This article looks at the 12 best places to retire in Greece. If you want to skip our detailed analysis on the changing status of Greece and moving to the country, go to 5 Best Places to Retire in Greece.
According to CNBC, the interest of foreigners in the Hellenic Republic’s Residency by Investment scheme almost doubled in 2022, with a total of 2,767 requests registered by the Greece Ministry of Asylum and Migration. Requests registered, as of 2021, were around 1,521. 63% of the total number of requests since the effectiveness of this scheme has been from Chinese citizens. Moreover, wealthy internationals from the United States have also been increasingly interested in the Golden Visas of Greece.
The last two years have also seen the country putting in a comprehensive legislative framework of tax incentives. The purpose of this framework has been to attract new tax residents and investments to the country. The framework encompasses four distinct laws, each catering to specific demographics: non-domiciled tax residents, foreign retirees, digital nomads, and family investment offices of high-net-worth individuals. Ever since, the government has received more than 1,000 applications from retirees and foreign professionals from 21 countries to declare their tax residency in the country.
This program also aims to complement Greece's visa program, namely the Golden Visa program, and has been successful in doing so. To date, the program has attracted more than 9,000 individual investors from abroad.
“As shown by the data for the first period of implementation of the new provisions, despite the adverse circumstances of the pandemic, the impact of the new tax incentives is extremely encouraging,” said Finance Minister Christos Staikouras. The minister added further that “Greece, moving forward with planning, vision and confidence, is recovering strongly from the health crisis, developing and is open to attracting investments and human capital.”
Real estate prices and costs of living in the country are some of the lowest in the European Union, another plus for those looking for the cheapest places to live or retire in Europe. The country has been doing quite well economically, and businesses and investors are increasingly interested in the country. 2022 saw the country's debt-to-GDP ratio decreasing by 20%, reflecting growth, fiscal adjustment, and high inflation. Greece is also emerging as a dynamic source of solutions for countries such as the US, extending its influence beyond energy diplomacy and defense to encompass high-tech innovation, healthcare, and green energy.
Between 2021-2022, the US was the 8th largest source of foreign investment in the country. Prominent examples of investments made in the country include AWS, Cisco, Deloitte, Digital Realty, Google, JPMorgan Chase & Co. (NYSE:JPM), Meta, Microsoft Corporation (NASDAQ:MSFT), and Pfizer Inc. (NYSE:PFE). Together, these investments aim to make an impact worth billions of dollars over the next few years.
“We have seen many American companies, from Amazon Web Services, Microsoft Corporation (NASDAQ:MSFT), JPMorgan Chase & Co. (NYSE:JPM), and Meta, making large investments in Greece,” said US Ambassador to Greece, George Tsunis. "Right now, even more American companies are coming to invest in our shared future, in recognition of talents present in Greece and the great potential," he added, referring to investments in the fields of technology, 5G optic fibers, energy, tourism, and shipping.
In particular, Microsoft Corporation (NASDAQ:MSFT) has unveiled its ambitious €1 billion investment blueprint for Greece. The plan aims to open three data center buildings, new well-paying high-tech jobs, and train over 40,000 workers across both the public and private sectors. Meanwhile, Pfizer Inc. (NYSE:PFE) has also been expanding its global footprint by opening their operations center in the country. Pfizer Inc. (NYSE:PFE) investment has contributed €650 million to the economy and generated 700 jobs. Similarly, companies such as JPMorgan Chase & Co. (NYSE:JPM) have been opening new offices in the country to expand their operations.
Greece's growing allure to investors and retirees can be attributed to its advantageous Residency by Investment program, favorable tax incentives, and affordable cost of living. These factors often encourage expatriates to ponder the best places to retire in Greece. For this purpose, we have crafted an entire list to help individuals make the right choice.
Before jumping to the best places, it’s important for individuals to understand why they are making this decision. Retiring to Greece has many pros and cons, and going through them can help you make an informed choice regarding your dream retirement destination. Pros of living in Greece include enjoying an affordable cost of living, accessible healthcare, a relaxed lifestyle, beautiful landscapes, and friendly people. However, downsides of retiring to the country include some places being overcrowded with tourists, healthcare may vary in quality, and, of course, difficulty of learning the language.
If the pros outweigh the cons for you, Greece can undoubtedly be an amazing place to retire to.
To compile the list of best places to retire in Greece, we have used many sources such as Expatra, Greek City Times, Retirepedia, amongst others. We also skimmed through various expat forums to determine what expat retirees claim are the best cities for retirement in Greece.
