Greece has undergone a remarkable transformation in its appeal to internationally mobile HNW individuals over the past decade. Following the severe economic crisis and austerity period of 2010–2018, Greece has introduced a series of incentive tax regimes specifically designed to attract wealthy foreign residents, retirees, and investors. Combined with its exceptional climate, outstanding Mediterranean lifestyle, improving infrastructure, and the world-class cultural environment of Athens and the islands, Greece has become a serious contender for international relocation.
This guide is for general information only. Greek tax legislation has been subject to significant change in recent years and continues to evolve. You should seek qualified professional advice from advisers registered in Greece before making decisions. The value of investments can fall as well as rise.
Tax Residency in Greece
An individual is considered a Greek tax resident if they:
- Maintain their habitual residence in Greece
- Spend more than 183 days in Greece in a calendar year
- Have their centre of vital interests (family, personal, and economic interests) in Greece
Residency attaches from the first day the individual establishes their primary habitual residence in Greece. Greek residents are taxed on worldwide income; non-residents are taxed only on Greek-source income.
The day-count test is the most commonly applied threshold for expatriates moving to Greece.
The Non-Dom Flat-Tax Regime (Article 5A)
Greece's most significant incentive for HNW inbound residents is the non-domiciled flat-tax regime introduced in 2020 under Article 5A of the Income Tax Code. Designed explicitly to attract wealthy foreigners and returning diaspora, the regime operates as follows:
- Qualifying individuals pay a flat annual tax of €100,000 on all foreign-source income, regardless of the actual amount
- The flat tax replaces Greek income tax on all foreign-source income — dividends, interest, capital gains, rental income, and other income from outside Greece
- Greek-source income is taxed at standard Greek rates in addition
- The regime lasts for a maximum of 15 years
- Family members can be added at an additional €20,000 per person per year
Qualifying conditions: The applicant must not have been a Greek tax resident in at least 7 of the 8 years preceding the application. They must also invest at least €500,000 in Greece (in real estate, business, securities, or other qualifying Greek assets), with the investment completed within three years of the application — though this condition has been subject to interpretation and further legislative adjustment.
For an HNW individual with substantial offshore income or investment portfolio, the flat tax of €100,000 per year is likely to represent a very significant saving compared to being taxed at standard progressive rates on actual income. The regime is particularly attractive for those with foreign investment income that could otherwise face 15–44% Greek income tax.
Standard Income Tax Rates
For ordinary residents not using the Article 5A regime, Greek personal income tax (IRS) applies progressively:
| Taxable Income (EUR) | Rate |
|---|---|
| 0 – 10,000 | 9% |
| 10,001 – 20,000 | 22% |
| 20,001 – 30,000 | 28% |
| 30,001 – 40,000 | 36% |
| Above 40,000 | 44% |
A solidarity contribution of up to 10% was applied to higher incomes historically but was reduced to 0% for private sector employees from 2022 (suspended as a stimulus measure, though this may not be permanent). Overall the effective rate at the top of the scale without solidarity contribution is 44%.
The Foreign Pensioners' Flat-Tax Regime (Article 5B)
A separate incentive regime for foreign pensioners was introduced in 2020 under Article 5B. Key features:
- A flat 7% tax rate on all foreign pension income (and other foreign-source income)
- The regime applies for a maximum of 15 years
- The pensioner must not have been Greek tax resident for at least 5 of the 6 years preceding application
- They must have transferred their tax residence from a country with which Greece has a tax information exchange agreement
- There is no minimum investment requirement (unlike Article 5A)
This regime is particularly compelling for British retirees drawing UK pension income. A pensioner receiving £100,000 per year of UK pension income who would otherwise pay 44% Greek income tax pays only 7% under the Article 5B regime — a saving of approximately £37,000 per year.
Capital Gains Tax
Greece introduced capital gains tax on shares in 2013 but subsequently suspended it. As of 2026, capital gains on listed shares sold on the Athens Stock Exchange are exempt for individuals, and unlisted share gains are taxed at 15%.
Real estate capital gains: Gains from the sale of property are taxed at a flat 15% rate. A primary residence exemption may apply if the property has been held for at least five years and used as the principal home.
Inheritance and Estate Tax
Greece levies inheritance tax with rates dependent on the relationship between the deceased and the heir, and the value of the inheritance. The current structure is:
- Category A (spouses, children, grandchildren, parents): 1–10% progressive on amounts above €150,000
- Category B (siblings, nieces/nephews, uncles/aunts, and in-laws): 5–20% progressive
- Category C (other relatives and unrelated individuals): 20–40%
The €150,000 threshold for Category A effectively exempts modest family inheritances. For larger estates, the rates are relatively modest compared to some European peers, though the inheritance tax is not negligible at the Category C level.
Only Greek-sited assets are subject to Greek inheritance tax for non-Greek nationals. The domicile of the deceased under Greek private international law determines the scope.
Wealth Tax
Greece does not levy an annual general wealth tax. However, an Annual Property Ownership Tax (ENFIA) applies to all property owners based on the objective (tax) value of their real estate holdings. The rate structure is complex and varies by property type, location, and total value of portfolio — but for a typical apartment or holiday home, the annual ENFIA charge is relatively modest (hundreds rather than thousands of euros for most residential properties).
