Expat Financial Planning in Greece: A Complete Guide

Greece is experiencing a genuine resurgence as a destination for internationally mobile individuals. A decade after the depths of the sovereign debt crisis, the country has stabilised, reformed, and increasingly attracted both investment and relocation. With EU membership, a Mediterranean climate, outstanding food and culture, improving infrastructure, and a suite of tax incentives for new residents, Greece deserves serious consideration in any analysis of European relocation options.

For HNW individuals in particular, Greece's 7% flat-rate tax regime for foreign-sourced income is among the most competitive in Europe — offering a single-digit rate on pensions, dividends, and investment income for up to 15 years.

Disclaimer: This guide is for general information only. Greek tax law has been subject to significant change and continues to evolve. Individual circumstances vary. This guide reflects the position as understood in 2026. You should seek qualified, personalised professional advice before making any financial, tax, or residency decisions relating to Greece.

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Tax Residency in Greece

The 183-day rule applies: spending more than 183 days in Greece in a calendar year establishes Greek tax residency for that year. Days of arrival and departure are counted.

Additionally, if your primary domicile (habitual home) is in Greece — evidenced by housing, family, or economic connections — this can also trigger tax residency regardless of days spent.

Greek tax residents are taxed on worldwide income. Under the standard progressive system, this includes income from all sources globally. The 7% flat-rate regime (discussed below) modifies how foreign-sourced income is taxed, but Greek-sourced income remains subject to standard rates.

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Standard Greek Income Tax Rates

Outside the special regimes, Greek personal income tax applies at the following rates:

Taxable Income (€)	Rate
0 – 10,000	9%
10,001 – 20,000	22%
20,001 – 30,000	28%
30,001 – 40,000	36%
Over 40,000	44%

Investment income (dividends, interest, capital gains from listed shares) is generally taxed at flat rates of 5–15%, depending on the type of income. Capital gains from real estate are taxed at 15%.

The effective combined burden for high earners on employment and business income under the standard regime can be substantial — which is why the 7% regime is so significant for those who qualify.

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The Greek 7% Non-Domicile Regime

Greece introduced its alternative 7% tax regime for foreign pensioners in 2020. Under this regime:

• All foreign-sourced income — pensions, dividends, interest, rental income from abroad, capital gains on foreign assets — is taxed at a flat rate of 7% per annum
• The 7% applies to all foreign income, paid annually
• Greek-sourced income remains taxed at standard progressive rates
• The regime lasts for a maximum of 15 tax years

Qualifying conditions:

1. The individual must transfer their tax residency to Greece and must be in receipt of a pension paid from abroad
2. The individual must not have been Greek tax resident in at least 5 of the 6 years preceding the transfer of residency
3. Greece must have a tax cooperation agreement (such as a double taxation treaty) with the state from which the foreign pension is paid

Note that this pensioner regime carries no investment requirement. It should not be confused with Greece's separate €100,000 annual lump-sum non-dom regime for high-net-worth individuals, which is a different regime requiring a qualifying investment of at least €500,000 in Greek real estate, businesses, or securities and a condition of not having been Greek tax resident for 7 of the 8 preceding years.

What this means in practice: A UK retiree drawing £60,000 per year in UK pension and investment income, and relocating to Greece under the pensioner regime, would pay 7% on that entire foreign income — approximately €4,800–€5,000 in Greek tax, compared with progressive rates that could approach 25–30% on the same income under the standard regime. For higher income levels, the saving is proportionally greater.

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The Greek Golden Visa

The Greek Golden Visa grants 5-year renewable residency permits to non-EU nationals (including, post-Brexit, UK nationals) who make qualifying investments in Greece. Key facts as of 2026:

Minimum investment thresholds (revised upward in 2023):

• €800,000 for properties in: Attica (Athens region), Thessaloniki, Mykonos, Santorini, and other high-demand islands
• €400,000 for properties in all other areas of Greece

The Golden Visa covers the investor and their immediate family (spouse and minor children). It provides the right to live in Greece (and travel within the Schengen zone) but does not confer the right to work without a separate work permit.

Pathway to citizenship: After 7 years of residency (and meeting language, integration, and other requirements), Greek citizenship can be applied for. A Greek passport provides EU citizenship, freedom of movement, and visa-free or visa-on-arrival access to most of the world.

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Banking in Greece

The Greek banking sector underwent significant restructuring following the 2010–2018 crisis. The four major banks that emerged from the recapitalisation process are:

• Alpha Bank — one of the largest commercial banks, with international banking services
• Eurobank — strong private banking and wealth management division
• Piraeus Bank — extensive retail and business banking network
• National Bank of Greece (Ethniki) — the oldest and historically largest Greek bank

All four have recovered substantially since the crisis period. Greek banks are subject to EU banking regulations, participate in the EU deposit guarantee scheme (€100,000 per depositor), and are supervised by the Bank of Greece and the ECB (Single Supervisory Mechanism).

