How Much Do You Need to Retire in Greece?

For many retirees, Greece stands out as an ideal option, thanks to its slower pace of life, stunning beaches and rich history. But before packing your bags, it's essential to develop a comprehensive budget and assess the cost of living to ensure a smooth transition.

Why Greece is an Attractive Option for Retirees

Greece offers a significantly lower cost of living compared to many regions in the United States and Western Europe, making it an appealing choice for retirees. From affordable housing to reasonably priced groceries, retirees can enjoy a comfortable lifestyle without breaking the bank.

Monthly Expenses: What to Expect as a Retiree in Greece

1. Accommodation: Renting a spacious one-bedroom apartment in Greece typically costs between €500-€800 per month. If you require more space, two or three-bedroom flats range from €1,000-€2,000. Purchasing property is also an option, with prices varying significantly depending on the location and proximity to the sea or city centers. For more detailed information on the best places to purchase property in Greece, read our comprehensive guide.
2. Utility Bills: Monthly utility bills for an 85m² apartment, including electricity, heating, cooling, water, and garbage collection, usually amount to €120-€170. Additionally, internet and phone services cost about €30-€50 per month.
3. Groceries: Expect to spend around €200-€300 per month on groceries. Shopping at local markets, known as "laïki," can be more cheaper than purchasing from large supermarket chains like AB or Sklavenitis, offering fresh produce at lower prices.
4. Eating Out: Dining out is relatively affordable in Greece. A meal at an inexpensive restaurant costs about €10-€15 per person, while a three-course meal at a mid-range restaurant ranges from €30-€50 per person.
5. Transportation: If you prefer not to drive, a monthly public transportation ticket costs approximately €30-€40. Taxis are also reasonably priced, with fares starting at €3.50 and costing around €1 per kilometer.
6. Healthcare: While Greece has a national healthcare system, private health insurance is recommended for expats and can vary in cost. Depending on the area, private doctor's appointments can range from €30-€50.

For a more detailed analysis of the cost of living in Greece, visit our in-depth article here.

Financial Requirements for the Retirement Visa (FIP) 

According to recent legislation changes regarding the FIP Visa in Greece during June of 2024, the Financial Independent Visa is now valid for three years instead of two. The deposit amount of €48,000 must be shown in the first year, and additional amounts in the second and third year. The applicant can also show (instead of a deposit), a passive income of €3,500 per month from their pensions through bank statements.

The Golden Visa Program

For those looking to make a substantial property investment, the Golden Visa program might be more suitable. As of August 31, the minimum investment amount for the Golden Visa has increased to €800,000 in most areas of Greece. This visa offers numerous benefits, including residency for the investor and their family members. Read more about the Golden Visa program here.

Conclusion

Greece offers an inviting environment for retirees, with its lower cost of living, beautiful landscapes, and rich culture. Proper financial planning, including budgeting and understanding visa requirements, is essential to make your retirement dream a reality. Whether you’re looking to rent, buy property, or invest significantly, Greece provides a variety of options to suit your needs.

For more information and to start planning your retirement in Greece, book your complimentary 30-minute consultation call here.