How Much It Costs to Retire in Greece

Is Retiring in Greece Affordable?

Many retirees dream of spending their golden years in Greece, surrounded by stunning landscapes, warm weather, and a relaxed Mediterranean lifestyle.

But before making the move, the big question is:

Can you actually afford to retire in Greece?

The good news?

Greece is significantly cheaper than many Western countries.

Compared to the US, Canada, the UK, or much of Western Europe, Greece offers a lower cost of living without sacrificing quality of life.

That means your retirement savings stretch further, whether you plan to settle in a vibrant city, a quiet coastal town, or a peaceful island.

However, affordability depends on your lifestyle, location, and financial planning.

While basic expenses like food, housing, and healthcare are generally lower, there are still hidden costs and financial considerations that many new retirees overlook.

Retiring in Greece isn’t just about calculating costs, it’s about understanding how much you really need to live comfortably.

And more importantly, how to navigate Greek bureaucracy, residency requirements, and financial regulations without unexpected surprises.

Want to know exactly how much you’ll need?

Let’s break it down.

Cost of Living in Greece for Retirees

Living in Greece as a retiree can be surprisingly affordable, but it depends on where and how you live.

A modest lifestyle in a small town or island will cost far less than a high-end retirement in Athens or Santorini.

On average, a retired couple can live comfortably in Greece on €1,500 to €2,500 per month, while a single retiree can manage on €1,200 to €2,000, depending on their lifestyle.

In smaller towns or less touristy islands, you might spend even less.

But what does that budget actually cover?

Let’s break it down:

• Housing: Renting is often the biggest expense, with prices ranging from €400–€1,000 per month, depending on the location and type of home.
• Food & Dining: Groceries are affordable, with a retired couple spending €250–€400 per month, while dining out is relatively cheap compared to Northern Europe or the US.
• Healthcare: Private health insurance starts at around €50–€200 per month, while public healthcare costs are minimal for residents.
• Utilities & Internet: Electricity, water, and heating bills usually total €100–€200 per month, while a high-speed internet plan costs around €30–€50 per month.
• Transportation: A retiree in Greece can expect to spend €50–€150 per month on public transport or fuel, depending on location.

While these numbers provide a general idea, your costs will depend on your personal preferences, medical needs, and whether you rent or own property.

And of course, unexpected expenses, like property maintenance, Greek bureaucracy fees, or extra healthcare costs, can add up fast.

That’s why financial planning is key to ensuring a stress-free retirement in Greece.

Understanding the true cost of living will help you decide if Greece is the right fit for your budget, and how to make the most of your retirement savings.

Housing Costs: Renting vs. Buying

Housing is one of the biggest factors that will determine how much you actually spend in Greece.

The good news?

Whether you rent or buy, housing is significantly cheaper than in most Western countries.

But choosing the right option depends on your long-term plans, financial flexibility, and willingness to navigate Greek bureaucracy.

Renting in Greece

Many retirees start by renting first, which makes sense if you’re not ready to commit to a permanent location.

Rental prices vary widely based on location:

• A one-bedroom apartment in a small town or quiet island can cost as little as €400–€600 per month.
• In larger cities like Athens or Thessaloniki, expect to pay €700–€1,200 for a central apartment.
• A seaside villa or luxury home in an expat-favorite area can range from €1,500 to €3,000 per month.

Renting also helps you avoid unexpected costs like property taxes, maintenance, and legal fees.

But keep in mind, Greek landlords often require multiple months of rent upfront (sometimes up to six months for foreign renters), and rental contracts often require a Greek tax number (AFM) to be legally valid.

Buying Property in Greece

For retirees who plan to stay long-term, buying property in Greece can be a smart investment, but it’s not as simple as just finding a home and making an offer.

• In small towns and villages, you can find homes for as little as €100,000.
• A two-bedroom apartment in Athens costs between €150,000 and €300,000.
• A house on a popular island can range from €250,000 to over €1 million, depending on the location.

While buying property can be cheaper than in many Western countries, the process is bureaucratic.

You’ll need to hire a lawyer, navigate Greek property laws, and ensure there are no ownership disputes, which are common in Greece.

Additionally, homeownership comes with extra costs like property taxes, maintenance fees, and legal expenses.

Many retirees assume buying is always the best choice, but it’s important to factor in all costs and risks before making a decision.