For HNW individuals, private banking services are available through Greek subsidiaries of international private banks as well as the private banking divisions of the four major domestic banks.

Non-EU nationals (including UK nationals) can open Greek bank accounts with a valid passport, AFM (Greek tax identification number), and proof of address. The AFM must be obtained first from the Greek tax authority (AADE).

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Pension Considerations for UK Nationals

UK State Pension: UK nationals resident in Greece receive the UK State Pension from pensionable age. As an EU member state, Greece benefits from the UK's commitment under the Withdrawal Agreement to uprate the State Pension annually for those who registered before 31 December 2020. Post-2020 arrivals should verify the current UK government position on pension uprating.

UK private and occupational pensions: Under the UK-Greece double taxation treaty, UK pension income paid to Greek residents is generally taxable in Greece. Under the 7% regime, such income is covered by the flat rate — a potentially very significant benefit.

Government service pensions (civil service, armed forces, police, NHS directly funded) remain taxable in the UK under the UK-Greece treaty, not in Greece.

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Property Market in Greece

Greece's property market is one of the most compelling recovery stories in European real estate:

Athens (Attica): Prices fell by 40–50% during the 2010–2018 crisis and have since recovered strongly. The Athens Tech Triangle (Kallithea, Moschato, Tavros) has attracted significant tech sector investment. Central neighbourhoods such as Koukaki, Exarcheia, Kolonaki, and the Riviera suburbs have seen particularly strong demand. Short-term rental platforms (Airbnb) have further driven demand in tourist-accessible areas.

Islands and coastal areas: Mykonos, Santorini, Crete, Rhodes, Corfu, and the Ionian Islands all attract international buyers. The Golden Visa threshold increase for Mykonos and Santorini reflects how rapidly prices in these markets have risen.

Thessaloniki: Greece's second city has a vibrant cultural scene and lower prices than Athens, with improving infrastructure.

Key purchasing considerations:

• Legal due diligence on title and planning compliance is essential — the Greek property market has a legacy of informal construction
• Transfer tax (FMA) of 3% applies on secondary market purchases; VAT of 24% applies on new builds (with suspension rules for certain periods)
• Annual ENFIA property tax applies — rates vary by property characteristics and location
• Engage a qualified Greek lawyer, not just the seller's notary

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Healthcare in Greece

Greece has a public healthcare system (EFKA/EOPYY) available to employed residents contributing to social security and to qualifying EU citizens. The public system has faced resource constraints during and after the crisis period, though investment in its recovery has been ongoing.

Private healthcare in Greece is well-developed, particularly in Athens and major cities. Private hospitals (e.g., Mitera, Metropolitan, Hygeia) provide high standards of care. Private health insurance is strongly recommended, particularly for residents who are not contributing to EFKA.

EU health insurance cards (EHIC/GHIC) provide emergency cover for UK residents visiting Greece but do not substitute for comprehensive health insurance for long-term residents.

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Succession and Estate Planning

Greece has inheritance and gift tax, with rates depending on the degree of relationship:

• Closest family (Category A — spouse, children, parents): Exempt on first €150,000 per beneficiary; 1–10% on amounts above
• Second and third category (siblings, grandchildren, more distant relatives): Higher rates applying from zero threshold; up to 20–40% for non-family

Greek property owned by foreign nationals passes under Greek succession law. EU Succession Regulation (Brussels IV) may allow EU nationals to elect for their home country law to govern their estate, though this requires careful drafting of wills.

Life insurance payable to named beneficiaries falls outside the estate and is therefore not subject to Greek inheritance tax — a useful planning tool.

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Practical Tips for UK Nationals Moving to Greece

1. Obtain an AFM (tax registration number) early — required for all financial transactions, property purchase, and utility connections.
2. Assess eligibility for the 7% pensioner regime — it requires a foreign pension and no prior Greek residency in 5 of the last 6 years, but no investment. If you are instead considering the separate €100,000 lump-sum non-dom regime, the €500,000 qualifying investment can overlap with a Golden Visa property purchase.
3. Register with the Greek Foreigners Bureau or relevant authority to formalise residency.
4. Engage a Greek-qualified tax adviser and lawyer before purchasing property — due diligence standards in Greece require careful attention.
5. Review UK tax residency — satisfy HMRC's Statutory Residence Test before assuming UK tax exposure is severed.
6. Consider private health insurance at an appropriate level — the EFKA public system, while available, is supplemented by private cover for most expats.

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How Global Investments Can Help

Global Investments has extensive experience advising internationally mobile clients on Mediterranean European residency, including Greece. From our international operations — geographically and culturally close to Greece — we have a deep understanding of the region's financial and legal landscape.

We advise on qualification for the 7% non-dom regime, Golden Visa property investment, pension restructuring for Greek-resident UK nationals, estate and succession planning across jurisdictions, and the coordination of cross-border tax reporting obligations.

Contact us to explore whether Greece is the right destination for your financial plan.