Greece is known worldwide for its rich history, stunning landscapes, and vibrant culture, making it an increasingly attractive destination for those considering retiring abroad. As more people explore the idea of retiring in a Mediterranean country, they often want clear information on available visa options for a smooth transition to their next phase of life.
While Greece doesn’t have a specific retirement visa, there are alternative options available, including the Financially Independent Person Visa (FIP). This visa is ideal for non-EU citizens who have sufficient funds to live in Greece without seeking a work permit or conducting business activities in the country. The FIP visa offers an array of attractive benefits and is a noteworthy choice for those dreaming of retiring in Greece.
Through this guide, we’ll explain why Greece is an excellent retirement destination and aim to provide a detailed overview of the FIP visa and other relevant visa options, offering essential information for those considering retirement in Greece.
Why Retire in Greece?
Several compelling reasons make Greece an ideal retirement destination for foreigners. The country offers a laid-back Mediterranean lifestyle with a warm climate, beautiful landscapes, and a slower pace, contributing to a relaxed and enjoyable retirement experience.
According to our Global Intelligence Unit’s report on the US Retirement Trend, Greece is a welcoming retirement destination for EU and non-EU citizens.
Greece is steeped in history and mythology, offering retirees the opportunity to immerse themselves in a rich cultural heritage. From ancient ruins to vibrant traditions, there’s always something new to explore and learn within the country.
Compared to many other European countries, Greece offers a relatively low cost of living. This includes reasonable healthcare costs, transportation, and day-to-day expenses, making it an attractive option for retirees on a budget.
Greeks are known for their warm hospitality and friendliness. Retirees often find themselves embraced by the local community, making it easier to integrate into the culture and form meaningful connections.
Retirees in Greece, especially those under the FIP Visa program, enjoy the privilege of visa-free travel within the Schengen Area, providing the freedom to explore neighboring European countries without additional bureaucratic hurdles.
US citizens can easily retire in Greece. However, US nationals who don’t have a European passport must apply for a visa (such as the FIP Visa or Golden Visa) to retire and live in Greece. But if you’re a US citizen who plans to visit Greece as a tourist and stay there for up to 90 days, you won’t need an entry visa to the country.
How the Financially Independent Person Visa Works
Greece does not have a specific retirement visa. However, an attractive alternative for individuals considering retirement in Greece is the Financially Independent Person Visa (FIP). It is tailored for non-EU citizens who wish to live in Greece without working.
Unlike the Greek Golden Visa, the FIP Visa doesn’t require individuals to make a direct investment in Greece. Instead, applicants need to demonstrate that they possess the financial means to live in Greece, which can be achieved by showcasing a stable annual income. Comprehensive health insurance, valid throughout Greece, is also mandatory.
This visa is similar to the Portugal D7 Visa and the Non-Lucrative Visa Spain, and applicants must provide proof of accommodation, such as a rental agreement or property ownership. A clean criminal record from their country of origin or residence is also required.
The application process begins at the Greek consulate in the applicant’s home country, where necessary documents and fees are submitted. Upon approval, an entry visa is granted. After arriving in Greece, the applicant must apply for a residence permit at the local immigration office, involving biometric data collection and further documentation.
The initial residence permit is typically valid for one year and can be renewed annually, provided financial and other requirements are maintained. After five years of continuous residence, permanent residency may be granted, and citizenship is possible after seven years.
This visa allows individuals to enjoy life in Greece while traveling freely within the Schengen Area, making it an appealing option for retirees and those with independent financial means.
FIP Requirements and Application Process
As with any visa that allows you to stay in a foreign country, there are several requirements that you must fulfill. The most important of these to qualify for the FIP visa, applicants must demonstrate that they have sufficient financial resources to support themselves and any dependents without the need to work.
Applicants are typically required to demonstrate a steady income of at least €2,000 per month. This amount increases by 20% for a spouse and by 15% for each child. Acceptable sources of income include pensions, rental income, dividends from investments, or other forms of passive income.
You can also apply by proving that you have sufficient savings to accommodate and support yourself and any dependents in Greece. The qualifying amount currently stands at €48,000. This amount is increased by 20% if you apply with a spouse as a dependent and 15% if children are included as dependents. For the savings option, you will need to deposit the money into a Greek bank account. The savings funds must remain in your Greek bank account for your stay.
There are a few drawbacks to this option. Since Greece’s economic crisis in 2008, the country has reached unsustainable government debt levels. At one point, Greece had to impose capital controls and limit cash withdrawals to €60 per day. So, it may not be the ideal place to keep your money.
Income from employment is not considered, as the visa is intended for non-working residents. Applicants are expected to provide bank statements, pension statements, or other financial documents to verify their income. Ideally, these documents should cover the previous six months to show consistency.
Other requirements include:
- Be a non-EU national.
- Not have a criminal record.
- Not suffer from a disease capable of posing a risk to public health.
- Not to be considered as a threat to public order, internal security, public health, or international relations and not be registered as persona non grata (undesirable alien) in the national databases.
To keep your residency renewable, you need to spend 183 days or longer in Greece.