Rent or Buy? What’s the Better Option?

If you’re still exploring different areas, renting first is the safer choice.

If you’re committed to Greece for the long term and understand the legal and financial responsibilities, buying could be a great investment, but only with the right professional guidance to avoid pitfalls.

Grocery and Dining Expenses

Food in Greece isn’t just affordable, it’s also high quality and fresh.

Whether you prefer home-cooked meals or dining out, you’ll find that Greece is far cheaper than most Western countries when it comes to food costs.

Grocery Costs for Retirees in Greece

Shopping at local markets and supermarkets is the best way to keep your food expenses low while enjoying fresh, seasonal ingredients.

On average, a retiree spends between €250–€400 per month on groceries, depending on their diet and location.

Here’s what you can expect to pay for some everyday essentials:

• Bread (500g): €1
• Milk (1L): €1.50
• Eggs (dozen): €3
• Chicken breast (1kg): €7
• Local cheese (1kg): €9
• Fresh vegetables (per kg): €1–€3 (varies by season)
• Bottle of wine (mid-range): €6–€10

Many retirees shop at local farmers’ markets (laiki agora) for fresh produce, which is often cheaper and higher quality than in supermarkets.

Buying local also means you’ll enjoy better-tasting ingredients for a fraction of the cost.

How Much Does Dining Out Cost?

One of the perks of retiring in Greece is the affordable restaurant scene.

Unlike in Northern Europe or North America, eating out is not just for special occasions, it’s a part of daily life.

• A casual taverna meal with salad, a main dish, and a drink costs €10–€15 per person.
• A mid-range restaurant will set you back €20–€30 per person, including wine.
• A fine-dining experience can go up to €50+ per person, depending on location.
• A coffee at a café costs €2–€3, while a glass of wine at a bar is €4–€6.

Even in tourist hotspots, you can find affordable local tavernas where you can enjoy authentic Greek meals without breaking the bank.

Is Eating Out in Greece Cheaper Than Cooking?

While cooking at home is always cheaper, many retirees find themselves dining out often because of the low cost and social atmosphere of Greek restaurants.

In some cases, the price difference between a home-cooked meal and a simple meal at a taverna isn’t that significant, especially if you eat out at small, family-run places.

Retirees who cook most meals at home can comfortably stay under €400 per month for food.

Those who eat out frequently might spend closer to €600–€800 per month.

How Food Costs Compare to Other Countries

Compared to Western Europe, the US, Canada, or Australia, food prices in Greece are significantly lower, especially when it comes to fresh produce, seafood, and dining out.

The only exceptions are imported goods, which can be noticeably more expensive.

If you stick to local products, enjoy taverna meals instead of fancy restaurants, and shop at farmers’ markets, you’ll find that food costs in Greece are among the most affordable in Europe.

Healthcare Costs for Retirees in Greece

Healthcare is one of the most important factors when deciding where to retire.

The good news?

Greece offers high-quality medical care at a fraction of the cost compared to the US, UK, or Western Europe.

However, understanding how the system works and what you’ll need to pay is key to avoiding surprises.

Public vs. Private Healthcare in Greece

Greece has a universal public healthcare system (ESY), but access for retirees depends on residency status and contributions.

Most non-EU retirees rely on private healthcare instead, since public healthcare is primarily designed for residents who have contributed to the Greek social security system.

• Public healthcare is low-cost or free for those who qualify, but it often comes with long wait times and limited English-speaking staff.
• Private healthcare is widely used by expats and retirees because it offers faster appointments, better service, and English-speaking doctors.

How Much Does Private Health Insurance Cost?

If you’re moving to Greece on a retirement visa, you’ll need private health insurance to meet visa requirements.

Prices depend on age, medical history, and coverage level, but on average:

• A healthy retiree in their 60s pays between €50–€200 per month for private health insurance.
• Comprehensive plans with broader coverage and lower deductibles range from €200–€500 per month.
• Local Greek insurers tend to be cheaper than international plans but may have fewer English-speaking services.

What Do Medical Visits & Treatments Cost?

Even without insurance, medical care in Greece is much cheaper than in the US or the UK.

Here’s what you can expect to pay out-of-pocket:

• General doctor visit: €40–€80
• Specialist consultation: €80–€150
• Basic blood tests: €30–€70
• X-ray: €30–€50
• MRI scan: €200–€400
• Dental cleaning: €50–€80
• Emergency hospital visit (private clinic): Starts at €150

In case of emergencies, private hospitals offer immediate care, but fees are higher.

