Retiring in Greece: a complete guide to living your best life in the mediterranean
From sun-soaked islands to ancient ruins and café-lined plazas, it’s no wonder so many dream of retiring in Greece – a country that blends beauty, history, and affordability. More than 6,000 US citizens have already relocated to enjoy the relaxed pace of life, warm climate, and favorable financial policies.
Whether you're drawn to the whitewashed homes of the Cyclades or the vibrant streets of Athens, this guide will help you explore why Greece is among the best places to retire in Europe.
What makes Greece a dream destination for American retirees?
It’s no surprise that more and more American citizens are choosing to retire in Greece – this Mediterranean gem offers an unbeatable blend of affordability, beauty, and quality of life.
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Sundrenched climate and postcard-perfect nature
From the whitewashed cliffs of Santorini to the olive groves of the Peloponnese, Greece offers 250+ days of sunshine each year – ideal for retirees seeking year-round warmth. Popular expat spots like Crete and Rhodes offer pristine beaches, scenic hikes, and easygoing living immersed in nature. -
Welcoming communities and cultural vibrancy
Americans retiring in Greece often cite the genuine hospitality – known locally as filoxenia – as a major reason they stay. From coffee chats in Athens’ Plaka district to village festivals in Naxos, the social fabric here encourages connection and belonging. -
Mediterranean cuisine that fuels a long, healthy life
A diet rich in olive oil, fresh seafood, and seasonal vegetables contributes to Greece’s high longevity rates – especially on the island of Ikaria, known as a “Blue Zone.” Retirees savor local dishes like grilled octopus and horta (wild greens) while enjoying fresh air and slow meals with friends. -
Living history and island-hopping adventures
From the Acropolis in Athens to the ruins of Delphi, Greece is a living museum, offering retirees endless cultural experiences. With over 6,000 islands (227 inhabited), United States citizens enjoy ferry hopping to locales like Corfu, Paros, or Lesvos for weekend escapes steeped in myth and sunshine.
Can you retire in Greece?
Yes – both EU and non-EU citizens can retire in Greece, though the path to long-term residency depends on your nationality. While EU nationals enjoy automatic right of residence, US citizens and other third-country retirees typically need to apply for a Greek retirement visa – and once approved, this allows them to request a renewable residence permit tied to income or property investment.
Retirement visa/residence permits
For American citizens who want to retire in Greece, the most accessible route is applying for a residence permit under the Financially Independent Person (FIP) scheme – commonly referred to as the Greek retirement visa. To qualify, retirees must show proof of a stable monthly income of at least €2,000 (approx. $2,150) or hold savings of €24,000–€84,000 (approx. $25,800–$90,300) in a Greek bank account, along with full-coverage medical insurance from a Greek provider and a valid passport.
Golden visa program
The Golden Visa program offers a more investment-driven path to Greek residency – especially appealing for retirees with assets. With a minimum real estate investment of €250,000 (approx. $268,000), applicants gain a five-year renewable residence permit, with the potential for citizenship after seven years.
- Real estate purchase starting at €250,000 ($268,000) – higher in areas like Athens and Santorini
- Valid passport and proof of property acquisition
- Medical insurance covering residency duration
- Minimum stay of 183 days/year for citizenship eligibility
| Greece retirement visa (FIP) | Greece golden visa program | |
|---|---|---|
| Eligibility | Stable income or savings | Real estate investment |
| Minimum monthly income | €2,000 ($2,150) | Not required |
| Minimum savings | €24,000–€84,000 ($25,800–$90,300) | Not required |
| Minimum investment | None | €250,000–€800,000 ($268,000–$860,000) |
| Medical insurance | Required | Required |
| Residence permit validity | 2 years (renewable) | 5 years (renewable) |
| Citizenship eligibility | After 7 years (with 183+ days/year residence) | After 7 years (with 183+ days/year and citizenship exam) |
| Family inclusion | Yes – additional financial requirements apply | Yes – included in investment terms |
Navigating the application process – step by step
Step 1 – Apply for a national entry visa at your nearest Greek consulate – a required step for USA citizens pursuing a retirement visa or Golden visa before entering the country legally.
