Island living and a flat 7% pension tax rate for new retiree residents
Key facts at a glance
7% flat tax on ALL foreign-source income for 15 years (Article 5B of Law 4714/2020)
Application deadline: 31 March of the relevant tax year, via the AADE myAADE portal
FIP (Financially Independent Person) Type-D visa: €3,500/month / €42,000/year passive income (+20% spouse, +15% per child)
Must not have been a Greek tax resident in 5 of the prior 6 years
Golden Visa thresholds raised to €800,000 in Attica, Thessaloniki, Mykonos and Santorini (Law 5100/2024)
Monthly cost of living
Typical monthly outlay for a single retiree, in pounds.
Category
£ / month
Rent (1-bed apartment)
£550
Groceries
£230
Utilities (electric, water, internet)
£120
Local transport
£50
Healthcare (private cover or co-pays)
£110
Leisure (dining, entertainment, travel)
£240
Total (single)
£1,300
Total (couple, typical)
£2,000
Retirement visa: FIP — Financially Independent Person Visa (Type D)
Apply at the Greek consulate in the UK with proof of stable passive income of at least €3,500/month / €42,000/year (single applicant).
Minimum monthly income£2,975+
Processing time60–90 days at consulate, 6–12 months for permanent residence permit
RenewableYes — initial 2-year permit, renewable, leading to permanent residency after 5 years
How to apply
Compile 12 months of bank statements showing passive income arrival
Obtain a Greek tax number (AFM) — can be done by a representative
Secure a 12-month rental contract in Greece
Submit FIP application at the Greek consulate in London
After arrival, apply for residence permit at the Aliens Office
Tax on your UK pension
Pension tax rateFlat 7% on all foreign-source pension income for 15 tax years from establishing Greek residency
Special regimeArticle 5B — Special tax regime for foreign-pension retirees
UK double-tax treatyYes — UK / Greece DTT in force
Must not have been a Greek tax resident in any 5 of the prior 6 years. Election made on first year's tax return.
Healthcare for UK retirees
Public systemESY (National Healthcare Service)
UK S1 form eligibleYes
Typical private cover~£65/month
Register S1 with EFKA after issuing AFM and AMKA numbers. Quality varies — Athens and Thessaloniki excellent, some islands more limited.
Pros and cons
Pros
7% flat pension tax for 15 years — one of Europe's most generous
Mediterranean diet, ranked the world's healthiest
Hundreds of islands plus mainland mountain villages
Famously low violent crime
Cons
Greek language is essential in rural areas
Island healthcare can be basic — major procedures require Athens or Thessaloniki
Summer tourism distortion in popular islands
Bureaucracy remains slow and paper-heavy
Where British retirees settle in Greece
Crete (Chania, Rethymno)
£1300/mo · Largest Greek island, full amenities
Year-round flights, large hospitals, growing British community in Chania.
Corfu
£1300/mo · Lush, green, English-friendly
Long British connection, easy Brindisi-Italy ferry, milder summers than the Aegean.
Peloponnese (Kalamata, Nafplio)
£1200/mo · Mainland history & olive country
Lower property prices, authentic Greek village life, 2 hours from Athens.
Frequently asked questions about retiring in Greece
Is the Greek 7% pension tax really for 15 years?
Yes — Article 5B of the Greek Income Tax Code grants the 7% rate for 15 consecutive tax years from the year of establishing Greek tax residency. After that, standard progressive rates apply.
Can I live on a Greek island year-round as a retiree?
Yes, but check healthcare access. Larger islands (Crete, Rhodes, Corfu) have full hospitals. Smaller islands rely on ferries to a mainland hospital for serious treatment — fine for most retirees but worth knowing.
What's the minimum pension for the Greek FIP visa?
Around €3,500/month (~£2,500) of stable passive income for a single applicant, with smaller amounts added per dependant. The full UK State Pension alone is not enough; you'll need an additional private or workplace pension.
People also ask
Who qualifies for Greece's 7% pensioner tax?+
Foreign pensioners who move their tax residency to Greece and who have not been Greek tax-resident in 5 of the prior 6 years. The election is made by 31 March of the relevant year via AADE under Article 5B of Law 4714/2020.
How much income do I need for the Greek FIP visa?+
€3,500 per month (€42,000 per year) of passive income for a single applicant, with +20% for a spouse and +15% per child. Bank statements and pension certificates evidence the test at the Greek consulate in London, Manchester or Edinburgh.
Does the 7% Greek rate cover ALL my foreign income, or just pensions?+
All of it. Article 5B applies the 7% rate to every category of foreign-source income — pension, ISA, rental, dividend — for 15 consecutive tax years.
Sources & last reviewed
Last full editorial review: 13 June 2026. We refresh figures and visa rules annually against the following authorities.