Public hospitals provide emergency care at little to no cost, but wait times and overcrowding can be issues.

Prescription Medication Costs

Most medications are cheaper in Greece than in Western Europe or North America.

If you have a residence permit and are registered in the system, you may qualify for government-subsidized medications.

Without public coverage, common prescription drug costs include:

• Blood pressure medication: €5–€15 per month
• Cholesterol medication: €10–€20 per month
• Antibiotics: €10–€30 per course

Bringing prescriptions from abroad?

Some medications may have different brand names or formulations in Greece, so checking with a local pharmacist before you run out is a good idea.

Is Greek Healthcare Good for Retirees?

Yes, if you have a plan in place.

The quality of care is high, but public hospitals can be slow and difficult to navigate for non-Greek speakers.

That’s why most retirees choose private healthcare, ensuring faster treatment and English-speaking doctors.

For retirees moving to Greece, the smartest option is to secure private health insurance, understand which hospitals and clinics to use, and have a plan for managing ongoing healthcare needs.

Utilities, Internet, and Transportation Costs

While housing and healthcare are major retirement expenses, utilities, internet, and transportation are often overlooked.

The good news?

These costs in Greece are quite reasonable compared to Western Europe or North America, but they vary depending on location, lifestyle, and the season.

Monthly Utility Costs in Greece

For most retirees, electricity, water, and heating will be relatively affordable, but they fluctuate depending on usage and the time of year.

Here’s what you can expect to pay per month:

• Electricity: €70–€150 (higher in summer and winter due to air conditioning or heating)
• Water: €10–€30 (Greece has some of the cheapest water bills in Europe)
• Heating (winter months): €50–€200 (depends on oil, gas, or electric heating)
• Garbage & municipal fees: Included in electricity bills (€20–€40)

Biggest cost factor?

Heating and cooling.

If you live in a colder region like Northern Greece, expect higher heating bills in winter.

In summer, if you rely heavily on air conditioning, your electricity bill will increase, especially in warmer coastal areas.

Internet & Mobile Costs

Greece has fast and reliable internet, but prices are slightly higher than in some other European countries.

• Home internet (50–100 Mbps): €25–€40 per month
• Mobile phone plan (with data): €10–€30 per month
• Cable TV (optional): €15–€30 per month

Most retirees bundle internet, mobile, and TV services with one provider to save money.

However, rural areas and some islands may have slower speeds and limited service options, so checking availability before choosing a home is smart.

Transportation Costs for Retirees

Your transportation expenses in Greece depend on whether you live in a city, a small town, or on an island.

• Public transport pass (Athens or Thessaloniki): €30 per month
• Taxi fare (within city): €5–€15 per ride
• Fuel costs: Around €1.80–€2.00 per liter (more expensive than the US)
• Car maintenance & insurance: €500–€1,000 per year
• Ferries (island hopping): €20–€60 per trip

Many retirees in Greece don’t need a car if they live in a walkable town with public transport.

But if you’re in a rural area or on a remote island, a car may be essential.

Importing a car can be expensive due to Greek taxes, so many expats buy locally instead.

Is Transportation Affordable in Greece?

If you live in a city or on an island with good public transport, your monthly transport costs can be under €50.

However, if you drive frequently, fuel and maintenance costs can add up quickly.

For many retirees, Greece’s walkable towns, cheap buses, and affordable taxis make getting around easy without needing a car full-time, but it depends on where you settle.

Entertainment, Leisure, and Daily Expenses

Retiring in Greece isn’t just about covering the basics, it’s about enjoying life.

From dining out to cultural events and outdoor activities, Greece offers an incredible quality of life at a surprisingly affordable cost.

How Much Do Retirees Spend on Entertainment?

Your monthly budget for entertainment will depend on your lifestyle.

Here’s a breakdown of common leisure costs:

• Dining out at a local taverna: €10–€20 per person
• Fine dining (three-course meal): €30–€50 per person
• Coffee at a café: €2–€3
• Cinema ticket: €7–€10
• Theater or concert ticket: €15–€50
• Gym membership: €30–€60 per month
• Boat rentals or excursions: €50–€200 per trip

Outdoor Activities & Social Life

One of the best things about Greece?