Step 2 – Upon arrival in Greece, prepare your documents – including a valid passport, proof of medical insurance, and evidence of steady income such as social security benefits, pension payments, or savings (€2,000/month or €24,000+ in a Greek bank account), all translated into Greek.
Step 3 – Submit your application for a residence permit or the Greece golden visa program at the local immigration office and receive a temporary sticker that allows you to stay legally while your paperwork is processed.
Step 4 – Complete a biometric appointment (fingerprints and photo), after which you’ll be issued a residence card valid for 2 years (retirement immigration status) or 5 years (Golden Visa) – with renewal options and potential future citizenship.
Cost of living in Greece – how far will your dollar stretch?
Let’s explore how your US social security benefits can fuel a comfortable lifestyle in Greece – from sunlit beach towns to historic cities.
Cost of living and daily expenses – at a glance
- Housing: rent and purchase
→ Rent: Bachelor apartments in city centres (e.g., Athens) average €462/month – a jaw-dropping 69% cheaper than in the US urban average. On islands like Santorini, expect 41% higher than in Athens rentals.
→ Buying: Prices hover around €2,700/sqm in city centres – just 4% lower outside town.
- Utilities and Internet
Utilities for an 85m apartment cost €193/month, roughly the same as US spend, but internet and phone bills are far friendlier – internet €33/month (−54%), mobile plans €21/month (−58%).
- Grocery
Supermarket basics show mixed savings: staples like bread, potatoes, onions, apples are 5060% cheaper, but milk goods like cheese or eggs may run higher.
For example: bread (€1.24 vs. $3.64) ≈ 66% cheaper; eggs (€3.92 vs. $4.31) ≈ −9%; cheese (€12.12 vs. $12.91) roughly even.
- Transport
→ Single-ride public transport is €1.20 – nearly 45% less than a typical US fare; a monthly pass runs €30 (−53%).
→ Taxi rides are mixed: €4 start fee (+22%), but per-kilometer rates are 28% lower.
→ Fuel is pricier – €1.83/liter (+127%) compared to the US.
Quick comparison: US vs Greece – monthly costs
Numbers are rounded; €1 ≈$1.14 –this gives potential retirees a clear view of where their social security benefits stretch furthest.
| Expense category | Greece | United States of America | % lower in Greece |
|---|---|---|---|
| Cost of living (excluding rent) | $908 | $1,182 | –23% |
| Rent (1-bed, city centre) | €462 ≈ $527 | $1,733 | –70% |
| Cost incl. rent | ≈ $1,435 | ≈ $2,915 | –51% |
| Public transport (monthly pass) | €30 ≈ $34 | $65 | –48% |
| Utilities + internet + mobile | $274 | $338 (est.) | –19% |
City-to-city in Greece – compare your future homes
- Athens vs. Santorini: Rent in Santorini is approximately 41% higher than in Athens, with restaurants 29% pricier and groceries 9% higher.
- Mykonos vs. Thessaloniki: Mykonos is about 33% cheaper on restaurants and 9% cheaper on groceries versus Santorini – though expensive compared to Thessaloniki, which enjoys 67% lower rent than major tourist hubs.
- Rhodes vs. Sparta: While comparisons vary, Sparta offers more affordable fitness, cinema, and childcare – preschool in Sparta runs €210/month – ideal for retirees splitting time with grandkids.
(Cost of living data sourced from Numbeo.)
Healthcare in Greece – what every American expat should know
Greece ranks among the world’s top 15 healthcare systems – a reassuring fact for any US retiree seeking a safe landing. The country offers both public and private options, with most residence permit holders – especially those under the golden visa – leaning towards private for faster access and English-speaking staff.
Public hospitals like Evangelismos and Attikon deliver competent care, but speed is an issue – just 28% of users are satisfied with wait times. On the flip side, private clinics such as Hygeia and Metropolitan score high: 79% rate the staff as highly skilled, and 78% applaud their advanced equipment on Numbeo.
