Top places to Retire in Greece

Greece offers various charming locations catering to retirees’ different preferences, lifestyles, and interests. Here are some top places to retire in Greece:

1. Athens: The capital city mixes old history with modern life. You can visit famous landmarks like the Acropolis, enjoy great food, and explore museums. It’s lively with lots of things to do and good public transport.

2. Corfu: This green island has pretty villages, clear water, and buildings with a Venetian style. It’s quiet, relaxing, and friendly, great if you want a slower, peaceful lifestyle.

3. Crete: Greece’s biggest island has mountains, beaches, and busy towns like Chania and Heraklion. It’s a good mix of history, nature, and island living.

4. Thessaloniki: A lively city by the sea, full of history and culture. It’s known for tasty food, festivals, and a friendly vibe. It’s a fun place to live with both city life and sea views.

5. Santorini: Famous for white houses and stunning sunsets, Santorini is one of the most beautiful places in Greece. It’s popular with tourists, but you can find quieter areas to enjoy the views and island charm.

6. Peloponnese: This southern region is filled with beautiful nature, beaches, and history. Places like Nafplio and Kalamata offer a peaceful, small-town feel with great food and sea views.

7. Rhodes: A sunny island with a medieval old town, beaches, and clear blue water. It’s great for people who like both history and a lively atmosphere.

8. Nafplio: A charming seaside town with pretty streets, a small harbor, and lots of history. It’s quiet, romantic, and easy to explore on foot.

9. Goura: A peaceful village on Mount Ziria with stone houses and mountain views. It feels like a step back in time, calm, quiet, and surrounded by nature.

Frequently Asked Questions About the Greek Retirement Visa

Does Greece offer a specific retirement visa for non-EU citizens?

Greece does not have a specific “retirement visa.” However, retirees can apply for the Financially Independent Person (FIP) Visa, which is designed for individuals who can support themselves without working. While it’s not exclusively for retirees, it is a popular option for them since it allows those with sufficient income or savings to live in Greece.

How much income do I need to retire in Greece?

To retire in Greece on the Financially Independent Person (FIP) visa, you need to show a steady income of at least €3,500 per month. This amount increases by 20% for a spouse and 15% per child. Alternatively, you can meet the requirement with sufficient savings, such as €72,000 for a single applicant.

How to apply for a retirement visa in Greece?

Greece does not have a specific retirement visa. However, you can apply for the Financially Independent Person (FIP) visa by providing a steady income of at least €2,000 per month or sufficient savings. Submit your application to the Greek consulate, provide the necessary documents, and upon approval, you can move to Greece and apply for a residence permit.

What is the easiest retirement visa in Europe?

The Portugal D7 Visa is often considered one of the easiest retirement visas in Europe. With a relatively low-income requirement of €870 per month, which is above Portugal’s minimum wage, it allows retirees and individuals with passive income to live in Portugal. The visa also offers access to the country’s healthcare system and benefits from its relaxed lifestyle, making it a popular choice for retirees.

How can I stay in Greece longer than 90 days?

To stay in Greece longer than 90 days, you can apply for a residence permit, such as the Greece FIP Visa for retirees or the Golden Visa for investors. Both allow extended stays, with the FIP Visa being valid for three years and the Golden Visa offering permanent residency through investment. Alternatively, the Greek Work Visa allows you to stay as long as you are employed.

Is Greece expensive to retire?

Greece can be affordable to retire in, depending on the location. Major cities like Athens tend to be more expensive, but smaller towns and rural areas offer lower living costs. With an average cost of living of around €1,000 to €1,500 per month for a single person, Greece provides retirees with good value, especially in terms of healthcare and lifestyle.

Which Greek Island is best for retirement?

Crete is often considered the best Greek island for retirement due to its mix of beautiful landscapes, mild climate, and affordable cost of living. It offers both coastal and mountain areas, great healthcare, and a welcoming expat community. Smaller islands like Corfu and Rhodes are also popular for their charm and relaxed pace of life.

What are the benefits of retiring in Greece?

Retiring in Greece offers a high quality of life with beautiful landscapes, rich culture, and a Mediterranean climate. The cost of living is relatively affordable compared to other European countries, especially outside major cities. Greece also provides residency options for retirees, along with excellent healthcare and a relaxed lifestyle.

Does Greece tax retirees' pensions?

As of 2020, Greece has a flat seven percent tax rate for foreign-sourced income for retirees who become tax residents. To qualify, retirees must not have been Greek tax residents in the previous five years. The seven percent tax rate is then valid for the next 15 years.