What income/salary do you need to live in Greece?

The exact income or salary needed to enjoy a comfortable lifestyle in Greece depends on the location you choose, the type of accommodation and your lifestyle.

The cost of daily living in Greece varies according to whether you live in an urban area like Athens or Thessaloniki or choose a smaller town or islands such as Corfu.

Below is a breakdown of the costs to buy or rent in the main areas of Greece.

After accommodation costs, you’ll need to consider how much money you’ll need to live on a daily basis. Here’s a comparison of common daily costs between the UK and Greece, showing you how much further your money will go in Greece.

If you’re planning to retire to Greece, you can see that eating out or a glass of wine are going to cost you less than in the UK. Plus, you’ll be relaxing in this fabulous Mediterranean environment, surrounded by fantastic scenery and escape the dull, grey UK skies.

The price of childcare and schooling for families moving to Greece is much more affordable than in the UK, although it’s important to be aware that the international schools are all currently located in and around Athens.

The Greek public healthcare system (EOPYY) increased its ranking in the World Index of Healthcare Innovation by two points in 2024. The system is free or low-cost for residents and taxpayers in Greece.

If you’re a non-EU citizen, you must be a Greek resident to access the system or have private health insurance. Many expatriates and retirees prefer private healthcare, due to shorter waiting times and more choice of services.

For EU citizens, the European Health Insurance Card (EHIC) gives you access to Greek public healthcare, if you are there on a temporary basis and need urgent care.

There are various taxes in Greece, depending on your circumstances.

When you buy a home in Greece you’ll pay a 3.09% transfer tax, based on the value of the property, size and location. There is also a VAT charge of 24% on the property.

Once you own a property in Greece, you’ll pay an annual tax, similar to the UK council tax, that covers waste collection and a contribution to local infrastructure.

Greece’s income tax system is progressive, with rates ranging from 9% to 44%, depending on your income:

• 9% for annual income up to €10,000,
• 22% for income between €10,001 and €20,000,
• 28% for income between €20,000 and €30,000,
• 36% over €30,000,
• 44% over €40,000.

These are the rates you’ll pay if you’re employed by a Greek company or are self-employed and reside in Greece.

If you decide to buy an investment property in Greece and rent it out for seasonal rentals or to long-term tenants, you will be taxed at a different rate. This ranges from 15% to 45%, depending on the annual amount.

Retirees benefit from an agreement between Greece and the UK to avoid double taxation. Foreign pensioners moving to Greece as residents can opt for a flat 7% tax rate on all foreign-sourced income for fifteen years.

In summary, whether you decide to rent or buy property in Greece, you should be able to live comfortably, thanks to the cheaper cost of living than the UK.

If you’re planning a move to Greece and want help finding the perfect property, contact iad Overseas. We work with a range of expert property consultants in Greece, who have access to the best properties to buy in the country.

Key points to remember

• The cost of living in Greece is 21% cheaper than in the UK.
• Living expenses will be cheaper in more rural areas.
• Accommodation is likely to be your largest expense unless you buy a property outright.
• Greece has a progressive tax system, but retirees from the UK can enjoy a special tax rate on foreign income.