Retiring to Greece from the UK

Survey Finds Greece as the Top Choice for UK Retirees Seeking Affordable Relocation

Portugal follows on 2nd place

According to a recent survey conducted by British insurance company REASSURED, Greece has emerged as the most affordable destination for UK retirees looking to relocate after their retirement. The survey, aimed at identifying cost-effective options for pensioners safeguarding their savings, ranked Greece as the number one choice among 100 countries.

The study highlighted the high cost of living in the United Kingdom as a primary driver for many Britons considering a move abroad after retirement. To determine the affordability of various destinations, REASSURED analyzed six key parameters typically taken into account by retirees contemplating an overseas relocation. These factors included annual sunshine levels, average life expectancy, cost of living index, average accommodation costs, average transportation expenses, and the percentage of the population aged over 65.

Following Greece in the rankings, Portugal secured the second spot as the second most affordable country for UK retirees, scoring a total of 6.712. Malta claimed the third position with a score of 6.689, followed by Italy in fourth place (score: 6.482) and Spain in fifth (score: 6.467). Cuba, Cyprus, Japan, Albania, and Puerto Rico completed the top ten list of affordable retirement destinations.

Greece's top ranking was attributed to several favorable factors. With a total score of 6.806, Greece boasted an average life expectancy of 81 years (ranking fifth in this category) and a population over 65 constituting 23% (shared with Portugal, placing them in second position). The country also offered approximately 2,773 hours of annual sunshine (ranking ninth), and an average cost of living around 347 euros, making it the second cheapest country among the top ten, after Albania. The cost of living index for Greece stood at 54.6 (sixth place), while the average transportation cost was around 30 euros, securing Greece the sixth position in this category among the top ten.

Conversely, Bulgaria, Romania, Morocco, and Algeria ranked lowest in terms of life expectancy and percentage of the population over 65, with a mere 6%. Algeria also exhibited the lowest average cost of living (approximately 98.5 euros), the lowest cost of living index (27.6), and the lowest average transportation cost (around 8.1 euros).

Overall, the survey sheds light on the increasing number of UK retirees seeking affordable retirement destinations abroad. Greece's top ranking in terms of affordability makes it an enticing option for those looking to stretch their savings while enjoying a pleasant climate and a rich cultural heritage.

Continue reading the article to learn more about why Greece is the best choice.

Greece has long been a popular destination for tourists but to many, it is not only a holiday destination. Its relaxed lifestyle, warm climate and friendly communities make it no surprise that increasing numbers of people are considering Greece as a country where they might retire. Whether it's the charm of island life, the frugality of daily life, or simply a chance to slow down to the Mediterranean pace, Greece presents a great offer for retirement.

The procedure, of course, is followed by residence permit issues, healthcare, selecting the perfect location and the procedure itself. This is where we, at iLand, come into the equation. We help British nationals acquire a smooth and well-planned relocation to Greece, every step of the way with individualized support.
If you are considering retiring overseas, Greece can be an experience that you were looking for, we are pleased to assist you in taking that vision and turning it into a plan.

Why Greece is the Best Choice for UK Expats

Greece has been among the UK's most popular retirement destinations and has only grown more so with recent developments. In a survey by British insurer REASSURED, it was determined that Greece was the most affordable of 100 countries for UK retirees to retire in. This was done according to living costs, average cost of accommodations and transport, yearly sunshine hours, and percentage of population aged over 65.

Lower Cost of Living

One of the major attractions for retired British citizens is Greece's lower cost of living compared to the UK. The survey was eager to highlight the fact that an average cost of living of approximately €347 makes Greece the second lowest-cost country of the top ten, only after Albania. Daily expenses on food, dining out, and bills are generally lower, allowing the retirees to have a comfortable existence without over-burdening their pension.

Favorable Tax Regime

Greece has introduced a 7% flat rate of tax on foreign pension income for eligible individuals for 15 years' residence. The scheme will attract foreign pensioners and save UK retirees a considerable amount of money on taxes, allowing them to live on a greater pension allowance.

Golden Visa Program

For those seeking an investment path, the Greek Golden Visa Program offers a pathway to residency through real estate investment. According to recent amendments, the minimum investment threshold is €250,000. Not only does the program offer residency rights in Greece, but it also allows free movement within the Schengen Area, a massive advantage post-Brexit.

