PENSION & RETIREMENT

Old Age Pension

If you have previously worked in Greece and made any contributions, you should know these are counted towards your pension. Periods of insurance covered in another Member State of the EU, EEA and Switzerland are counted as insurance periods covered in Greece and must be stated in all applications submitted. This also applies to persons falling within the scope of the Withdrawal Agreement concluded between the United Kingdom and the European Union.

In addition, Greece maintains bilateral treaties with most countries outside Europe. When it is time to file, our pension law specialists at Peace-of-Mind Services ensure all official documents are obtained on your behalf, in order to submit the application and determine your pension entitlement.

Conditions to apply

To be entitled to an old-age pension, you are required to have reached a certain age and to have accumulated a certain number of insurance days. The right to a pension can be exercised at any time and up until then, insured persons are entitled to continue working.

Full pension: you are entitled to a full pension if you have covered 40 insurance years (12,000 contribution days) and you are 62 years of age or have 15 insurance years (4,500 contribution days) and are 67 years of age.

Special conditions apply for women, mothers and widowed fathers of underage children. The requirements for mothers of underage children and for insured in arduous and unhealthy occupations are less stringent. Furthermore, dependents are entitled to an additional amount per month, under certain conditions.

Reduced pension: you are entitled to a reduced pension if you have covered at least 4,500 insurance days and are 62 years old.

Furthermore, if you were insured for the first time after Jan 1 1993, you are entitled to a reduced early pension at the age of 62 if you are the mother of an underage or disabled child and have completed 20 insurance years (6,000 days of employment).

If you were first insured before 1 January 1993, you can receive a reduced early pension in the following conditions:

• at the age of 62 years provided you have covered 15 insurance years (4,500 insurance days), of which 100 days must be in the 5-year period preceding the pension.
• at the age of 62 years if you are male and have accumulated 10,000 insurance days, and at the age of 62 if you are female and have accumulated 12,000 insurance days, of which 100 must have been accumulated per year in the 5 years preceding the pension.
• at the age of 62 years, provided you have covered 35 insurance years (10,500 insurance days), of which 7,500 insurance days involved arduous and unhealthy work.
• at the age of 50 years if you are the mother or widowed father of a disabled child and have covered 18 insurance years (5,500 insurance days).

Any periods during which invalidity pension, illness benefits and unemployment benefits were received are also added if necessary to the number of insurance days to establish a pension entitlement.

Retirement in Greece

If you have never worked in Greece but plan to retire there, great! Greece, is an increasingly popular destination for retirement due to its pleasant way of life, beautiful weather and stunning seas. Planning to retire in Greece requires good organization and timely completion of the necessary paperwork.

Visa requirements

Before retiring in Greece, it is a good idea to plan ahead. As an American citizen for example, you can visit Greece for up to 90 days without a visa, giving you ample time to assess where you’d like to spend your retirement years. If you plan to stay in Greece for more than three months, you’ll need to apply for a D Visa, also known as a “long-stay visa.”

Other non-EU citizens, like those from the UK, will need to obtain a visa before moving to Greece. To acquire the visa, you must visit the Greek Consulate in your home country, attend an interview, and submit the required documents.

Required documents for your visa application:

• a valid passport
• a biometric passport photo
• a completed visa application form in English
• a medical certificate from your doctor
• proof of adequate medical insurance
• a copy of your penal register or criminal record from your country of origin

Once you’ve decided to stay in Greece as a non-EU citizen and you’ve been there for less than 90 days, you’ll need to apply for a residence permit. To obtain the permit, you must demonstrate a regular income of at least €2,000 ($2,200) per month or a minimum savings of €25,000 ($27,500) in the bank, along with renewed medical insurance to cover your stay in Greece.

Many non-EU citizens find the Golden Visa Retirement Scheme to be the most convenient way to obtain permanent residency. By investing at least €250,000 (about $275,000) in Greek real estate, you can apply for the Greece Golden Visa and acquire permanent residency in less than two months. As of May 1, 2023, the minimum investment limit for the Golden Visa was raised to 500,000 euros (about $550,000) for purchasing real estate in the following locations: Athens, Thessaloniki, Santorini and Mykonos. This program not only grants you permanent residence but also makes you eligible for Greek citizenship after seven years, provided you pass the required citizenship exam. Additionally, the Golden Visa allows holders to enjoy visa-free travel within the Schengen Zone.

Peace-of-Mind Services: Your Trusted & Experienced Advisors in Greece

Our specialized team of pension & retirement consultants are here to help. Contact us at poms@wsgodigital.com to schedule an appointment or complete the online contact form and one of our representatives in Greece will get in touch based on your availability.