You don’t need to spend much to enjoy it.

With year-round sunshine, retirees often spend their time swimming, hiking, and exploring local culture, most of which is free or very low-cost.

• Beach days: Free! Some organized beaches charge a small fee (€5–€10) for sunbeds.
• Hiking trails & nature walks: Free, with stunning views included.
• Museums & archaeological sites: €5–€15, with free entry on certain days.
• Greek language or cooking classes: €100–€300 per course.

For many retirees, daily life in Greece revolves around socializing, meeting friends at cafés, having long meals at tavernas, or joining local expat communities.

These activities are affordable and culturally ingrained, making Greece an ideal place for a relaxed retirement.

How Daily Expenses Compare to Other Countries

Compared to the US, Canada, and Northern Europe, entertainment and leisure costs in Greece are much lower.

Retirees who embrace the local way of life, eating at traditional tavernas, enjoying free outdoor activities, and socializing in local cafés, can maintain an active social life without spending much.

A retiree who enjoys regular outings, dining, and cultural events can comfortably budget €300–€600 per month for entertainment and leisure.

Can You Live Well on a Budget?

Absolutely.

Many retirees find they spend less in Greece than they did in their home country, even while enjoying a higher quality of life.

With affordable food, free outdoor activities, and a culture that values socializing over spending, you don’t need a huge budget to live well.

Taxes and Financial Considerations for Retirees

Retiring in Greece isn’t just about budgeting for daily expenses, it’s also about understanding how taxes and financial obligations affect your retirement income.

While Greece can be an affordable place to live, not planning for taxes can lead to unexpected costs.

Do Retirees Pay Taxes in Greece?

If you become a tax resident in Greece, you are required to declare your worldwide income.

This means pensions, rental income, and investments earned abroad may be subject to Greek taxation.

However, Greece has introduced special tax incentives for foreign retirees.

• Flat 7% Tax Rate for Foreign Pensioners – If you transfer your tax residency to Greece, your foreign pension income may be taxed at a flat rate of 7% for the first 15 years. This is significantly lower than tax rates in most Western countries.
• Double Taxation Agreements (DTAs) – Greece has tax treaties with several countries to prevent double taxation. This means you won’t be taxed twice on the same income.

What Taxes Should Retirees Expect?

Even with tax incentives, retirees in Greece may be responsible for additional taxes:

• Property Tax (ENFIA) – If you buy property in Greece, expect an annual tax of €3–€6 per square meter, depending on the area.
• VAT (Value-Added Tax) – Greece has a 24% VAT on most goods and services, but discounted rates (13% or 6%) apply to food, medicines, and essential services.
• Capital Gains Tax – If you sell property in Greece, you may be subject to a 15% tax on profits.
• Inheritance Tax – If you inherit property in Greece, taxes range from 1% to 10%, depending on the relationship to the deceased.

Banking & Transferring Money to Greece

Most retirees keep their pensions and investments in their home country and transfer money to Greece as needed.

To avoid unnecessary fees:

• Use a Wise, Revolut, or similar low-cost currency transfer service instead of traditional banks.
• Open a Greek bank account to pay rent, utilities, and local expenses without foreign transaction fees.

Is It Worth Becoming a Tax Resident in Greece?

If you plan to spend more than 183 days per year in Greece, you may be considered a tax resident.

This can be beneficial under the 7% flat tax incentive, but it’s essential to consult a tax expert to understand how Greek taxation interacts with your home country’s tax system.

Many retirees assume taxes won’t affect them, but not planning ahead can lead to unexpected liabilities.

Having a clear financial strategy can help you maximize tax benefits and avoid costly mistakes.

Hidden Costs You Should Be Aware Of

Retiring in Greece can be affordable, but many newcomers underestimate certain expenses.

While day-to-day costs like rent, food, and healthcare are relatively low, there are hidden costs that can add up if you’re not prepared.

1. Bureaucratic Fees & Residency Costs

Navigating Greek bureaucracy often comes with unexpected expenses.

While the Greek Retirement Visa itself isn’t expensive, there are hidden costs tied to paperwork, legal fees, and official translations.

• Residency permit application fees: €180–€300
• Legal & notary fees for property transactions: €1,000+
• Certified translations of documents: €30–€50 per document
• Tax registration & accountant fees (if applicable): €200–€500 per year

2. Currency Exchange & Banking Fees

Many retirees keep their pensions abroad, but transferring money to Greece can come with high bank fees and poor exchange rates.