Required documents
To apply for the FIP visa, you’ll need to provide the following documents:
- Clean criminal record from the country of residence where the applicant has lived for over a year.
- Valid passport issued within the previous ten years. The passport shall be valid for at least three months after the intended date of your departure from the Schengen area or, in the case of multiple trips, until the date on which you plan to depart after your final stay. It must also contain at least two blank pages.
- Certificate of good health proving that you don’t suffer from a disease capable of being dangerous to public health according to the international standards of the World Health Organization
- You must either own or lease property in Greece. To prove it, you must have copies of the deeds of ownership or the rental agreement filed with the Greek tax authority.
- Travel insurance, with a period of validity equal to the visa issued, as a minimum, covers the costs that may arise in the event of repatriation for medical reasons, for emergency medical care and/or emergency hospital care.
- Evidence, such as bank, social security, or pension statements, proving that you have the necessary income or savings to support yourself and your family dependents in Greece
Visa application process
Step 1: 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 2: After the FIP Visa is granted and before it expires, the applicant may enter Greece and apply for a temporary residence permit at the Ministry of Immigration. This process must be done in person, as the applicant has to register their biometric data.
Step 3: Once the application is filed online, the system issues a written proof of filing, which serves essentially as a temporary residence permit, allowing the applicant (and their family, if applicable) to stay in Greece for more than 90 days and essentially until the residence permit is issued. The temporary residence card, which allows the applicant to live legally in Greece, is delivered within three months from the application date.
Visa processing time and fees
The residence permit granted through the FIP Visa takes one to three months to be issued, and the consulate fees depend on where the application is made. They are usually about €180 for each applicant.
For the residence permit, there is a €1,016 fee for the main applicant and a €166 fee for each dependent.
Benefits of the FIP Visa
Family reunification: The FIP Visa extends its benefits to the family of the applicant. 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, providing the flexibility 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 that 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 have the opportunity to 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.
Pathway to permanent residency Greek citizenship: Once you’ve secured the retirement visa, you can obtain a temporary residence permit, which is valid for two years and may be renewed every three years. After holding your FIP residency for five years, you become eligible for Greek permanent residency. After holding your FIP residency for 7 years, you become eligible for Greek citizenship.
Once you become a Greek citizen, you can get a Greek passport, which is a European Union passport. This means that once you obtain it, you can live anywhere in the 27-member EU without ever again having to apply for a residence permit or a visa.
If you decide to apply for Greek citizenship, you’ll have to take an exam about Greek history, customs, and politics. The test is conducted in the Greek language. As a plus, however, Greece allows dual citizenship with no restrictions.
Greece Golden Visa: Alternative to FIP
If you want to retire in Greece but are not eligible for the FIP Visa, the Greek Golden Visa Program is a compelling alternative for you.
Also known as the Greece Investment Visa, the program offers an excellent opportunity for individuals who appreciate the value of investments with profitable returns and are also seeking retirement in Europe.
Introduced by the Greek government in 2014, the Golden Visa program functions as a residency-by-investment scheme, granting non-EU/EEA nationals and their family members the chance to reside in Greece legally.
Unlike the FIP Visa, the Greek Golden Visa Program involves an investment requirement, with a minimum value of €400,000. There are several attractive investment options available, including investing in the real estate market, investing in a Greek company, acquiring shares or corporate bonds, or making a capital transfer to a Greek bank account.
One notable advantage of the Greece Golden Visa is its flexibility. There are no minimum stay requirements, allowing retirees to structure their time between Greece and other locations. Additionally, family members, including spouses and dependent children, can be included in the application, fostering a sense of togetherness for those embracing the Greek lifestyle.
Beyond residency, the Golden Visa serves as a pathway to Greek citizenship through naturalization, attainable after seven years of continuous residence in Greece, provided the requirements are met. This comprehensive program extends its benefits to visa-free travel within the Schengen Area, offering retirees the freedom to explore Europe seamlessly.
The Greece Golden Visa combines the allure of a thriving real estate market, potentially high returns on investment, visa-free travel, and family benefits, making it an appealing choice for those looking to retire in Greece.
Top places to retire in Greece
Greece offers a variety of charming locations that cater to the different preferences, lifestyles, and interests of retirees. Here are some top places to retire in Greece:
Athens: Greece’s capital city combines historical richness with urban amenities. Retirees can explore ancient ruins, visit museums, and enjoy a vibrant city lifestyle with numerous restaurants, cafes, and cultural events.
Corfu: Located in the Ionian Sea, Corfu is known for its lush landscapes, Venetian architecture, and charming villages. It provides a more relaxed pace of life and a welcoming community.
Crete: The largest Greek island, Crete, provides a diverse landscape with mountains, beaches, and charming villages. Cities like Heraklion and Chania offer a mix of history, culture, and a more relaxed island lifestyle.
Thessaloniki: Greece’s second-largest city, Thessaloniki, is known for its cultural diversity, historical sites, and lively atmosphere. It offers a blend of urban and seaside living along the Thermaic Gulf.
