What if I told you that your dream retirement in Greece is not just for the wealthy?
Plenty of expat retirees live comfortably in Greece for less than $1,500 a month.
That’s right – for the cost of a little studio in many US cities, you could be enjoying a laid-back lifestyle in a beautiful Greek town.
In 2023, the number of American retirees interested in moving to Greece increased by 40%.
But why?
Is it the lower cost of living,
the private healthcare system,
or something else, entirely different?
Here’s the answer: it’s something else.
Something that almost no country in Europe can offer you!
Before we start, I want you to grab a pen and paper, and jot down your current monthly expenses.
By the end of this article, you’ll see how much cheaper your life could be in Greece.
You will also discover the best places to live with the highest quality of life, for the lowest cost.
But before you pack your bags, let’s discuss…
The pros and cons of retiring in Greece.
Let’s begin with the pros.
The first is not the most important yet, but it is already famous worldwide.
The Climate.
Greece has a Mediterranean climate, ideal for both wine and humans.
Yes, this is a curious aspect: where there are wineries, there’s likely good weather.
Only a few places in the world have this ideal climate for a pleasant life: parts of Chile, South Africa, Australia, California, and the Mediterranean coast.
Greece is itself a Mediterranean archipelago.
Imagine waking up to 300 days of sunshine a year. (If you’re from London, that might be hard to imagine!) Because that’s the reality in most parts of Greece.
The Mediterranean climate isn’t just pleasant – it’s great for health. Mild winters and warm summers make it easy to stay active year-round. Running, swimming, and walking are all easier in good weather.
This climate may partly explain the next advantage on our list.
Greece has an unusually high life expectancy.
The average Greek lives 82 years. This is more than richer countries like Germany, and the UK, and much more than the US.
They not only live longer but also live healthier lives. Researchers worldwide are trying to understand why Greeks have some of the healthiest hearts and brains on the planet!
This likely has something to do with our next advantage:
Greek cuisine.
You won’t find Arby’s or Waffle House in Greece. Instead, locals enjoy a diet rich in healthy fats like olive oil, along with vegetables, fruits, and lean proteins.
Have you heard of the famous Mediterranean diet? (By the way, Taramasalata is my favorite dip—it’s unbelievably tasty.)
The Mediterranean diet became famous after scientist Ancel Keys proved that it increased longevity and improved heart health. But what you probably don’t know is that Dr. Ancel Keys (who lived until 100 years old) made his study based on the diet of the Greek island of Crete!
Crete is famous worldwide for having so many people more than 100 years old.
Besides great weather, and a healthy diet, there is a 3a factor that makes life in Greece good for expat retirees.
The private healthcare.
Private healthcare in Greece is high-quality and affordable, so much so that many foreigners travel there for certain procedures. It is currently one of the top 15 destinations for medical tourism in the world.
For example, a cataract surgery in Greece will cost on average US$1275. In the US, this same procedure will cost between 3000 to 5000 dollars.
A visit to a doctor might cost less than $50, while prescription medications are often much cheaper than in the U.S.
A box of antibiotics will cost less than 10 dollars there, while in the US, you are lucky if you pay the double.
Moreover, many doctors in Greece are Western-trained and speak fluent English
Another reason Greeks live longer is because it is a VERY safe country.
Except for certain parts of Athens, as I discussed in a previous video.
Greece has a homicide rate of 1.12 murders per 100.000 residents per year. The SAFEST state in the US, Maine, has a homicide rate higher than that: 1.7
Boston, Massachusetts, has a murder of 8.3, so even Boston is 7 times more violent than Greece.
And the most surprising thing is that, despite Greece being safer, having a better climate, healthier food, and Greeks living much longer lives, the cost of living in Greece is much cheaper there than anywhere in the US.
Because this is our next pro, and I bet this is the one that you are really expecting.
The Low Cost of Living.
But when we talk about low costs, one disclaimer is important:
What we will say next is NOT valid for Athens. Athens, being one of Europe’s largest cities and the Greek capital, is more expensive.
Moving on, Greece has low costs in many areas of life.
Even basic things – for example, a male haircut in Thessaloniki will cost you only 10 euros.
In smaller cities, it’s likely even cheaper.
Groceries in general are cheaper. 1 kg (or 2 pounds) of tomatoes will cost you around 1.5 euros (1.7 dollars). In the US, the price would be at least twice this price. This also applies to other food stables like bread, potatoes, apples, and even beer – all of them cost around half of the price in the US.