• Greek banks charge fees for international transfers, often €10–€30 per transaction.
• Some international debit/credit cards incur foreign transaction fees (typically 2%–3% per purchase).
• Currency exchange rates can vary, leading to unexpected losses over time.

The solution?

Many retirees use services like Wise or Revolut to avoid unnecessary fees.

Opening a Greek bank account can also reduce costs for local payments.

3. Property Maintenance & Utility Spikes

If you own property in Greece, regular maintenance and repairs can be costlier than expected, especially if you live in an older home.

• Annual property tax (ENFIA): €3–€6 per sqm
• Seasonal electricity bills: Summer and winter months can see electricity bills spike due to air conditioning or heating needs.
• Home repairs & maintenance: Plumbing, electrical, and general upkeep can cost €500–€2,000 per year, depending on the property.

4. Travel & Visa Renewal Costs

If you need to renew your visa every few years, this may require trips back to your home country for consular appointments.

Flights, accommodations, and renewal fees add up over time.

• Flights home for visa renewals: €300–€1,000 (depending on distance).
• Visa renewal fees every two years: €180–€300.
• Health insurance renewals: Costs increase with age, so expect to pay more over time.

5. Unexpected Healthcare Costs

Even with private insurance, out-of-pocket expenses can arise for specialists, medications, or unexpected treatments.

Public healthcare wait times can be long, leading many retirees to pay for private consultations.

• Specialist visits: €80–€150
• Dental work (implants, crowns, etc.): €500–€2,000
• Private surgery (if needed urgently): €3,000–€10,000

How to Plan for Hidden Costs

While these expenses may not seem significant at first, they add up over time.

The best way to avoid surprises?

Plan for the unexpected, keep a financial cushion, and get expert advice on managing your expenses.

Many retirees focus on the low cost of living, but not preparing for these hidden costs can turn a budget-friendly retirement into a stressful one.

Why Financial Planning and Expert Advice Matter

Retiring in Greece offers affordable living, beautiful surroundings, and a relaxed lifestyle, but financial planning is essential to make it truly stress-free.

Many retirees assume they can figure things out as they go, but unexpected costs, bureaucracy, and tax obligations can quickly become overwhelming without the right guidance.

1. Understanding Your True Cost of Living

It’s easy to focus on rent, food, and entertainment, but the real cost of living goes beyond daily expenses.

Taxes, healthcare, property maintenance, and currency exchange fees can add up over time.

A clear financial strategy helps ensure that you don’t outlive your savings.

2. Tax & Residency Considerations

Many retirees don’t realize that becoming a tax resident in Greece comes with responsibilities.

• Do you qualify for the 7% flat tax on foreign pensions?
• Should you keep tax residency in your home country?
• Will your investments or rental income be taxed differently in Greece?

These are crucial questions that require expert financial planning to avoid double taxation or unexpected liabilities.

3. Avoiding Bureaucratic Roadblocks

Greek bureaucracy is complex, and mistakes in paperwork can cause long delays or additional costs.

Whether it’s applying for a residency permit, setting up a Greek bank account, or buying property, having an expert navigate the system for you can save time, money, and frustration.

4. Protecting Your Healthcare & Long-Term Security

Even if Greece has affordable healthcare, planning for medical costs, private insurance, and long-term care options is essential.

• What happens if your healthcare needs change?
• Will your insurance still be valid in 10–15 years?
• Do you need a financial cushion for unexpected medical issues?

Planning before you need it ensures you’ll never be caught off guard.

5. Why Expert Help Saves You Time & Money

Many retirees try to handle everything alone, only to realize too late that a small mistake in taxes, banking, or residency can cost thousands of euros in penalties or legal fees.

With the right guidance, you can:

• Optimize your taxes to keep more of your retirement income.
• Avoid visa and residency delays that could force you to leave Greece unexpectedly.
• Plan for long-term financial stability so your money lasts for decades, not just years.

Ready to Retire in Greece? Let’s Make It Simple.

Greece offers one of the best lifestyles for retirees, but the key to a stress-free retirement is financial preparation.

Having a solid plan and expert guidance means you can enjoy your new life without worrying about paperwork, taxes, or unexpected costs.