Quality Healthcare and Infrastructure

Greece boasts a highly quality healthcare system comprising public and private facilities. Retirees can avail themselves of quality medical care, and the nation's infrastructure is capable of supporting a comfortable living, with modern amenities, reliable transportation, and multiple opportunities for leisure.

Cultural Richness and Climate

Other than the practical and economic benefits, Greece is also culturally rich, has stunning landscapes, and a Mediterranean climate with approximately 2,773 hours of sunshine annually. All these guarantee a high quality of life and everyday living enjoyable for retirees.

At iLand, we specialize in guiding British citizens through their Greek retirement. We offer guidance on residency visas, property investment choices, and navigating the local legal and tax environment. Through our expertise, you can begin your Greek life with confidence, making the most of all that this beautiful country has to offer.

Can I retire to Greece from the UK? How to retire in Greece from the UK?

To answer the question “Can I retire to Greece from the UK?” :Absolutely, you can retire and live in Greece from the UK, even if you are no longer an EU citizen, after Brexit. Greece provides the legal framework for anyone to live and retire in Greece, whether or not they are an EU citizen.

For UK nationals, the most common way to retire and live in Greece is via a residence permit. Because the UK is no longer a member of the EU, British citizens are now categorized as third-party nationals. This does not prevent you from living in Greece; it simply means there are some extra steps.

You qualify to apply for residency as a financially independent person, which is exactly what retirees do. A financially independent residence permit requires applicants to prove that they have a fixed and stable monthly income (pensions) and access to private health insurance. Another route many UK retirees take is via the Golden Visa route, which grants residency for investing in property. Both routes are valid and common.

Specialist in residence applications from the UK, iLand supports hundreds of people per year through the residency process, from gathering documents to liaising with the government in Greece or helping with services once our clients have arrived in Greece. We sort out all the residency processes for clients, as our ultimate aim is to deliver a hassle free transition to Greece.

Therefore, whether you are coming to spend sunny retirement years relaxing in a sleepy seaside village or you are coming to enjoy life in a vibrant metropolitan centre known for art and culture, retiring to Greece from the UK is not only legal, it is easier and far more readily available than some might think.

Residency and Pension Tax Rules in Greece

After Brexit, there are two forms of residency options for British citizens looking to retire in Greece.

1. Financially Independent Persons (FIP) Permit.

The Greece Financially Independent Visa is for individuals who are financially secure and do not intend to work in Greece, and the permit is issued for residence purposes. Important points to note include:

• You must demonstrate you have enough income (normally around €2,000/month and more if you have someone accompanying you)

• You must have health insurance, provided by a private company, that covers you in Greece

• You need to be renting or have your own residence property in Greece.
  The FIP is likely valid for two years. If you still have finances and accommodation, this can possibly be extended.

2. Golden Visa Program

For an individual who wants to invest in real estate, Greece’s Golden Visa program permits you to be granted a five-year renewable residence permanent residency, for a minimum investment in real estate within Greece of €250,000. The additional benefit of this programme is that the visa provides free movement to travel around the Schengen Zone, a significant benefit for UK citizens after Brexit.
At iLand we will help you and advise you as to the various options to match with your goals, financial position and future aspirations. We will help you with documentation and with local legal education when needed, all the way through the process from residency application to completion.

Taxation of Pensions in Greece

Greece has made some significant steps over the last few years to persuade foreigners to retire to Greece and use taxation incentives to do so.

7% Flat Tax Rate for Foreign Pensioners

As many UK retirees found during the last couple of years, there are certain attractions, a greatly attracted proposal for foreign retirees in the UK, is the special tax regime introduced to the world's eyes in 2020, for foreign pensioners to pay flat tax of 7% on their pension income for a maximum of 15 years. To be able to partake in this scheme you must:

• have transferred tax residency to Greece; 

• not have been a resident taxpayer in Greece for five of the last six years;

• and be able to declare your foreign pension income correctly to the Greek Tax office.

This program covers all types of pension income state, private, and occupational and can dramatically reduce the tax burden for many UK citizens who retire in Greece.

