Greece FIP Visa

Summary

Greece's Financially Independent Person (FIP) Visa (Άδεια Διαμονής Οικονομικά Ανεξάρτητου Ατόμου) is the classic passive-income residency route for non-EU nationals who can support themselves without Greek employment. It's Greece's analogue to Spain's Non-Lucrative Visa, Italy's Elective Residence Visa, and Portugal's D7 — built for retirees, pensioners, investors, and anyone living off savings or passive income.

The FIP visa was established under Law 4251/2014 (Immigration Code) and refined by subsequent amendments. It's especially popular with international retirees drawn to Greece's low cost of living, mild climate, and Mediterranean lifestyle — plus a significant tax advantage specifically for foreign pension income.

The core restriction: no work allowed. As with Spain's NLV and Italy's Elective Residence, the FIP visa prohibits any form of work in Greece — including remote work for any foreign employer or clients. If you plan to keep working remotely, Greece's Digital Nomad Visa (Type N) is the correct route and comes with its own tax benefits.

Income threshold: €2,000/month (one of the lowest in the EU).

• Main applicant: €2,000/month (~€24,000/year)
• Spouse/partner: add 20% (~€400/month)
• Each dependent child: add 15% (~€300/month)

Greece accepts both steady monthly income (pensions, Social Security or equivalent, investment distributions) and lump-sum savings. Typical documentation:

• Government/state pension statements (e.g., U.S. Social Security; or your country's equivalent)
• Retirement account statements (e.g., 401(k), IRA, or foreign equivalents)
• Investment portfolio statements
• Rental property income ledgers
• 12+ months of bank statements showing consistent deposits

The Greek threshold is lower than Spain's NLV (€2,400/month) and higher than Portugal's D7 (€920/month minimum, with its own presence requirements). Combined with Greece's low cost of living in smaller cities and islands, it remains one of the more affordable EU retirement routes.

The permit structure:

• Initial permit: 2 years (the Greek FIP is one of the few that issues a 2-year initial permit rather than 1-year)
• Renewal: 3 years at a time
• Permanent residency eligibility: After 5 years of legal residence
• Citizenship eligibility: After 7 years of actual residence (B1 Greek + civics test; dual citizenship permitted, including U.S./Greek)

Presence requirement. Greece requires FIP holders to actually live in Greece — generally at least 183 days per year to maintain the permit and avoid problems at renewal. Long absences can jeopardize the permit and the path to permanent residency.

The €7,000/year foreign-pension flat tax — a major draw for retirees. Under Article 5B of Greece's Income Tax Code (added by Law 4714/2020), retirees who:

1. Transfer their tax residency to Greece
2. Have been non-Greek tax residents for at least 5 of the previous 6 years
3. Come from a country with which Greece has a tax cooperation agreement (U.S., U.K., Canada, Australia, and most EU/EEA countries qualify)

…can elect a flat €7,000/year tax on all foreign pension and passive income, for up to 15 years. This is a remarkable benefit:

• Pension income that would normally be taxed at Greek progressive rates (9%–44%)
• Foreign dividends, interest, rental income, capital gains — all covered
• No separate tax on each income type — €7,000/year covers everything
• One-time election — must be submitted by 31 March of the first qualifying tax year
• Bilateral tax treaties still apply — Greece's treaties with the U.S., U.K., Canada, and others eliminate double taxation on the home-country side

For a retiree with €80,000–200,000 in pension and investment income, this regime saves €15,000–60,000 per year in Greek tax liability compared to the progressive rates.

Health insurance. The FIP visa requires private health insurance valid in Greece for the full permit period. Most domestic plans don't transfer abroad — international expat insurers (Cigna Global, Allianz Care, IMG) are the typical solution. Annual premiums for a retiree typically run €1,000–3,000/year depending on age and coverage.

Once you've been a Greek resident for a year or more, you can enroll in the Greek public health system (EOPYY) through optional social security (EFKA) membership, which is often cheaper than private international plans. Many FIP retirees start on private insurance and transition to EOPYY after their first renewal.

Why retirees choose Greece. Beyond the income-friendly threshold and tax regime:

• Cost of living — particularly low outside Athens and major islands. Northern Greece (Thessaloniki region, Epirus), Peloponnese, Crete's inland villages, and smaller islands can support comfortable retirement on €1,800–2,500/month
• Climate — Mediterranean, with mild winters on the islands and southern mainland
• Healthcare quality — Greek public healthcare is generally good in major cities; private healthcare is affordable by North American and Western European standards
• Community — established expat communities in Athens, Thessaloniki, Chania, Rethymno, and Corfu (American, British, German, and others)
• Citizenship path — dual citizenship permitted (including U.S./Greek), with no renunciation of foreign citizenship required

Eligibility

• Demonstrable passive income of at least €2,000/month (€24,000/year) for the main applicant, scaled up for family
• No work of any kind in Greece, including remote work
• Private health insurance valid in Greece
• Proof of accommodation in Greece (rental contract or property deed)
• Clean criminal record from your country of citizenship and any other country of residence in the past 5 years
• Certificate of health (πιστοποιητικό υγείας) from a licensed physician
• Dual citizenship is permitted (including U.S./Greek), after 7 years of residence and citizenship application

Duration, Renewal, and Long-Term Path

• Duration: Initial residence is generally 2 years.
• Renewal: Renewable, commonly for 3-year periods, if the financial basis continues.

What This Route Allows

This route can allow you to live in Greece if you can support yourself through retirement income, passive income, savings, or other accepted funds. It is generally designed for people who will not rely on local employment.

What This Route Is Not

This is not a work visa. These routes usually focus on proving stable support from outside local employment and may restrict work in the country.

Next Steps

1. Assess income fit — gather documentation of Social Security benefits, pension award letters, 401(k)/IRA statements, investment portfolio statements, rental income ledgers, 12+ months of bank statements
2. Obtain health insurance valid in Greece — international plans from Cigna Global, Allianz Care, or IMG are typical
3. Secure Greek accommodation — a 12-month lease or property purchase. Short-term bookings don't satisfy Greek consulates
4. Gather supporting documents — passport, police clearance from your country of citizenship (e.g., U.S. FBI check), apostilled; medical certificate; marriage/birth certificates for family; financial statements
5. Apostille each civil record under the 1961 Hague Convention (or use your country's legalization procedure) and obtain certified Greek translations from a sworn translator
6. File the FIP visa application at the Greek consulate with jurisdiction over your country/state of residence
7. Enter Greece within the visa validity
8. Register with local municipality and obtain Greek tax number (AFM)
9. Open a Greek bank account — Alpha Bank, Piraeus Bank, NBG
10. Apply for the 2-year residence permit at the local Aliens and Immigration Directorate within the first 2 months of arrival
11. If electing the €7,000 pension tax regime: file the election with AADE (Greek tax authority) by 31 March of the first qualifying tax year
12. Renew the residence permit after 2 years (3-year renewal cycles thereafter)
13. After 5 years of legal residence, apply for long-term (permanent) residency — no income test, no restrictions
14. After 7 years of actual residence, consider applying for Greek citizenship — B1 Greek language test, civics test; dual citizenship permitted (including U.S./Greek)

Sources

• Consulate General of Greece in New York — Financially Independent Person Visa
• Ministry of Migration and Asylum — Residence Permit for Financially Independent Persons
• Law 4251/2014 — Immigration Code (founding FIP framework)
• Law 4714/2020 — €7,000 flat tax on foreign pension income
• AADE (Greek Tax Authority) — Special tax regimes for new residents
• Embassy of Greece in Washington, D.C.
• Apostille Convention (HCCH) — U.S. competent authorities