Retirement in Greece
Have you ever dreamt of retiring in a place where ancient history meets breathtaking landscapes, where the warmth of the sun is matched only by the warmth of the people? If so, Greece might just be the answer to your retirement aspirations.
Picture waking up to the gentle Mediterranean breeze, exploring historic sites in the morning, and savoring delectable Greek cuisine as the sun sets. The idea is undoubtedly enticing, but what does it take to make this dream reality?
Retiring in Greece – An Overview:
Why is Greece a good place to retire?
Greece has become an increasingly popular choice for individuals seeking a tranquil yet vibrant lifestyle. However, one of the first questions that might come to mind is, “Does Greece offer a retirement visa?” Greece does not offer retirement visas, but there are various options to retire in Greece. Two of the most popular and effective retirement choices in Greece are:
Residence Permit:
Permanent residency in Greece is an excellent option for retirees seeking a long-term stay. The Greek government has implemented programs to attract foreign retirees, making the process smoother and more enticing.
What is required to apply for a Greek resident permit?
- A valid passport
- Evidence of continuous and current medical insurance coverage
- Proof of a monthly income of at least 2,000€ or a bank balance of at least 24,000€. (Euros)
Buy Property in Greece and Get Residency:
Is Greece a good place to invest in real estate properties?
One way to secure residency is through property investment. The idea of buying property in Greece and getting residency is not only a sound investment but also a pathway to calling this Mediterranean haven your home. It’s a win-win situation that combines investment and lifestyle seamlessly.
For additional information, we advise reading the article by Peace-of-Minds, which offers a road map for Canadians and Americans interested in purchasing real estate in Greece.
Greece Golden Visa
The Golden Visa program for Greece stands out as one of the EU’s highly sought-after investment visa initiatives. This residency-by-investment visa is granted to non-EU citizens who contribute substantially to the Greek economy. While various investment options exist, the prevalent choice involves acquiring real estate valued at a minimum of 250,000€. With the Greece Golden Visa, investors and their immediate family members receive immediate five-year residency, along with the added benefit of unrestricted travel within the Schengen Zone.
The Greek tax system: what you need to know
Inevitably, taxation emerges as a principal concern when retirees or pensioners consider starting over in a different location.
Greece passed a law in 2020 that taxes all foreigners who move to Greece and establish tax residency in Greece at a flat 7% rate on all retirement income.
To be eligible, you must not have been a tax resident in the five years preceding your tax move to Greece. Once your foreign pensioner application is granted, your overseas income will be taxed at a flat 7% rate for the next ten years.
This rate applies to all foreign-sourced income, including rentals, business activities, dividends, and pensions.
It is recommended that retiree expatriates consult tax authorities or tax professionals for assistance in navigating the complex Greek tax laws and gaining a comprehensive understanding of their specific tax obligations and benefits. The tax regime is subject to change over time; therefore, it is vital to remain informed.
Your Greek Retirement Awaits:
Planning your retirement in Greece could be a strategic step towards a life full of experiences and bliss.
Take the first step toward your Greek adventure by understanding the residency requirements and exploring property options. For expert legal advice on retiring in Greece, consider contacting Peace of Mind Services Greece. Our experienced professionals specialize in providing comprehensive guidance on the legal aspects of retirement, ensuring your transition is smooth, secure and worry-free.
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.
