Only 7% Tax as a Retired Foreigner in Greece? Discover the Benefits

Thinking of retiring in Greece or investing as a wealthy individual? The Greek government has introduced highly attractive tax regimes for foreign residents. With low flat-tax rates and clear application rules, Greece is fast becoming a top destination for both retirees and international investors. Here’s everything you need to know about these special tax arrangements.

Why Did Greece Introduce These Tax Incentives?

In response to the economic impact of the COVID-19 pandemic, Greece introduced new tax programs to attract foreign residents and capital — similar to schemes in Portugal and Italy. These measures aim to bring pensioners, high-net-worth individuals, and remote workers to Greece while boosting the local economy and real estate market.

Two Main Tax Incentives for Foreigners

Since 2020, Greece has introduced two standout tax initiatives:

• A 7% flat tax on foreign pension income for retirees relocating to Greece
• A flat tax of €100,000 per year for wealthy individuals on their foreign-sourced income

These are part of the broader initiative called “Tax Reform with a Development Perspective for the Future of Greece.”

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1. The 7% Flat Tax for Foreign Pensioners

Retire in beautiful regions such as Crete, Corfu, Lefkada, or Athens while paying just 7% tax on your foreign pension. This scheme is designed for retirees who want to enjoy life in Greece while benefiting from significant tax savings.

Eligibility Requirements:

• You must receive a pension from abroad
• You must become a Greek tax resident (i.e., live in Greece for more than 183 days per year)
• You must not have been a Greek tax resident in 5 of the last 6 years
• You must move from a country that has a tax treaty or administrative cooperation agreement with Greece

Application Process:

• Apply before March 31 of the relevant tax year
• Decisions are made within 60 days
• Submit electronically or by post (you don’t need to be in Greece to apply)
• Applications go through the Athens Tax Office for Foreign Taxpayers

How Your Income Is Taxed:

• Flat tax of 7% per year on foreign pension and investment income
• Greek-sourced income is taxed normally (up to 44%)
• The scheme lasts for up to 15 years
• Not applicable to your spouse or other relatives unless they apply separately
• Greek inheritance and gift tax laws still apply

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2. The €100,000 Flat Tax for Wealthy Individuals

This alternative tax scheme is intended for high-net-worth individuals who want to move their tax residence to Greece while maintaining significant foreign income.

Eligibility Requirements:

• You must not have been a Greek tax resident in 7 out of the past 8 years
• You (or your business) must invest at least €500,000 in Greece within 3 years — unless you already hold a Golden Visa or similar permit

Taxation Details:

• Pay a flat tax of €100,000 per year on foreign income (regardless of amount)
• Family members can join for an additional €20,000 per person per year
• Exempt from inheritance and gift tax on foreign property
• Greek-sourced income is taxed under standard rules
• The scheme lasts up to 15 years

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Why Greece?

Aside from the financial benefits, Greece offers one of the most attractive lifestyles in Europe — mild winters, stunning beaches, a relaxed pace of life, and affordable real estate. Whether you’re looking for a coastal villa, a historic home, or a modern apartment, Greece welcomes you with open arms — and open opportunities.

View available properties in Greece

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Need Help Moving Forward?

If you’re considering moving your tax residence to Greece or want help purchasing a property that qualifies under one of these tax schemes, Real Estate Greece is here to help. We’ll guide you through the entire process — from property selection to application submission.

Contact us:
📧 [email protected]
📞 Or use our contact form to request a callback.

Your Greek adventure starts with a smart financial move — and we’re here to make it happen.