Private insurance is essential – expect to pay €60-€250/month depending on age and coverage. Plans typically include GP visits, diagnostics, specialists, and emergency care – making it a smart investment for expats who value time, comfort, and quality.
Taxes and financial requirements – what you need to know
Navigating Greece’s tax environment is essential for retirees planning a long-term move – especially if you're entering on a residence permit or via the Greece golden visa. Here's a streamlined guide packed with key figures, clear formats, and authoritative links.
Also read – Taxes in Greece - a comprehensive guide
Tax residency, pension tax & pensioner-friendly rates
Greece defines tax residency as either spending 183+ days per year in the country or having your "center of vital interests" there. As a tax resident, your retirement income is taxed at a preferential flat rate of 7% for up to 15 years under Greece’s non-dom scheme – a major perk for expats.
Non-residents are only taxed on Greek-sourced income, including pensions drawn from Greek sources. Meanwhile, local Greek tax brackets apply to worldwide retirement income with progressive rates:
| Income (€) | Tax rate |
|---|---|
| Up to 20,000 | 22% |
| 20,001 30,000 | 29% |
| 30,001 40,000 | 37% |
| Above 40,000 | 45% |
| Solidarity surtax | 2.210% |
Perks for retirees: Up to €1,900 in annual deductions for expenditures, plus credits on medical costs (10% up to €3,000).
Tax identification number (TIN) requirement
Every adult in Greece – including expats and golden visa holders – must obtain an AFM (Tax Identification Number). It’s mandatory for:
- opening bank accounts
- renting or buying property
- filing Greek tax returns (Form E1, due June 30)
Double taxation treaties – US & Greece
US citizens must continue filing US tax returns regardless of where they live. Greece and the US have a tax treaty that allows:
- Foreign tax credit on US returns to offset Greek taxes
- Avoidance of double social security taxation
- Treating annuity distributions under beneficial treaty terms
Claim US Foreign tax credit via the IRS guide for US citizens abroad, or learn more about the US-Greece tax treaty and how it can help avoid double taxation.
Minimum financial requirements for retiree visas
- Residence permit (non-lucrative): Proof of €3,500/month income or €84,000 annual savings
- Golden visa (real estate): Property purchase of ≥€250,000 (may be higher in Athens/Santorini)
NOTE! US citizens residing abroad must file their federal tax return by June 15 (June 16 in 2025). However, all tax payments are still due by April 15 to avoid penalties and interest. If additional time is needed, you may request an extension until October 15 by filing IRS Form 4868 or using our free expat tax extension service.
Banking abroad made easy – how US retirees in Greece handle their money
If you're planning to retire in Greece, opening a local bank account is one of the first steps. You'll need a Greek tax ID (AFM), passport, visa, and proof of address. Major banks like Alpha Bank and Eurobank offer English-friendly service and online access. It typically takes 12 weeks to get fully set up – expect some paperwork.
To access your pension or retirement income, many retirees use international transfer services like Wise or Revolut for better rates and fewer fees. US cards work across Greece, but using a local debit card for daily expenses is often cheaper. ATMs are widespread, and contactless payments are standard – even in smaller towns.
Greece runs on the euro (EUR), and exchange rates currently sit around 0.900.95 EUR per USD (mid-2025). Avoid airport exchanges and time larger transfers for the best rates. Paying in euros via a local card helps simplify life and stretch your budget.
Best places to retire in Greece
Whether you're drawn to sleepy seaside villages, history-rich island getaways, or the vibrant energy of Greece’s cities – there’s a perfect place to land. Each location offers a unique blend of affordability, safety, and charm for US retirees ready to embrace a Mediterranean lifestyle.
Crete Island
Home to over 630,000 people, Crete blends rugged nature with rich Minoan history. It offers mild winters, thriving agriculture, and scenic coastal towns.
Crete Island, Greece. PHOTO CREDIT: PIXABAY
Cost of living averages €1,200–€1,800/month, with growing expat hubs in Chania and Heraklion, and low violent crime rates ensure peace of mind.