The only food product that I found really expensive in Greece is milk, and that is curious because this is the same phenomenon I saw in Italy.
Why Milk in Mediterranean nations is so expensive? If you have an idea, please let me know in the comment section, because I am curious.
And since we are talking about the cost of living, here is a good surprise: hot water is VERY cheap in Greece for most of the year, because most houses and buildings are equipped with solar heaters.
This is what a local told us about the cost of living in Greece.
“US$1500 (per month) is more than enough in Greece. If you live in some village, you will be one of the richest guys in the village.”
There are, however, certain things that are more expensive in Greece than in most European countries.
One of them is Gasoline. Yes, Gasoline there is CRAZY expensive – and I mean Scandinavian prices for fuel.
Now you must be asking about the housing, right? After all, this is the most important component of the cost of living. The thing with housing is that it varies tremendously between cities, so in a few minutes, I will show you the housing prices, both for rent and for buying, in 3 cities in Greece. And believe me: you will be shocked at how affordable they are.
Because now is the time for the biggest PRO of all. The one that, for many people, actually makes their mind on moving to Greece for retirement.
The Foreign Pensioners Tax Regime
It is a government program that allows foreign pensioners living in Greece to pay MUCH lower taxes than normal.
Here are some of the highlights:
1st – Foreigners who qualify for the program will pay only 7% income tax on their pensions from abroad.
2nd – They will also only pay 7% income tax on foreign income like dividends, interest, capital gains, etc.
3rd – Members of the program will also be able to deduct from these 7% the taxes that they paid for their home country (if there is a double-taxation treaty)
4th- All these privileges will extend for up to 15 years during your residence in Greece.
Now, to put into perspective how attractive is this program, let’s compare it with other countries in Europe.
- If your annual income is US$ 50,000, in Spain you will pay around 27% of income taxes, meaning 13,500 dollars per year.
- In France, you would lose 16% of your pension in income taxes, or almost 8 thousand dollars per year.
- In Portugal, with this same income, you will pay 10% of income taxes, meaning 5,000 dollars per year.
- In Greece, however, if you qualify for this special tax regime, your income tax will be only 3 500 dollars per year!
This is probably one of the most attractive tax regimes for foreign pensioners in the European Union. Italy has a similar program, but it is valid only for those who live in small cities (less than 20,000 residents) in southern Italy.
In Greece, however, it is valid for the entire country!
BUT…
No place is perfect, and now, let’s talk about some challenges you might face in Greece.
The Cons of Living and Retiring in Greece
The most visible of all is the crowdiness during high tourism season.
Popular Greek islands and cities can become extremely crowded during the tourist season
Traffic surges, prices go up,
In the peak summer season, the water supply might even be disrupted in some islands.
But this is not everywhere – in fact, most locations are well-prepared to receive tourists.
Anotherf issue that might be a reason for concern is healthcare. You might be surprised because I just said that private healthcare in Greece is affordable and high-quality.
BUT… it is not available anywhere.
In larger cities like Thessaloniki or Patras, you’ll find modern hospitals with English-speaking staff. But if you’re dreaming of retiring to a small island, be prepared for limited medical facilities.
Greece also has a public healthcare system that’s accessible to legal residents. However, the quality of facilities can vary, especially in rural areas and smaller islands.
And talking about rural areas and small towns, our next negative aspect is exactly about that.
While Greece’s charming villages and historic sites are beautiful…
…most of them are often not senior-friendly.
Uneven terrain, narrow streets, and the lack of ramps make navigating difficult, especially for those with mobility issues .
While this problem might sound petty, it can limit your ability to enjoy the country fully if you don’t have good knees.
Another thing that might sound small, but it can bother you, is that Internet quality in Greece is BAD, and the price is expensive. They have one of the slowest average internet speeds in the entire Europe!
Now, let’s talk about the elephant in the room:
Bureaucracy.
The Greeks invented the word bureaucracy, and even Italians (used to enormous amounts of paperwork), say that Greek bureaucracy is worse than Italian.
Greece is known for its complex administrative processes, which can be frustrating for foreigners. Visa requirements, for instance, can seem like a maze. As a retiree, you’ll likely need to apply for a Type D visa, which requires proof of sufficient income, health insurance, and a clean criminal record.
Property ownership laws for foreigners are also more complicated. While you can buy property in Greece, there are restrictions in certain border areas and islands. It’s crucial to work with a good lawyer who understands both Greek law and the needs of foreign buyers.
Another obstacle is the language barrier.
Greek isn’t exactly the easiest language to learn, far from that. It has a unique alphabet and complex grammar, but don’t let that discourage you!
