Greece can be worth considering if you wish to spend your golden years on a warm island with delectable cuisine and vibrant local culture. The nation has sweltering summers and moderate winters. You might choose to reside in a large city like Athens or a charming hamlet like Fira. Greece has a rich heritage that includes centuries of beautiful buildings, delectable cuisine, and a flourishing culture.
In this blog entry, the prospect of retiring in Greece will be discussed in the context of the country’s taxation system, health services for retirees, and visa requirements for retirees.
Obtaining a Residence Permit
Your particular circumstances will determine the documents you require to reside in the country. You should apply for a work visa if you intend to work there before you retire. You will want a resident visa if all you intend to do is retire. But, U.S. citizens are not required to have a visa or authorization to enter the nation for up to 3 months.
You must file for a permit if your intended stay will be more than three months, regardless of whether it is for employment or another purpose. Also, remember that you are permitted to stay without a visa or residency card if you were born and raised in any of the European Union countries.
The Golden Visa
The residence by investment scheme known as the “Golden Visa” was started in 2013. Using financing in the Greek property market, this program grants you resident status. If you intend to retire there, that is a great idea.
You are granted immediate resident status when you enroll in this program, good for five years. As long as you keep the commitment, you can extend this license every five years. The best feature of this scheme is that after seven years of residing in the country, you may apply for citizenship.
Taxation
The country unveiled a fresh initiative in July 2020 to entice retirees. A draught statute that would be presented to legislators set forth the proposal. According to this draught, there will be a flat tax of 7% of your tax residence changed to Greece.
You must not have been a tax citizen during the five years before your tax migration to Greece to be eligible for this. All of your overseas income will be subject to a flat 7 percent tax rate for the following 10 years as quickly as your request for a foreign pension is authorized.
This tax will be applied to all of your overseas earnings, including profits, rent, company income, and pensions.
Healthcare for Seniors
Greece has a very advanced medical system that retirees can use. Both nationals and permanent residents of Greece have access to public healthcare for nothing or at a low cost.
The public healthcare system is available to EU citizens, foreigners, and jobless people. Infectious disease prevention, diagnostic facilities, general and specialized treatment, maternity coverage, hospitalization, reduced-price medication, conveyance, and many other services are provided by the public healthcare system.
When it comes to retiring in Greece, private healthcare is still preferable. Private healthcare services are more modern than those in public health coverage. Moreover, private clinics are more likely to have English-speaking personnel. It includes dental services, cosmetic procedures, medical care in the most cutting-edge facility, etc.
Greek accommodations
During the financial downturn, hotel rates dropped significantly. They are still relatively inexpensive even if they are currently developing gradually. Renting or purchasing a home may be an option if you’re retiring to Greece. Based on the area and size, renting apartments might cost anywhere from 200 and 1200 euros. Property prices in the city range from 1500 to 5000 euros. Houses outside the city, however, cost between 900 and 2500 euros.
Best Retirement Communities
Wherever you travel in the country, people are wanting to practice the Greek way of life, which is a concern. Cities here, like Athens or Thessaloniki, are good places to retire. However, you might prefer a peaceful, uncrowded location once you retire