Santorini: Famous for its iconic, white-washed buildings and stunning sunsets, Santorini is a picturesque island in the Aegean Sea. While it’s a popular tourist destination, retirees can find quieter areas away from the bustling crowds.
Peloponnese: This peninsula in southern Greece is known for its historical significance and natural beauty. Cities like Nafplio and Kalamata offer a tranquil atmosphere, historical sites, and proximity to the Mediterranean Sea.
Rhodes: Another beautiful island, Rhodes, boasts medieval architecture, pristine beaches, and a vibrant atmosphere. The Old Town in Rhodes is a UNESCO World Heritage site, offering a unique historical setting.
Nafplio: As one of the most romantic and historically rich cities in Greece, Nafplio is located on the Peloponnese peninsula. With its well-preserved old town, picturesque harbor, and proximity to ancient sites, it’s a favorite among retirees.
Goura: A beautiful picturesque settlement built on the slopes of Mount Ziria, a 2.5-hour drive from Athens. Retaining the peaceful atmosphere of early-19th century Greece, the village is often considered one of the top five Greek villages to retire in.
Healthcare and Taxes in Greece
Taxes
In 2020, Greece introduced an attractive initiative, offering a flat seven percent tax rate on foreign-sourced income for retirees who shift their tax residence to the country. To qualify, foreign pensioners 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.
This favorable tax rate includes all categories of foreign-derived income, including rents, business proceeds, dividends, and pensions. Greece also has the so-called Non-Dom Tax Regime, which is suitable for high-net-worth individuals. Under this regime, expats who relocate their tax residence to Greece will pay €100,000 per tax year, no matter how much their total income is.
Read our Guide to Taxes in Greece to learn more about your specific tax obligations (including getting your taxpayer identification number) when moving to the country.
Healthcare
Greece has a universal healthcare system like that of the UK and Canada, but private health insurance is mandatory for those applying for the FIP visa. Private healthcare services in Greece are a convenient alternative to the public system, as they provide quicker access to medical services and cover a broad spectrum of medical services beyond what the public healthcare system provides.
Governed by the National Health System (ESY), the national healthcare system provides general medical services and hospital treatments to all Greek citizens and legal residents, so they don’t have to pay for private medical insurance.
Frequently Asked Questions About the Greek Retirement Visa
How much income do I need to retire in Greece?
The amount of money needed to retire in Greece will depend on your lifestyle and your personal circumstances. On average, retirees may need between €800 to €2,500 per month to cover living expenses, including housing, food, healthcare, and leisure activities.
If you’re a non-EU citizen seeking to retiring in Greece, the amount needed will depend on the type of visa you’re applying to. The FIP Visa Greece, which is ideal for retirees, requires applicants to have a passive income of at least €2,000 per month. This amount is increased by 20% if the applicant is accompanied by a spouse and an additional 15% for each child.
How to apply for a retirement visa in Greece?
To apply for the Greece retirement visa (FIP), go in person to the Greek Consulate from your country of origin or residence and submit the documentation. This visa is valid for a maximum period of 12 months and issued within ten days of the application.
After the FIP Visa is granted, you may enter Greece and apply for a temporary residence permit at the Ministry of Immigration. This process must be done in person, as you must register your biometric data.
The temporary residence card, which allows you to live legally in Greece, is delivered within 3 months from the application date.
What is the easiest retirement visa in Europe?
One of the easiest retirement visas in Europe is Portugal’s D7 Visa. Also known as the Passive Income Visa, the D7 is affordable, attractive, and has a fairly straightforward process. In addition, Portugal is also one of the cheapest countries to retire in.
How can I stay in Greece longer than 90 days?
If you wish to stay in Greece for longer than 90 days within a 180-day period, you should apply for a long-term visa prior to your arrival in Greece.
Some options of Greek visas include:
- Golden Visa Greece
- Financially Independent Visa (Greece FIP Visa)
- Greece Study Visa
- Employment Visa
Is Greece expensive to retire?
Greece is quite affordable compared to other European countries. Retirees may need between €800 to €2,500 per month to live in Greece.
Which Greek Island is best for retirement?
Some of the most popular Greek islands to retire include Samos, Crete, Skopelos, Rhodes and Corfu.
Is moving to Greece difficult?
For citizens of the European Union, moving to Greece is a relatively straightforward process. However, if you are a resident of a non-EU country, the transition can be more challenging. Non-EU residents face a more extended and intricate application process, as they’d need to apply for a special long-term visa and navigate through the associated procedures. This involves meeting specific criteria and fulfilling requirements related to employment, financial means, and other relevant factors.
What are the benefits of retiring in Greece?
Retiring in Greece comes with several benefits, offering a unique and fulfilling lifestyle. Here are some advantages of choosing Greece as a retirement destination:
- Pleasant Mediterranean climate with warm summers and mild winters.
- The opportunity to soak in Greece’s rich history and culture.
- Live surrounded by scenic landscapes, including picturesque islands and pristine beaches.
- Compared to many Western countries, Greece has a relatively affordable cost of living.
- Experience the warmth and hospitality of the Greek people.
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.