The Greek Golden Visa
Greece's Golden Visa programme is one of the most popular in Europe and provides a direct path to Greek permanent residency in return for qualifying investment. The threshold for the most common property investment route was raised in 2023:
- €800,000: Minimum investment for properties in Attica, Thessaloniki, Mykonos, Santorini, and islands with a population above 3,100 (main urban and high-demand island destinations)
- €400,000: Minimum investment in other parts of Greece
- €250,000: Reduced threshold for the conversion of a commercial property to residential use, or the restoration of a listed/heritage building
- €800,000+: Investment in qualifying funds, bonds, or shares (alternative routes)
The Golden Visa provides the right to reside and travel freely in the Schengen Area and can lead to Greek citizenship after 7 years of legal residence (with language and integration requirements). The visa itself does not require physical presence in Greece — a key distinction from most EU residency programmes.
After Brexit, British nationals are third-country nationals for EU purposes and can benefit from the Golden Visa in the same way as non-EU investors.
Pensions
UK State Pension: Greece and the UK have a social security reciprocal arrangement. UK State Pension is uprated annually for Greek residents, unlike in many non-EU destinations. This is a significant advantage for British retirees considering Greece.
UK private pensions: Under the UK–Greece DTA (1953, with subsequent updates), the treatment of pension income depends on its type. Government service pensions are generally taxable in the UK; private pensions may be taxable in Greece. Under the Article 5B regime, all foreign pension income is taxed at just 7% — making Greece highly attractive for pension drawdown.
QROPS in Greece: There are no QROPS registered in Greece as such. Most British expatriates in Greece retain their UK pension vehicles and draw income under the DTA framework, claiming the 7% flat rate under Article 5B where applicable.
Banking and Financial Services
Greece's banking sector was severely impaired by the 2010–2018 crisis, with four major banks (National Bank of Greece, Alpha Bank, Eurobank, and Piraeus Bank) surviving through recapitalisation. The sector has stabilised and returned to profitability, but Greek banks remain more cautious in their lending and service offerings compared to Northern European counterparts.
For HNW expatriates, maintaining primary banking relationships with UK or other international private banks — using a Greek account primarily for local transactions — is the standard approach. Deposits in Greek banks carry EU deposit protection (€100,000 per depositor per institution) but the crisis history reinforces the wisdom of offshore diversification.
The currency is the euro. Exchange rate risk applies for British nationals with GBP-denominated income.
Cost of Living
Greece offers a genuinely moderate cost of living by Western European standards. Property prices (outside prime Athens, Mykonos, and Santorini) remain significantly below those in Western Europe. Food (particularly local produce and restaurants), utilities, and basic services are inexpensive. Private healthcare is affordable compared to the UK. International schooling in Athens (several British or IB schools available) is available at meaningful cost.
The combination of moderate living costs, Mediterranean climate, low inheritance tax, and the flat-tax regimes makes Greece one of the most financially compelling retirement destinations for British HNW individuals.
Social Security Contributions
Employed individuals in Greece contribute to the unified social security fund (e-EFKA) at approximately 14% of gross salary (employee portion). Self-employed individuals pay contributions based on their income bracket.
Most British expatriates who are not employed in Greece (retirees, passive investors, Golden Visa holders) are not subject to Greek social security. Healthcare access for EU-covered individuals uses the EHIC/GHIC system; private health insurance is strongly recommended for comprehensive cover.
Key Compliance Issues for Expatriates
Annual income tax return (E1): Greek tax residents must file an annual return by 30 June. All worldwide income must be declared; the flat-tax regimes do not eliminate the filing obligation.
Article 5A/5B regime conditions: The regime continues annually subject to ongoing conditions (principally, that the qualifying investment is maintained for Article 5A). Failure to maintain conditions results in losing the regime for the remaining years.
UK compliance: P85 departure filing, Non-Resident Landlord Scheme for UK rental property, and annual self-assessment for UK-source income apply.
Foreign property declarations: Greek tax returns require disclosure of foreign real estate holdings. CRS information exchange means Greek and UK authorities share account information.
Practical Financial Planning Tips
The 7% pensioner regime is exceptional: For British retirees with significant pension income, Article 5B represents one of the best outcomes available in any EU member state. Model this against your actual pension income before making a residency decision.
Golden Visa property investing: Many British investors combine the Golden Visa with an income-generating property investment (holiday lets in the Cyclades, for example). The investment can yield income while qualifying for the visa.
State pension uprating: Unlike many international destinations, Greek residence preserves UK State Pension uprating. This is a meaningful advantage for long-term retirement modelling.
Bank offshore, spend local: Maintain primary investment and savings relationships with UK or IoM-based institutions. Use a Greek account for local bills and transactions.
Property purchase process: The Greek property purchase process involves a notary (symvoliographos), tax clearance certificates, and an AFM (tax registration number). Legal due diligence, including title searches, is essential — historical title irregularities in Greece are not uncommon.
Language barrier: Unlike many expat-heavy destinations, Greece's official language is Greek. Engaging a bilingual accountant, notary, and solicitor is not optional for complex financial transactions.
How Global Investments Can Help
Greece is one of our active markets for property investment and internationally mobile HNW clients. We advise British nationals considering both the Golden Visa investment route and relocation to Greece under the flat-tax regimes, as well as those who already hold Greek property and are reviewing their financial structure.
Our advisory capability spans pre-departure UK planning, pension review and drawdown planning under Article 5B, cross-border estate planning for mixed UK-Greek estates, and ongoing wealth management for Greek-resident clients.
We work with Greek-qualified tax advisers and notaries where local filings and property transactions are required. Our aim is to ensure you benefit from Greece's exceptional tax incentives while remaining fully compliant with both Greek and UK obligations.
Contact us for a consultation.
This guide is for general information only and does not constitute financial advice or a personal recommendation. The value of investments can fall as well as rise and you may get back less than you invest. Tax rules, pension legislation, and investment regulations change — always verify current rules and seek advice from a qualified independent financial adviser before making any financial decisions.