How Much Money Do You Need To Retire In Greece

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Posted on: 19 May 2020 by Amy Smith Brown

If you have ever visited Greece for business purposes or vacation, you may have thought of the possibility of staying.

Retirees will find that it costs less to live in Greece than in most places in Europe or in the United States.

The Greek economy is making a comeback to its glory days but it is still far from strong. Greece offers residency permits to retirees if they can provide proof that they earn an independent income of at least €2,000 monthly (approximately $2,240 based on the exchange rate of $1.12 as of April 2020.)

 If you plan to retire in Greece, you will not be covered by the country’s social security programme, and for this reason you need to provide your own health insurance.

Currently, the average monthly Social Security benefit in the U.S is $1,503. While that may not be enough to fund your retirement life in Greece, you will be able to afford a comfortable life if you can add about $700 to $800 from your pension or retirement savings. And if you are retiring in Greece with your spouse, chances are that they are also getting their Social Security Check. Greece’s climate is mild year-round which means you will be saving on high-priced parkas. However, you will have to plan for health care costs.

Medicare in Greece is great and relatively more affordable compared to the U.S, but you’ll only have access to private health insurance which you’ll pay for, since you are not eligible for the Greek social security system. Your best option would be to extend the health coverage you currently have in the U.S.

Here are important factors to consider for retirement life in Greece.

Budget

First-time visitors begin their experience by touring popular cities like Athens and Corfu then head to the beaches and other parts of the islands. If you consider yourself the type of person who enjoys living in the city, then Athens sounds like a great choice. You can also choose to settle on the city's outskirts, as the city centre can be crowded, noisy, and polluted. Living in or nearby Athens has its advantages – you will get access to quality healthcare, getting to the airport is easier if you want to catch a flight to the U.S to visit.

Property

If you choose to settle in Corfu, then you might want to look into the property offerings in the area. There are different types of properties for investment and personal use including luxury villas, family houses, and even renovation projects. It all depends on your budget and your preference. Most of the luxury villas are located in premium areas including Kalami, Nissaki, Kassiopi, Avlaki, and others. Many of these properties offer fantastic views. Seaside properties costs range from €800,000 and can go as high as €6,000,000+.

Corfu Island is also packed with amazing family homes for most budgets. They range from new houses on modern developments to renovated village houses. The village properties are located within the community which many buyers find attractive.

If you have your eyes on Corfu as your retirement spot in Greece, then you need a reliable real estate firm to provide you with information and deals from the area. Visit rrcorfurealestate.com.

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