Rhodes Island
With a population of around 125,000, Rhodes is known for its medieval old town and turquoise beaches. It enjoys over 300 sunny days a year, ideal for relaxed outdoor living.
Rhodes Island, Greece. PHOTO CREDIT: PIXABAY
Monthly costs hover around €1,100–€1,700, and while the US citizens presence is modest, its rising – crime remains rare and mostly petty.
Athens
Athens hosts 3.1 million residents and offers a dynamic mix of ancient culture and modern infrastructure. Retirees enjoy top-tier healthcare access, public transit, and vibrant markets.
Athens, Greece. PHOTO CREDIT: PIXABAY
Monthly costs average €1,500–€2,300, with large expat communities, though petty theft can occur, serious crime is low.
Thessaloniki
This northern city counts over 800,000 residents and is celebrated for its festivals, cuisine, and student-driven energy. It's more relaxed than Athens but still urban and cultured.
Thessaloniki, Greece. PHOTO CREDIT: PIXABAY
Living costs run €1,200–€1,800/month, expats often settle in the leafy suburbs, and it ranks as one of Greece’s safest large cities.
Santorini
With a tiny year-round population of about 15,000, Santorini is iconic for its volcanic cliffs and blue-domed churches.
Santorini, Greece. PHOTO CREDIT: PIXABAY
It’s heavily seasonal, with luxury tourism driving much of the economy. Costs range €1,700–€2,500/month, expat life here is boutique, and safety is rarely a concern.
Pros and cons of retiring in Greece
Greece draws thousands of foreign retirees each year – and for good reason. But like any destination, it’s not without its quirks. Below, we break down the real-world pros and cons to help you weigh your options.
Pros – you’d absolutely love
- Mild Mediterranean climate year-round: Think long, sun-soaked summers and short, gentle winters. Whether you settle in Athens or on a Cycladic island, you can leave your snow shovel behind.
- Affordable yet vibrant culinary scene: Fresh seafood, local produce, and world-class olive oil are – often available at a fraction of what you’d pay in the US or UK. Dining out is not only affordable, it’s a way of life.
- Relaxed, family-oriented lifestyle: Life moves slower here – in a good way. Greeks prioritize family, socializing, and well-being over work stress. Perfect for retirees seeking peace of mind.
- Access to quality healthcare: Greece ranks well in global health indices. Private health insurance is widely used by expats and typically costs less than in the US, with shorter wait times and English-speaking professionals.
Cons – you should watch out for
- Persistent bureaucratic hurdles: From visa applications to buying property, paperwork can be slow and confusing. Patience – and possibly a lawyer – will be your best friends.
- Greek is not easy to learn: English is common in major cities and tourist hubs, but rural areas may require more Greek fluency. This can affect everything from grocery shopping to medical visits.
- Economic volatility and tax complexity: Though improving, Greece’s economy still carries risk. Navigating local taxes and retirement income reporting can be daunting without expert help.
Why retiring in Greece – could be your next great adventure
From its sunlit coastlines to its rich cultural heritage, Greece offers an ideal setting for a fulfilling retirement. Whether you qualify through the golden visa or another residency path, retiring in Greece blends comfort, cost-efficiency, and a slower pace of life.
At Taxes for Expats, we help American citizens manage IRS requirements, safeguard their retirement funds, and make informed tax decisions abroad. With our seasoned support, you can retire in Greece with peace of mind –and start living the life you’ve been planning for.
FAQ
While Roth IRAs are tax-exempt in the US, Greece may treat withdrawals as taxable income. Retirees are advised to consult a cross-border tax expert to avoid unexpected liabilities.
The Financially Independent Person visa permits retirees to work remotely for foreign companies, as long as they do not earn income from Greek sources. The golden visa is more flexible it places no work restrictions.
International and bilingual schools in cities like Athens and Crete are popular among expat families. These schools offer English-language curricula and smoother cultural transitions.
Greece offers a flat 7% tax rate on foreign annuities for new tax residents for up to 15 years. US retirees must also file US returns, but can claim credits to avoid double taxation.
