Greece offers pensioners a 7 percent flat tax on all foreign income, newcomers a 50 percent tax discount and property that still costs half of Spain despite rising prices. The price is an administration that needs patience.
The short answer
Cheap, attractive for pensioners and remote workers for tax, property with high yields in Athens and on the islands. Organise private healthcare.
milinia’s take
- Pensioner regime: 7 percent on all foreign income for 15 years, application by 31 March of the year of arrival.
- Arrivals with a job or self-employment: 50 percent of income tax-free for seven years.
- Golden visa from €250,000 in certain regions, from €800,000 in Athens, Thessaloniki, Mykonos, Santorini.
- VAT 24 percent, annual ENFIA property tax, inheritance tax for children only 1 to 10 percent above €150,000.
Living and costs
30 percent below Germany, except the tourist islands in summer. A one-bedroom flat in central Athens costs €650, in Thessaloniki €500, on Crete €550, on Mykonos in summer three times that. Groceries and restaurants cheap, energy and cars dearer because imported. Wages are low, the median under €1,200 net; the country works for income from outside.
Taxes
Income tax runs up to 44 percent from €40,000. Three regimes for newcomers: pensioners with a foreign pension pay on application a 7 percent flat tax on all foreign income for 15 years provided they were not Greek tax residents in five of the six previous years. Employees and self-employed who move their residence to Greece tax only 50 percent of their Greek income for seven years. The wealthy pay €100,000 flat on foreign income with an investment of €500,000. Capital income: interest 15 percent, dividends 5 percent, gains on shares 15 percent, on EU funds tax-free. No wealth tax, but ENFIA on property, €2 to €10 per square metre a year by value and location.
Property
Athens €2,800 per square metre on average, southern suburbs €4,000 to €6,000, Thessaloniki €2,000, Crete €2,200, Mykonos and Santorini over €6,000. Prices have risen 60 percent since 2018 and still sit below 2008 levels. Closing costs around 8 to 10 percent: transfer tax 3.09 percent, notary 1.5, lawyer 1 to 2, registry, agent 2 to 3. Rental yields 4.5 to 6 percent, more with short-term lets, since 2025 with a ban on new holiday let registrations in Athens. The golden visa threshold has sat at €800,000 in the conurbations and popular islands since 2024, €400,000 in other regions, €250,000 for renovating listed buildings or converting commercial property.
Gold, portfolio, bank
Investment gold VAT-free, dealers in Athens. Greek banks have operated normally since capital controls ended in 2019; an account needs the AFM tax number. German brokers keep serving Greek residents.
What emigrants underestimate
Healthcare: the public system is underfunded, private insurance from €100 a month is standard. The bureaucracy with AFM, AMKA and residence certificate, and the summer heat on the islands that brings many emigrants back after two years. Inheritance tax is mild at 1 to 10 percent for children above a €150,000 allowance.
Try it yourself
Travel Budget CalculatorCountry, days, people, style: your daily budget and travel fund, with buffer and cash share.Income Tax CalculatorEnter taxable income, read off tax, marginal rate and average rate, with joint assessment.Frequently asked questions
How do I apply for the 7 percent regime?
At the tax office for foreign residents in Athens by 31 March of the year in which you become tax resident, with proof of pension and previous residences.
Is the German pension then taxed twice?
No. Under the treaty Greece taxes statutory pensions; Germany exempts them. The 7 percent regime replaces normal Greek taxation.
How high is ENFIA?
By location and value around €2 to €13 per square metre a year, for a 100-square-metre flat in Athens typically €400 to €800.
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