Many Greeks, especially in larger cities, speak other languages.
According to the last data, 51% of the country can speak English. This is one of the highest percentages in entire Europe
However, learning some Greek will greatly improve your integration with the locals, and that is why I ALWAYS recommend learning the local language.
The method I use to learn new languages which I recommend is this one (by using this link we both get a Bonus!): https://www.lingq.com/?referral=LevideSouza
The Best Places to Retire in Greece
I already said that if you plan to retire in Greece, Athens is probably not the best idea.
Instead, right now, you will discover 3 places that offer you at the same time, lower costs, high quality of life, and good infrastructure.
We start with Thessaloniki, in Central Macedonia.
This is the second largest city in Greece, with around 1 million people in its metro area. As with every big city, it has its pros and cons.
Lots of cars and noise in certain parts, but also good hospitals, plenty of things to do and an international airport.
One fine characteristic of Thessaloniki is that it is considerably cheaper and safer than Athens.
Locals also said that a good advantage is how close the city is to the Chalkidiki peninsula, which has wonderful beaches, and national parks, and it is just one hour drive away.
The best neighborhoods of Thessaloniki for an expat, according to locals, are Kalamaria, Sofouli, and Toumba. However, one local alerted us that Toumba might be chaotic before and after football games.
This is what a local told about the city:
“Thessaloniki would be the way to go. Beautiful, popular, easy to walk around, inexpensive, great people.”
Well, let’s check what we can afford in Thessaloniki with ONE-THIRD of the rent of a Studio in Boston. This means 970 dollars, or less than 900 euros.
We found this waterfront apartment with 105 square meters and 3 bedrooms, and a beautiful view, for only 700 euros – 770 dollars per month.
In Boston, for a 3-bedroom apartment, you would pay 5800 dollars.
And in Boston, you would not have that view, or that weather, or easy access to Tarasamalata.
But there is a city that ranks even higher than Thessaloniki for expat retirees.
It is Kalamata, in the Peloponnese region.
It is smaller, with around 70 000 residents, but with this size, you will have most of the benefits of a city, without the chaos and high prices.
This is what a local told us:
“I feel it is hard to beat Kalamata as a value proposition for remote work. And it is only 2,5 hours from Athens by car.”
By the way, if you are a fan of olives, like me, know that this city has some of the best in the world.
So, what a person can rent in Kalamata for less than 900 euros?
First of all, 900 euros is TOO MUCH for Kalamata. You will simply not need to spend all that. An apartment with 2 bedrooms there, with a stunning view of the Messenian Gulf costs only 500 euros per month – 550 dollars.
In Boston, a parking spot can cost more than that.
And talking about views, let’s talk about the place that nearly 1 in every 2 locals told us it is a good place to retiree in Greece.
Crete.
But Crete is a big Island, so we will focus on a specific: Chania, a city with 110.000 residents. Chania is a contrast to Heraklion, the capital of Crete, which is larger, and not as beautiful.
And if we talk about beauty, well, Chania really scores some points on this factor.
While at the same time, the driving skills of the locals received a fair amount of criticism. This is what a resident told us about Chania:
“Chania is super gorgeous, but the whole driving is different. You really have to be careful.”
Since this city has more tourist appeal, the prices here are a bit higher. Still, there are plenty of good properties under our budget of 900 euros.
Check this apartment here. I couldn’t believe how good is the location. From the balcony you can see the sea (although a lemon tree is cutting a bit of the view). And this is how close the beach is. The price? 620 euros per month, or just 680 dollars.
Another city in Crete locals recommended for retirement is Rethymno, not far from Chania, but much smaller, with only 34 thousand people.
Well, before finishing, I want to leave the words of a foreigner resident in Greece. They kind of make a good point.
“As someone earning around $2000 per month: The food is great, landscapes/nature are great, housing for the right price is great, private healthcare access is great, social life is great, entertainment options are great. Additionally, everyone in Greece speaks much better English than most places, and every sign is written both in English and Greek, so a newcomer won’t have to deal with the language barrier.”
All right, what do you think?
Remember when I said that there is another place in Italy where you also can live under the Mediterranean weather while paying only 7% of income taxes?
It is southern Italy, and this is not the only advantage they have. To discover more, check out this article about the best places to retire in Sicily.
You will be surprised at how many benefits Sicily has for foreign retirees!
Levi Borba is the founder of expatriateconsultancy.com, creator of the channel The Expat, and best-selling author. You can find him on X here.