Double Taxation Agreement

The UK and Greece have a bilateral agreement in place to prevent double taxation, meaning your pension income won't be taxed in both countries. However, you must ensure proper registration and declaration with both tax authorities, something that can be complex if done alone.

Best Places in Greece for the UK Expat Retirement

Selecting the right location for retirement in Greece is just as significant as the sequence of events that has led you to retire abroad in Greece. Greece has a range of different lifestyles from quiet coastal villages to lively city centers, offering something for every UK expatriate looking to enjoy retirement.
Below are examples of 4 of the most popular places to retire to in Greece - each boasting its unique appeal to retiring UK expats:

1. Crete: An Island with Peace of Mind and Everything Your After

Crete, the largest island of Greece, has become a popular island for UK retirees as it boasts a diverse landscape and balanced living. From the vibrancy of Heraklion to charm of Chania, Crete has the following to offer:

• • A warm, sunny climate for most of the year

• • A strong expat community

• • Reasonably priced property and rental

• • Access to good quality healthcare, specifically two international airports

Crete has an easy-going pace of life that suits everyone who has wanted to unwind after working for decades, without compromising their daily modern conveniences!

2. Athens culture, comfort and connectivity

Athens is not the first option that comes to mind as a place to retire, but British expats are frequently surprised by how livable Athens is, especially the quieter suburbs. The benefits are many, including:

• Access to leading hospitals and private clinics

• Real public transport and direct flights to the UK

• Countless cultural engagements, from ancient sites to art galleries

• Many parks and extensive green space, and seaside areas like Glyfada or Voula

Athens is a favourable option for those who wish to remain active and connected, all while enjoying a Mediterranean lifestyle?

How much does it cost to live in Athens? In the other article, we discussed it.

3. Nafplio small-town feel with big appeal

Nafplio is often touted as one of the most beautiful towns in Greece, and it is also in the Peloponnese, making it a popular choice for retirees looking for a slower pace and historical beauty. In addition to slower pace of life, which can still enjoy, Nafplio offers retirees:

• A small city centre that is walkable

• Beautiful beaches and reasonable climate

• A lower pace of life without being too isolated

• Proximity to Athens for day trips and medical needs

For retirees seeking a slice of Greek beauty without the chaos of a big city, Nafplio is a perfect fit.

4. Thessaloniki: Lively, Friendly and Affordable

Greece’s second-largest city is often undervalued, but Thessaloniki is a hidden treasure for retiring UK nationals. With youthful energy, economy and culture, Thessaloniki has to offer:

• A cost of living less than Athens

• A thriving café and food culture

• Excellent healthcare and hospitals connected to large universities

• Beaches and the mountains for recreation

It is also one of the friendliest cities in Greece; newcomers often remark how they feel at home quickly, due to the people’s warmth.

Whether you are a seasoned world traveler or someone that wants to retire with modest means, Greece has something to offer you in enjoying your retirement on your own terms. At iLand we work with you as you explore all of these options and more, from housing to local services, so you can settle in with ease and start your new life as you intended.

Read more about the Thessaloniki real estate market in the other article.

Conclusion: Retiring to Greece from UK: A Smart and Fulfilling Choice

To answer the question, can you retire to Greece from the UK? We should say, Retiring to Greece from the UK isn’t just a fantasy, it is a reasonable, satisfying decision that satisfies all aspects of lifestyle, affordability and long-term security. From offering attractive residency options and desirable pension tax rules, along with a myriad of locations and friendly communities, Greece offers all aspects for a satisfying and trouble-free retirement.

Whether you are interested in the cultural appeal of Athens, the seaside tranquillity of Crete, or the stylish elegance of Nafplio, the better quality of life opportunities are realisable.
Of course, there is a huge amount to organise and a lot of paperwork! Not to mention visas, residency permits, and property laws and taxes are not particularly simple, especially in another language and legal system. This is where we come in.

iLand is a company that helps UK citizens realise their dream of retiring to Greece in the simplest possible way. We realise the importance of legal, financial, and personal matters, so from the starting consultation to moving into your new home, we provide guidance at each stage.

Retirement should be relaxation and peace of mind - not forms and fundamental paperwork! Let us help make your move to Greece as simple, secure, and enjoyable as you planned.