A consensus approach was used. One point was awarded to each place each time a source recommended it. Scores were summed up, and places were ranked based on their total scores in ascending order.
The cost of living discussed in the paragraphs below pertains to an individual retiree living in Greece for a month, including rent for a one-bedroom apartment in the city/town center. The figures are sourced from Nomads List, Costoflive.com, amongst others.
Insider Monkey Score: 2
Nafplion, a coastal city on the northeastern coast of the Peloponnese peninsula, is one of the best places to retire in Greece from USA. Nafplion charms retirees with its stunning coastal and mountain views, neoclassical architecture, and friendly social scene. The pace of life is slower here as compared to larger cities, perfect for those who wish for a tranquil environment in their golden years.
The scenic beauty of the harbor, complemented by the seaside promenade, is perfect for strolls. Palamidi Fortress, Bourtzi Castle, and the Archaeological Museum are some prominent architectural gems. One-bedroom apartment rents start from $300, $10 buys groceries that can last an entire week, and the overall cost of living ranges from $1,500 to $2,000 per month.
Insider Monkey Score: 3
Mykonos speaks to retirees who love parties, music, and exuberant nightlife. It is a premier retirement destination in Greece, ideal for individuals who want to start a foreigner-friendly business. The picturesque island is embellished with bright blue coastal waters, many beaches, and white-walled monasteries and churches. Since it is a seasonal destination, retirees enjoy peace and tranquility in the off-season too. A retiree can live between $2,100 to $7,000 per month, depending on lifestyle choices.
Insider Monkey Score: 3
Probably one of the cheapest places to retire in Greece, Kalamata offers retirees excellent amenities, beautiful natural surroundings, picturesque beaches, and a high quality of life. The Mediterranean climate is a major plus for retiring to this city, as the temperatures remain comfortable throughout the year. It's olive groves, vineyards, and the Taygetos Mountains are famous all over Greece and offer various recreational opportunities. Retirees get to enjoy the Kalamata Dance Festival, a notable cultural festival in the city, and immerse themselves in the healthy Mediterranean diet marked by vegetables, olive oil, and seafood along the way. One-bedroom apartments in the downtown area cost $500 on average, and the overall cost of living varies between $1,000 to $1,500 per month.
Insider Monkey Score: 4
Lesvos, situated on the northern Aegean Sea off the coast of Turkey, appeals to retirees because of its approach to health and wellness, friendly community, and rich culture. The stunning natural landscapes, characterized by striking beaches, rich olive groves, and rugged mountains, easily make it one of the best islands to retire in Greece. This varied terrain also allows retirees to enjoy the outdoors, leading to an active retirement lifestyle. The food here is made with fresh, locally sourced ingredients, helping individuals lead healthy lives. An individual retiree can manage living comfortably in $1,500 to $2,000 per month.
Insider Monkey Score: 4
Patras, Greece's major city and university town, holds significant historical and cultural significance. Historical sites like the Roman Odeon, the Medieval Castle of Patras, and the Achaia Clauss are a must-watch, while cultural festivals like the Patras carnival also hold significant appeal for retirees. As it is a university town, retirees are more likely to find English speakers here than in other parts of Greece. Thus, it can be acclaimed as one of the best places to retire in Greece for English Speakers. An individual retiree can manage living here comfortably on $1,284 per month, including an average of $300 spent on rent.
Insider Monkey Score: 5
Santorini is not a place for the average retiree. It is a major tourist destination, a dream vacation spot; with high dining, housing, and entertainment costs. For all these reasons, it makes for the perfect luxurious retirement destination in Greece. Those who can afford to live here enjoy unbeatable scenic views and picturesque sunsets on the island. Snow-white walls, blue-dome roofs, and sloping staircases are a sight to wake up to. The culinary scene is delightful, offering unique wines, traditional Greek dishes, and fresh seafood. An expat retiree can live comfortably on $3,124 monthly, including $2,000 spent on rent.
Insider Monkey Score: 6
Athens, the capital of Greece, is brimming with amenities, luxuries, and culture. Iconic landmarks such as the Acropolis, and Parthenon, as well as the ancient ruins, mark the historical tapestry of this city. Healthcare facilities are modern and developed, which include specialized care. There are diverse neighborhoods to choose from, such as Plaka, Syntagma, and Monastiraki, each with its character and flair. Athens is also considered one of the safest places to live in Greece. However, it's best to stay within neighborhoods known for their safety. An individual expat retiree can comfortably retire here on $1,469 per month, including $411 spent on rent.
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Disclosure: none. 12 Best Places to Retire in Greece is originally published on Insider Monkey.
